Skip to comments.Retirement Fund Trillions Lure Government Grabbers
Posted on 09/14/2010 8:18:59 PM PDT by CapnJack
Is the government making plans to confiscate your retirement money? The Obama administration is certainly exploring the idea.
This question no longer seems far-fetched when the group-thinkers in Washington unabashedly promote a doctrine of wealth redistribution and central planning. These Keynesian socialists know they will need vast new sources of revenues to fund their relentless spending binges to "transform" this nation. A logical next step would be to legitimize the confiscation of private retirement assets -- an idea that was contemplated in the recent past by the Clinton administration.
According to the Investment Company Institute, there was $7.835 trillion in IRA, 401K, 457, and 403b accounts in 2009. That is certainly too large a sum to be ignored by the big spending social engineers in Washington. Bureaucrats and politicians have been hard at work formulating a social justice excuse to legislate an historic seizure of private assets. This would not be the first time the statists extorted wealth from U.S. citizens on a massive scale.
(Excerpt) Read more at americanthinker.com ...
This has always been a possibility and comes just before hyper inflation.
And it's about as true as the story your father told you about the little engine that could.
Is it time to stop funding 401K's and IRA's and withdraw your funds?
No. This article is all hyperbole, and short on facts.
The facts are: the Dept. of Labor has asked for input from 401(k) administrators about requiring them to offer an annuity as an OPTION instead a lump-sum withdrawal. It's already offered by some 401(k) administrators, but the DoL is considering making it mandatory.
However, there's nothing about making it a requirement for you, the account holder, to buy an annuity. Don't believe me? Read it for yourself:
If you can find something sinister in there, then post it and we'll discuss it. But, spare us the conspiracy theories.
In the original article, one of the people cited is the owner of a business that sells gold and silver coins, among other "hard" assets. Has it occurred to you that he might have a vested interest in scaring you away from 401(k)'s and IRA's?
This has been floated around for a couple of years. The come on would be to restore the 401K or IRA balance pre-market crash if the investor would turn over the entire account to the Fed for a future guarantee of so many %. It would be voluntary.
With so many people losing 25-30% or more of their retirement investment in the stock market crash, you can bet there would be quite a few takers if the pre-crash value could be restored. But then you give up all control over your money and your future. It’s a Faustian bargain.
I've transferred all my retirement funds to a pseudo-ephedrine-and-bullets investment cache.
The Regime is welcome to come collect, of course.
I looked at the DOL website under the news releases and they are just giving away money or grants for workers layed off in industries that the governemnt screwed around with
ETA News Release: US Department of Labor announces $330,000 grant to assist workers in Michigan affected by manufacturing industry layoffs - 10-1263-CHI - [09/13/2010]
ETA News Release: US Department of Labor announces $437,000 grant to assist workers in Iowa affected by information industry layoffs - 10-1218-KAN - [09/13/2010]
ETA News Release: US Department of Labor announces $5.4 million grant to assist workers in Texas affected by aerospace layoffs - 10-1264-DAL - [09/09/2010]
A. this is THE LINE that if crossed means I tear up the social contract and lying and cheating on my taxes and hiding my assets will be the least of it. This will result in blood in the streets.
B. do the morons not realize most of the money is in equities or bonds and will need to be liquidated for their little scheme resulting in an implosion in the markets?
C. even the THREAT of this will cause people to pull thier investments and crush the markets....
Heheh. From H. L. Mencken:
Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats.
Well, folks, it is back to the under the mattress kind of savings. When they come for your bed, you know we have lost the war to the full blown commies. Not even your sleeping area is safe from the people who OWN YOU.
Well people always thought I was crazy for not saving up and putting money in my 401k, who is laughing now?