Mandatory Retirement Accounts in Sen.Bill - S. 3760 -Automatic IRA Act of 2010

Americans for Limited Government ^ | 090710 | Americans for Limited Government

[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, VA—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.”

[stephenjohnbanker]

” The investment choices will be the wonderful bonds from Freddie, Fannie and Government Motors. “

Convertable Bonds:

Wallpaper

Toilet paper

;-)

[CSM]

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.

[Grampa Dave]

I forgot to mention the stocks for Freddie and Fannie as in the 6 month chart shown below, compared to the gold etf, GLD, which would never be available to us peons under a Islamofascist controlled IRA:

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.

[george76]

[Grampa Dave]

This chart should be sop for all Republican candidates, tea parties and others who are tired of the Bush's fault bs.

[BIGLOOK]

Good morning.....or whatever!

Thanks for the interesting graphs but while the unemployment graph is accurate from '06 to Nov. '08 the next two years reporting is not. Over here we have a reported 10.4% unemployment rate that is phony as hell; it's probably double that with no relief in sight. People on the UI roles are dropping off, state and county workers (the hanger-ons) are on furlough as well as some private industry workers, either furloughed or dropped from full time to part time.

Wish there was a graph on the age demographic of workers that managed to stay employed; it would show the range of 25-55 years. High school and recent college grads can't find a job (so they're not in the reporting) and seniors are nursed and nudged along towards retirement and Social Security.......or robbing their IRAs to get by.

[george76]

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...

http://www.bls.gov/news.release/pdf/empsit.pdf

[terry13z]

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.
Thanks

[GraceG]

From building the future, to stealing the future....

How far and fast we are falling amazes me.