Skip to comments.Mandatory Retirement Accounts in Sen.Bill - S. 3760 -Automatic IRA Act of 2010
Posted on 09/07/2010 3:27:53 PM PDT by Fred
FYI - I am not attempting to promote this organization. I used their article because it does an excellent job of describing the bill and the disaster this will be if passed.
September 7th, 2010, Fairfax, VAA new bill proposed by Senators Jeff Bingaman and John Kerry would force enrollment in automatic Investment Retirement Accounts, prompting Americans for Limited Government (ALG) President Bill Wilson to urge the Congress to reject it.
This legislation will force Americans into a government-mandated, one size fits all retirement account, Wilson said, adding that it would disproportionately impact younger and lower-income workers, who will now have less ability to save for new home purchases or pay off college expenses and debt, all of which occurs earlier in a workers career.
This is another attempt by government to tell individuals what they have to do with their own money, stripping them of the right to make their own personal investment and life decisions, Wilson added.
Wilson noted that the investment options that are offered will be defined arbitrarily by the Department of Labor in regulation.
(Excerpt) Read more at getliberty.org ...
Piss off, Lurch. You weary me.
One more way to loot the middleclass and our childrens future.
ripping off my hard earned money ping
They’ll probably even start making kids contribute to this and other taxes from Lemonade stands for crying out loud!
Ask his second wife’s first husband.
One more boondoggle that I as a small business person will have to comply with and deal with reporting, etc. It was bad enough when I voluntarily offered a non-matching 401-K for my employees and watched them one by one DROP participation until I was preparing paperwork for one $15.00 monthly transaction for ONE employee. If this passes and what with Obamacare’s compliance paperwork, 1099 reportings, etc, I might as well close the doors and join the ranks of the unemployed...oh,yeah, I don’t get unemployment benefits when my business closes. I get nada.
The overwhelming reason to renounce this legislation is that it involves stealth theft of retirement assets. The legislation creates a new government bond and government annuity. The rats will collect retirement accounts and new contributions, use the money for additional government spending, and then issue fake bonds. There will be no assets to support retirements. The rats will then demand that wealthy individuals forego their accounts or pay much higher taxes (same thing).
Isn’t that what social security is for?
Isn’t this what Social Security was supposed to be for? Namely retirement?
Yes but they stold all the money out of the social security "trust fund" so they need a new pot of our money to pilfer. It's just a backdoor way to raid private retirement accounts.
Let’s see, i’ll play.
1.The government steals and spends the money
2.Said government replaces the money with I.O.U.’s
Does that just about cover the “plan”?
That’s all Dimocrats know how to do - tax, regulate, and mandate. Freedom is an entirely alien concept to them.
The bastards ran the “Social Security” piggy-bank into the ground, so they’re seeking to develop another source of money for their vote buying schemes.
Bernie Madoff went to prison.
The Democrats who implemented Social Security are heros.
(Bernie should have gone into politics)
With the Republican plan, you the taxpayer had some control over your money and the account would be yours.
Low wage workers are doing good to pay for their rent and utilities.
It is not fair to force them to lose more of their paycheck for something they cannot afford just to give the government another source to rob to pay for union pensions and bailouts.
This crap needs to be stopped asap.
I’m buying futures in the rope making industry.
Wilson noted that the "investment options that are offered will be defined arbitrarily by the Department of Labor in regulation."
Again, as Ive said in other threads. Congress has a self-interest in letting the executive branch make laws through regulation without congresss approval. One aspect is that the creeping socialism/fascism that this bill represents is not possible without a single executive being able to fiddle with the options as unintended consequences pop up. The other is that congress does not have to take responsibility for passing bad laws. They can blame the president even when they are obvious stinkers (See the SEC ruling on rating agencies).
Our founders were specific that the president would be a mere administrator. Congress was supposed to be the only place laws originated.
The solution to all these laws through regulation is to have congress pass a bill requiring congress to approve all regulations before they take effect.
If you would like to be added or dropped from the Michigan ping list, please freepmail me.
All Hands On Deck ping
This is something that we need to let our congresscritters know--immediately--and in no uncertain terms--that we have no interest in. As hard as we fought against healthcare, that needs to look like two toddlers and a Tonka truck compared to how we swing against this.
Yep, gotta hammer our instate pols just as hard as the DC sellouts.
stop the latest ripoff ping...
Nothing to worry about.
The investment choices will be the wonderful bonds from Freddie, Fannie and Government Motors.
Hey I’ll come to work for you...you keep yours and I’ll keep mine...no middle man allowed!
Too bad Americans could not just quite their jobs altogether and everyone work under the table...then Gov. would starve.
Just Great! I don’t hear from you in 2 weeks and you ping me to this? and at dinner time?
They don’t have to creat fake bonds. They have the market covered with Fredie/Fanny and Farm Loans.
Also these “wonderful” bonds have “wonderful” AAA ratings.
Then, they can also sell us Freddie and Fannie Stock. A lot of their stocks are available.
I been busy with personal stuff. All good.
Funny thing happen to me on my way to my stock broker 45 years ago. I fell in love with a piece of commercial real estate... and then another... and then another while my friends were buying boats or race cars, and 401ks and divorces...
Wild fire in southern humboldt near Petrolia Ca
Where does the government get the power to force someone,anyone to buy a product to live in the U.S. It is the same with healthcare.
will be defined arbitrarily in future regulation
A new bill proposed by Senators Jeff Bingaman and John Kerry would force enrollment in "automatic Investment Retirement Accounts", prompting Americans for Limited Government (ALG) President Bill Wilson to urge the Congress to reject it. "This legislation will force Americans into a government-mandated, 'one size fits all' retirement account," Wilson said, adding that it would "disproportionately impact younger and lower-income workers, who will now have less ability to save for new home purchases or pay off college expenses and debt, all of which occurs earlier in a worker's career. This is another attempt by government to tell individuals what they have to do with their own money, stripping them of the right to make their own personal investment and life decisions," Wilson added. Wilson noted that the "investment 'options' that are offered will be defined arbitrarily by the Department of Labor in regulation."They would consist of some kind of carbon credit swindle designed to benefit Gore and his ilk.
” The investment choices will be the wonderful bonds from Freddie, Fannie and Government Motors. “
This legislation looks like an admission that SSIP is broken and unfixable. In addition, it is a great way to transition to confiscation of all private retirement investments to “fix” the SSIP system.
What more could we peon IRA/401K investors ask for under our Islamofascist leader, Hussein and his thugs in the outhouse and the thugs in congress like Pelosi, Reid, Frank and other rats controlling the choices for our IRA/401K's.
It is the morning...somewhere ;-)
The real unemployment and other numbers have been hidden at least since LBJ. It is reasonable to double the official numbers as kids who have given up and other shadow stats do not shown up.
Here is some goverment stuff, not exactly what you mentioned, but...
From what I have read it allows employees who don’t have a retirement plan at work to use payroll deduction to open an IRA with govt.. did not see anything about mandatory....could you please point to where I can find this in the bill.
From building the future, to stealing the future....
How far and fast we are falling amazes me.