Skip to comments.Huge See, I Told You So from 2008: Democrats Try To Take Your 401(k)
Posted on 01/30/2014 5:00:06 AM PST by EBH
RUSH: Well, now, that's fascinating you mention that, because that's the next item up in my Stack of Stuff and I talked about this weeks ago, maybe even months ago when Tom "Dung Heap" Harken proposed this. Now, before you condition Alicia, let me refer to what she's talking about. It's Mark Hemingway in the Washington Examiner: " Will the government outlaw your 401(k) plan? It seems like an absurd possibility, yet earlier this month two Democratic senators, Sen. Tom Harkin, D-Iowa, and Sen. Bernie Sanders, I-Vt., held a hearing on Capitol Hill exploring the possibility of doing exactly that. On Oct. 8, the two senators from the Health, Education, Labor and Pensions (HELP) Committee held a hearing on 'Retirement (In)security in America.' "Among the proposals discussed was 'Guaranteed Retirement Accounts,' or GRAs. The purpose of the GRA proposal is simple: To force Americans to stop putting their retirement savings money into private 401(k) accounts and send their money to the government instead." Now, this has been in the works for a long time and I remember the first time I mentioned this on the program, Alicia, we were deluged with calls from Washington: "No, no, no! You totally misunderstand. Nobody in the Democrat Party is talking about eliminating 401(k)s," and they are.
(Excerpt) Read more at rushlimbaugh.com ...
It’s the Democrat way: Deny deny deny until suddenly it’s implemented, at which point it turns into “so what are you gonna do about it?”
Rush, Rush, Rush. You always claim your are right.
While I am very skeptical about putting money in the Obama-retirement account, it is voluntary and has nothing to do with the rest of our 401K savings plan.
Lets see how many sign up.
“Obama visited a Costco food warehouse in suburban Lanham, Md., where entry-level employees start at $11.50 an hour, to tout his call for a $10.10 minimum wage. At a U.S. Steel Corp. plant outside Pittsburgh, he signed a presidential memorandum to create the “myRA” program, which he told employees would go toward “making sure that after a lifetime of hard work you can retire with some dignity.””
What a maroon. And he admits that without Congressional action the myRA won’t work.
They will use this ‘demand’ to convert and force through this legislation by year’s end. Watch and see.
Retirement “insecurity” has been a back-burner issue.
With the pull back on the printing press and inflation on the horizon...a very well orchestrated plan is being hatched.
Market manipulation at its very best.
I've done some looking around. There are a couple of references that this applies to.
First is the left's "jamming" attempt to make us all believe that 10% of the population is homosexual.
But the other is related directly to "global warming mitigation".
10:10 is a global warming mitigation campaign calling for immediate reductions in carbon emissions, 10% at a time. The project aims to demonstrate public support, apply pressure to policymakers to commit to national cuts, and inspire success at the United Nations climate change negotiations.
You can keep your 401k if you like it. Period.
I wonder if a negotiating tactic of tying emission reduction to deficit reduction would get anywhere lol
at a minimum the left would squirm
You get to keep the health care plan you like too. Democrats will take care of you. Rush is just paranoid, right?
Stealing our retirements is a good way to test the battlefield skills of older Americans.
Well said. I don’t trust lawyers, and I don’t trust criminals. Most of Congress is BOTH.
What are you? 12?
Have you never observed the incrementalism of the left?
The “voluntary” GRAs is just the first step in STEALING YOUR RETIREMENT!
They must not remember what happened to Dan Rostenkowski.
Watch the video on the page. At the end it refers to ownership of stocks - you need to become an LLC to take control of your stocks.
Check your 401K and Retirement Plan! Plans being switched to ALL Government Bonds without Approval. Finding out by Retirement End of Year Statements
It is happening. The government IS in the process of getting the Trillions in retirement accounts and they will come after all of them. They will do what it takes for their Wall Street buddies and puppet masters.
My research on how stocks and bonds are put into a company’s name that is owned by the Federal Reserve when you purchase them.
Except Obama didn't say that because no one asked him because the Obama retirement piggy bank is completely unrelated to 401Ks.
Obamacare was not passed by exec order Rush, it was passed by congress. The mandates that ended those plans were passed by congress Rush, not exec order.
The idea that Obama is going to issue an order that takes our 401K $$$ is completely ridiculous.
Rush claimed that Mitt and MCcain would beat Obama in landslides too, and a fairness doctrine would be passed to outlaw his show. Fools never learn
Republicans need to hammer this - what happened to Social Security? You take 15% of our income and now we need more?
“it is voluntary and has nothing to do with the rest of our 401K savings plan.”
Yeah sure. Its voluntary... for now!
All the commies have to do is remove tax-protection from the funds in the 401K except for any funds invested in USBonds (3% return).
First you do realize what I posted is from 2010. Second, they have been after doing this in some form since before 2008 and the legislation is sitting on a desk in DC...waiting. Third, progressives are just that...progressive and pragmatic.
Are you really going to sit there and let your kids get hooked into this scheme? A scheme that through a little research and awareness is going to bring down the whole idea of having your own retirement security? Having final control over your own money? Having control over your own retirement lifestyle?
Even if that was all true it is unrelated to Obama’s piggy bank exec order, but Rush claims Obama’s order is what did it.
No, this dissertation by Rush is from 2010
I knew that was coming.
SS was passed by congress as a mandatory tax.
Those who believed it was a voluntary pension were fools.
I will tell them to not sign up for this ,problem solved.
I think they’re finding out with Obamacare that they haven’t used enough “stick” yet. The carrot is too small for those whom them need to sign up to make it “work”.
That is the point - that dems are pushing/have pushed a bill to eliminate 401k and implement the “guaranteed retirement account”.
The reference to one of the 0bama lies was just a reference to trusting government. I don’t.
With a bill being pushed to eliminate 401k in favor of gov’t-owned retirement accounts being discussed, how could you think that this is voluntary? Is that like it’s voluntary like paying taxes?
Being discussed by Rush and his dittos?
I recall Rush claiming Obama would cancel the 2012 election too.
Don’t sign up for Obama pension account, I wont.
I put the max allowed amount on my 401K to get the tax breaks(deferred)
it saves me a fortune.
Its the next crash that is the problem, and a GOP POTUS didnt stop that last one,.
oh I think I understand now - you’re talking about distrust of Rush and most on this thread are talking about the dem push to confiscate half of existing private retirement accounts in favor of a required, government mandated retirement account.
There is room for both.
Obamacare was not passed by exec order Rush, it was passed by congress
From this post/ thread - HR 2035
To: Rusty0604; All
Financial QUESTION: Obama and Democrats Trying To SEIZE Retirement Accounts (IRAs, 401Ks)
H.R. 2035: Automatic IRA Act of 2013; 113th Congress, 20132015. Text as of May 16, 2013 ^
That entire thread was ahead of it’s time...
The question begs....
Is this not a variant of what Rep Richard Neal proposed and the nose under the tent for the likes of a Teresa Ghilarducci type ( google her ) to eventually supplant the entire 401k, 457, 403b etc because it isn’t fair or doesn’t work ( in their words...)?
118 posted on Wednesday, January 29, 2014 9:27:01 AM by taildragger
Again, this is what the dem bill wants to outlaw. First, no more tax advantage then you stop having ownership. Then you have to do 5% into the GSA.
So if this were to pass, you would have no more 401k.
And if you bother to look at the history from 2008 through yesterday's big EO signing, the dems have been scheming for that event and how to get private retirement accounts converted to GRA's. I respect you seem to not like Rush, but to be willfully blind to the democrat strategy regarding your precious 401k is astounding. It is your fortune they are after.
Never let a crisis go to waste...
At a U.S. Steel Corp. plant outside Pittsburgh, he signed a presidential memorandum to create the myRA program, which he told employees would go toward making sure that after a lifetime of hard work you can retire with some dignity.
You can keep your 401k if you like it. Period.”””
Until Obama & Pelosi seize such funds.
Argentina did so twice since Obama was elected in 2008.
Obama & Pelosi know this & they are scheming to take your 401 (K).
There is a link at the bottom of the Rush page, to something Biden said way back, and Rush discusses how the unions need their pensions funded.
My 2 cents; what is written, claimed, passed takes on a whole new life through interpretation and precedent - think about how the right to murder the unborn came about.
Reach out and “touch” someone at 600 yards!
Bohners not putting that bill up for a vote, neither is Reid.
No, not 12, jealous,
OK so now you see that it’s a bill we’re talking about. Good!
One could identify 3 steps in passing a bill. Each step taken brings the bill closer to being a law.
1) write the bill - check
2) pass the bill - ???
3) sign the bill - easy for 0bama
3 is a given if 0bama is president. That obviously leaves 1 and 2. 1 is done. So only #2 is preventing it.
Do you think this admin would do it if it could? Why would anyone vote for it?... why would anyone vote for 0bamacare?...why would anyone vote for amnesty?
So yeah I have a valid pport and money in other places. he he he
After what we have learned from the past I can't imagine why ANYONE would trust a "sticky butted politicion" to hold on to their life savings...
After all, that's what social security was suppose to be... Right..? And now (according to them) its just another handout program..!!!
But wait..!! I'm sure they'll put it in a "LOCK BOX" and they can get it back whenever they want it...
They want to herd everyone into a central, Federally managed pension fund. This offers several advantages for Dems.
-They can bail out their union buddies by rolling their failed, underfunded pension plans into the larger pool.
-They can use the money to buy Treasuries and run their own unending QE program.
-They can invest the money in the stock market and gain a HUGE amount of leverage and control over corporate America.
-They can use the money to throw an accounting mask over the size of the deficit, to cover for more spending.
-They can achieve levels of redistribution, at least amongst the retired, heretofore unimagined.
That is the way it is supposed to work, right?
But, with him signing an EO for what appears to be some innocuous voluntary retirement account, he has given the bureaucracy the ability to start setting things up.
In order to set up the MyRA, much of what is in that bill would need to be put in place, logically?
There is a financial crisis brewing and this truly smacks of government manipulation...one fire at a time.
All Obama has to do is get the first group to sign up, and then engineer a tanking of the stock market.
Everyone’s 401K will go down, and then he’ll be able to point at the people in the Federal plan and say “see how much smarter they were?”
In February of ‘09 people would have been jumping into this with both feet, I assure you.
RATs will be in your bedroom next, wanna bet? Liberals want total power and to control everything you do; cradle to grave with them in control utilizing their database on everyone.
“If you like your 401(k), you can keep it.”