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Personal Retirement Accounts Are Great…but only if You Can Stop Future Politicians from Confiscating
Townhall.com ^ | September 9, 2013 | Daniel J. Mitchell

Posted on 09/09/2013 7:46:21 AM PDT by Kaslin

Edited on 09/09/2013 9:44:52 AM PDT by Admin Moderator. [history]

Most Western nations have huge long-run fiscal problems because of unfavorable demographics and misguided entitlement programs.

That’s the bad news.

But good news in the short run doesn’t mean good news in the long run if greedy politicians decide to loot the wealth accumulated in personal retirement accounts.


(Excerpt) Read more at finance.townhall.com ...


TOPICS: Business/Economy; Culture/Society; Editorial
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the rest of the title is: but only if You Can Stop Future Politicians from Confiscating the Accumulated Wealth
1 posted on 09/09/2013 7:46:21 AM PDT by Kaslin
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To: Kaslin

They are coming for the pensions.


2 posted on 09/09/2013 7:48:25 AM PDT by VRW Conspirator (Producing Talk Show Prep since 1998.)
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To: VRW Conspirator

I’ve know this ever since the Clinton days pre-1994.


3 posted on 09/09/2013 7:49:24 AM PDT by Gaffer
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To: Kaslin

Bring back American manufacturing.

From overseas.

Chinese factories, only benefit Chinese workers.

Bring foreign manufacturing jobs back to America.

Now.


4 posted on 09/09/2013 7:51:13 AM PDT by Cringing Negativism Network
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To: VRW Conspirator
Poland Confiscates Half Of Private Pension Funds To "Cut" Sovereign Debt Load
5 posted on 09/09/2013 7:51:43 AM PDT by CMB_polarization
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To: VRW Conspirator
They are coming for the pensions.

Barny Frank was after our IRAs. The intent was to take them away from us and put them into social insecurity.

But the public got wind of this, extreme environmentalism, oppressive health and other nasty regulatory efforts and gave Obama a shellacking (as he described it) in the US House of Representatives.

If we let the Progressive/Liberals have the House again we will certainly loose our IRAs and a whole lot more.

6 posted on 09/09/2013 7:54:39 AM PDT by sr4402
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To: Kaslin

They have been talking about going after the 401K’s for years...

Anyone think they wont?


7 posted on 09/09/2013 7:57:34 AM PDT by Mr. K (Lies, Damned Lies, Statistics, and then Democrat Talking Points.)
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To: Kaslin

This is on Obama’s agenda—including the contents of your safety deposit box.

The only secure savings are gold and silver coins for which you paid cash so there is no paper trail.


8 posted on 09/09/2013 8:01:15 AM PDT by Arthur McGowan (If you're FOR sticking scissors in a female's neck and sucking out her brains, you are PRO-WOMAN!)
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To: stephenjohnbanker; ding_dong_daddy_from_dumas; Gilbo_3; Impy; NFHale; BillyBoy; fieldmarshaldj; ...
RE :”Here’s a video that explains why a privatized or “personalized” Social Security system is the only way of dealing with the current system’s bankruptcy without screwing younger workers.”

Younger workers must get screwed anyway because retirees demand their checks and both party pols will make sure they get thembeing terrified of their votes. That is why they make believe there is a real trust fund when its just funded by national borrowing, still screwing them.

So the younger workers will either pay it with payroll taxes or addition to national debt, which was Bush proposal. They do both now.

Alternatively Ryan's Medicare brainstorm proposed passing cuts that wouldnt (any of them) go into effect for 10 years, which still screws them. They pay the bills for 10 years, the remainder from borrowing, then when they retire they are told 'out of luck sorry' . Still a scam that tries to protect those who pass it (except it was too obvious.)

9 posted on 09/09/2013 8:02:11 AM PDT by sickoflibs (To GOP : Any path to US Citizenship IS putting them ahead in line. Stop lying about your position.)
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To: sr4402

They are coming for the pensions.
Barny Frank was after our IRAs. The intent was to take them away from us and put them into social insecurity.

But the public got wind of this, extreme environmentalism, oppressive health and other nasty regulatory efforts and gave Obama a shellacking (as he described it) in the US House of Representatives.

If we let the Progressive/Liberals have the House again we will certainly loose our IRAs and a whole lot more.

_______________________-

This is why even a RINO like Senator McConnell in KY is better than a democrat....Say what you will about the Republican Lite wing of the party, at least they aren’t dumb/corrupt enough to vote for something like this.

As I have said here before to Freepers who say there is no difference between a Mitt Romney or Barack Obama — oh, yes there is...Staying at home on election day is as bad as voting for a democrat. As William F. Buckley used to say, vote for the most conservative candidate on the ballot...


10 posted on 09/09/2013 8:03:05 AM PDT by Tulane
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To: Mr. K
Once SS crashes, and enough people are demanding their check, you will see it.

And most here will cheer it as it pays for their “promised” benefits.

11 posted on 09/09/2013 8:03:59 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: Kaslin
I've read articles like this one about Poland's move, and I'm still confused.

Is this a outright seizure or not? Did the government simply take the bonds and offer nothing at all in return?

Or did the government take the bonds, but the original owners will still be paid the interest on the bonds?

12 posted on 09/09/2013 8:04:26 AM PDT by Leaning Right (Why am I holding this lantern? I am looking for the next Reagan.)
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To: redgolum

The real question is, how will the congress protect their own assets, as they won’t stand by and let their stuff get seized anymore than them adopting obamacare.


13 posted on 09/09/2013 8:07:45 AM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: Tulane
As I have said here before to Freepers who say there is no difference between a Mitt Romney or Barack Obama — oh, yes there is...Staying at home on election day is as bad as voting for a democrat. As William F. Buckley used to say, vote for the most conservative candidate on the ballot...

A surefire recipe to never again have a conservative candidate.

Perhaps it is fitting that the appeal to the R base is a cry to have no minimum standards for acceptability of a candidate.

14 posted on 09/09/2013 8:09:23 AM PDT by MortMan (Disarming the sheep only emboldens the wolves.)
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To: VRW Conspirator

Yep, I’m again seeing the rash of articles about how 401Ks are not fair to those that don’t save, and how unsafe they are because of possible stock market losses. They put the articles out about once a year.


15 posted on 09/09/2013 8:10:30 AM PDT by Rusty0604
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To: sickoflibs

They still believe that there is a trust fund even though during the last debt limit debate Obama got in front of the people and threatened not sending out Social Security checks.


16 posted on 09/09/2013 8:13:35 AM PDT by Rusty0604
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To: Kaslin

If politicians steal your money, shoot the politicians.


17 posted on 09/09/2013 8:13:58 AM PDT by Uncle Miltie (Are Marines required to salute Al Qaeda yet?)
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To: Cringing Negativism Network

Because even toenail fungus is cured by:

“Bring back American manufacturing.

From overseas.

Chinese factories, only benefit Chinese workers.

Bring foreign manufacturing jobs back to America.

Now.”


18 posted on 09/09/2013 8:15:08 AM PDT by Uncle Miltie (Are Marines required to salute Al Qaeda yet?)
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To: Tulane

The Honorable Hilda L. Solis
Secretary
U.S. Department of Labor
200 Constitution Avenue, NW
Washington, DC 20210

The Honorable Timothy Geithner
Secretary
U.S. Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC 20210

Dear Secretaries Solis and Geithner:

As members of the Republican Savings Solutions Group, we write today to express our strong opposition to any proposal to eliminate or federalize private-sector defined contribution pension plans, such as 401(k)s, or impose burdensome new requirements upon the businesses, large and small, who choose to offer these plans to their employees.

In the Annual Report of the White House Task Force on the Middle Class, Vice President Biden discussed at length the creation of so-called “Guaranteed Retirement Accounts, (GRAs)” which would provide for protection from “inflation and market risk” and potentially “guarantee a specified real return above the rate of inflation” — presumably at taxpayer expense. In the Report, the Vice President recommended “further study of these issues.”

The Vice President’s comments are troubling, insofar as they come on the heels of testimony before Congress from supporters of GRAs proposing to eliminate the favorable tax treatment currently afforded to 401(k) plans, and instead use those dollars to fund government-invested GRAs into which all employees would be required to contribute a portion of their salary — again, with a government subsidy. These advocates would, essentially, dismantle the present private-sector 401(k) system, replacing it instead with a government-run investment plan, the size and scope of which remain to be seen. This despite data showing that 90 percent of households have a favorable opinion of the existing 401(k)/IRA system.

In light of these facts, we write today to express our opposition in the strongest terms to any effort to “nationalize” the private 401(k) system, or any proposal that would dismantle or disfavor the private 401(k) system in favor of a government-run retirement security regime.

Similarly, and more recently, the Departments of Labor and Treasury have jointly issued a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options.” While we appreciate the Departments’ seeking guidance and information from all parties and stakeholders in advance of regulatory activity, we strongly urge that the Departments not proceed with any regulation in this area before they have carefully and thoroughly considered all of the information received.

More specifically, we urge that the Departments take no action to mandate that plan sponsors — often, small businesses — include a “lifetime income” or “annuitization” option if they choose to offer a 401(k) plan to their employees, or that beneficiaries take some or all of their retirement savings in such an option. Data shows that 70 percent of Americans oppose the concept of a mandated annuity or government payout of their 401(k) plan. On a more fundamental level, Congress should not be in the business of choosing “winners” and “losers” among retirement security stakeholders. Instead, we urge the Departments to make it easier for employers to include retirement income solutions in their savings plans and to help workers learn more about the value of their retirement savings as a source of retirement income. Finally, to the extent new mandates and bureaucratic red tape from Washington push small employers out of the business of offering these plans to their employees, we would submit such an effort weakens, rather than strengthens retirement security.

We appreciate your consideration of our views in these important matters and stand ready to work with you and the Administration to promote secure and adequate retirement savings for all Americans.

Sincerely,

House Republican Leader John Boehner (R-OH)
Rep. John Kline (R-MN)
Rep. Dave Camp (R-MI)
Rep. Sam Johnson (R-TX)
Rep. Dean Heller (R-NV)
Rep. Brett Guthrie (R-KY)
Rep. Michele Bachmann (R-MN)
Rep. Pat Tiberi (R-OH)
Rep. Bob Latta (R-OH)
Rep. Erik Paulsen (R-MN)
Rep. Lynn Jenkins (R-KS)
Rep. Ed Royce (R-CA)
Rep. Buck McKeon (R-CA)

(in 2010)


19 posted on 09/09/2013 8:16:46 AM PDT by Rusty0604
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To: Mr. K

>>They have been talking about going after the 401K’s for years...

Anyone think they wont?<<

As long as we are armed they won’t.


20 posted on 09/09/2013 8:30:49 AM PDT by B4Ranch (AGENDA: Grinding America Down ----- http://vimeo.com/63749370)
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