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I suspected this was coming…Now Obama wants more of our money. The Government is strapped for cash and is scrambling to find ways to get their hands on more of YOUR money.
Obama wants the Government to take control of our 401(k)s, IRAs and other tax advantaged savings programs and fold them into the Social Security program, and theTreasury and Labor Departments just held executive branch hearings on how to accomplish this.
Additionally, Sen John Kerry recently sponsored an "automatic IRA" bill and Obama bureaucrats are working on new regulations (CFR, Part 1, RIN 1545-BJ04) to quietly divert OUR 401(k)/IRA monies into government-approved investments, such as federal government debt.
For some reason we’re not hearing about these plans in the mainstream media. Is anyone surprised?
After Teresa Ghilarducci (called "the most dangerous woman in America" by U.S. News and World Report) testified back in 2008 at a Congressional hearing in favor of government seizing 401(k)s and other retirement assets, she stated on a radio talk program:
[I]"I'm just rearranging the tax breaks that are available now for the 401(k)s and spreading [here she paused briefly to consider her words] spreading the wealth..."[/i]
(Hmmm...that sounds strangely familiar.)
Ghilarducci is referred to as Obama’s unofficial 401(k) nationalization czar. "Unofficial" because that kind of title would have the citizens of both parties in uproar.
This is a move to stealthily grab more of OUR money and fold it into the SS system to “save it” (since they’ve gutted it for pet projects). One more reason to clean house in D.C., or they will ram this through just as they did with Healthcare, behind closed doors and with special deals for votes.
We can work to stop it, now that we know about it.
BTW, I've just written to my Congressman (since he's up for re-election) to ask what his position is on the matter of government seizure of our retirement funds.
He's a democrat, so I suspect I know the answer, but I'm keenly interested in how he will respond. I'm supporting his opponent regardless, because he's been a firm supporter of too many of Obama's programs (including the HC bill).
I firmly believe we need a clean sweep in Government.
Ghilarducci is a sheltered academic who's never run a business, household or managed a budget, but probably studied socialism extensively.
A leftists wet dream.
Ghilarducci received her PhD in economics from the University of California at Berkeley. From 2007 to 2009, she was the Wurf fellow at the Labor and Worklife Program at Harvard Law School. She currently serves as a member of the Board of Directors of the Economic Policy Instiitute, a non-partisan think tank in Washington, D.C. that works to include the interests of low- and middle-income workers in economic policy and as a distinguished senior fellow at Demos, a non-partisan public policy research and advocacy organization.
What is scary is creatures like her have a new found legitimacy with the current admin.
Last edited by Frank DeForrest; 10-19-2010 at 08:33 AM..
An evidence of this is to not extend the Bush tax cuts to those making over $250,000. A group that represents about 1% of the American public. That's a strange way to grab up more money.
An evidence of this is to not extend the Bush tax cuts to those making over $250,000. A group that represents about 1% of the American public. That's a strange way to grab up more money.
People making over $250,000 probably have a whole lot more in 401(k)s and IRAs, including Roth IRAs than those making under that threshold, which makes them a doubly attractive target. They can afford to share their retirement funds with those who don't have any, don't you know. And even those who scraped to put in the minimums, just to get the company match, will also get the opportunity to share it with those who didn't bother.
I mean every one will talk a good game, but no one will actually do anything to stop it.
That should be obvious by the fact that they steam-rolled legislation to allow employers to automatically enroll employees into 401k plans without the consent of the employee and no one did anything except whine pedantically. I mean we all know and understand how "opt out" does not work (since it requires effort on the part of the individual).
What do you suppose the real purpose and intent of that legislation was?
It's actually a moot point since the government can declare certain types of emergencies and seize your retirement assets anyway.
I mean every one will talk a good game, but no one will actually do anything to stop it.
That should be obvious by the fact that they steam-rolled legislation to allow employers to automatically enroll employees into 401k plans without the consent of the employee and no one did anything except whine pedantically. I mean we all know and understand how "opt out" does not work (since it requires effort on the part of the individual).
What do you suppose the real purpose and intent of that legislation was?
It's actually a moot point since the government can declare certain types of emergencies and seize your retirement assets anyway.
Maybe you won't do anything. Perhaps others will care enough to try.
This country is in trouble because for too long people did nothing.
I have one of those things and I think I will start spending it before Wall Street gets the rest. If it wound up in the Federal Treasury at least I would get all of it back instead of what is left after the next looting.
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