"That's as good as money sir, those are IOU's."
Posted on 11/27/2012 11:17:14 AM PST by Perseverando
NEW YORK – Two years ago, as WND reported, the Obama administration was proceeding with a novel way to finance trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their retirement accounts.
Remarkably, those financial professionals specializing in private retirement savings and the U.S. citizens investing in private retirement plans now face the possibility the Obama administration and its allies on the political left will impose rules and regulations that effectively abolish the private retirement savings and investment markets.
Recent evidence suggests government officials continue to eye the multi-trillion dollar private retirement savings market, including IRAs and 401(k) plans, eyeing the opportunity to redistribute private retirement savings to less affluent Americans and to force the retirement savings out of the private market and into government-controlled programs investing in government-issued debt.
Government takeover?
An Investment Company Institute study published this month found that U.S. retirement assets totaled $18.5 trillion at the end of the second quarter 2012, of which 3.5 trillion was in IRAs and $5.1 trillion was in 401(k) plans.
Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings market.
“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explained National Seniors Council National Director Robert Crone, describing a recent Treasury-Labor hearing held in the Labor Department’s main auditorium.
“However it is clear that his is just the first step toward a government takeover. It feels like the beginning of the debate over health care and we all know how that ended up.”
(Excerpt) Read more at wnd.com ...
Get your money out - NOW! Get out! Get out! Get out!
Pay the tax penalty and buy hard assets. If you can’t roll around naked on your assets, the government has an easy task seizing them because it is likely all in a bank, credit union, or brokerage.
My 401K is as much mine as were it in my pocket, in my home safe or stuffed in my mattress.
I will treat any attempt to take it as I would a thief breaking down my door in the middle of the night.
WITH DEADLY FORCE!
if they try this, DC should be burned to the ground
My matress wasn’t always lumpy.
The Feds will respond in kind.
And as they say, you can’t take it with you serf.
I hope I can hold out until a jan/feb layoff, then I’m out. Despise is the strongest word I can use with these people. If they try this, it’s going to make the healthcare bill look like the scout picnic it was.
LOL....
The takings clause don’t mean shit to these rotten tomatoes.
Neither does the 5th, 4th and 10 amendments.
When China has had enough and the money trough dries up, the 401(k) and other retirement accounts will be the next source to be sucked dry. The money will all be immediately spent and you will get in return nice IOU’s to be redeemed by your grandchildren with their taxes, somewhere on down the road. Of course, they are telling your grandchildren not to worry, that the health care system will solve that problem for them.
If they want it, they’ll take it. Simple as that.
To Obama and his people, if you have a 401k, you shouldn’t have it, because his peeps don’t have one. Time to spread the wealth around.
Where are the folks who said Obama was the same as Romney?
It should be burned to they ground....period..............
Simple...the government steals your retirement funds and gives you an IOU backed by soon to be worthless government debt. If this passes watch the Dow to drop below 5,000 and capital for business expansion to dry up. Carl Marx could not have thought of a better idea to bring down capitalism.
I would think that in this economy a job would not be able to be had TO retire
Simple...the government steals your retirement funds and gives you an IOU backed by soon to be worthless government debt. If this passes watch the Dow to drop below 5,000 and capital for business expansion to dry up. Carl Marx could not have thought of a better idea to bring down capitalism.
Hmmm... rhetorical question -
what disparate effect would this have on specific demographics...
and what demographic(s) would NOT be affected at all by a confiscation of retirement savings...
An understandable sentiment, but do bear in mind that your 401k exists as one’s and zero’s floating around in the electronic ether.
Realistically, it would take the IRS, or whomever, as long to seize it as it took me to type this reply and hit “Post”. They’ll do it one fine day at 0315 in the morning or something like that. Just hit, “Enter” and bada-bing! All your 401k belong to Uncle Sam.
How are you going to use deadly force against an electronic data transmission?
"That's as good as money sir, those are IOU's."
It’s private property, isn’t it?
Yes, those that contribute to 401k plans avoid up-front taxes, but they have more to tax later on, when they begin to make withdrawals from their accounts. Taxpayers should be thanking those responsible enough to stockpile savings in this manner. They'll be less drags on the system later on in life.
Furthermore, just as with tax cuts, tax avoidance on a 401(k) contribution is not a "cost" to taxpayers. A non-401(k) saver is not paying anything for me; the government is forgoing some immediate revenue. It's a trade-off, a very justifiable one, and should be argued as such.
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