Obama Begins Push for New National Retirement System

Discussion in 'General Discussion' started by Quigley_Sharps, Nov 19, 2012.

  1. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

    A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.

    The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

    "This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."

    A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."
    Such "reforms" would effectively end private retirement accounts in America, Crone warns. "These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system."
    Kingfish likes this.
  2. Kingfish

    Kingfish Self Reliant

    Is anyone surprised? Im not.
  3. oldawg

    oldawg Monkey+++

    SS fund is about done so time to get a new scam.
    Yard Dart, Dawg23, CATO and 1 other person like this.
  4. gunbunny

    gunbunny Never Trust A Bunny

    And the market RALLIES! Yeah! 173+ DJIA
    \sarcasm off

    Shouldn't these guys be upset? I mean, a large chunk of their livelyhood is about to be removed.
  5. Gunny Highway

    Gunny Highway Hard Work and Sacrifice blessed by God's Grace

    Everything will be nationalized.....everything including people and their chosen vocations
  6. CATO

    CATO Monkey+++

    Gunny Highway likes this.
  7. Gunny Highway

    Gunny Highway Hard Work and Sacrifice blessed by God's Grace

    I haven't read 299 Days but it is now on my reading list. Thanks Cato for bringing it to my attention.
  8. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Oh Hell No! The government can't manage the money they steal now. Give them more? Eff that! I'll convert my 401K into a loan to myself first and buy some land and shiny metal (And some soft gray/silverish metal and some really hard/heavy metal too)
  9. Tikka

    Tikka Monkey+++

    The plan is to take our savings and give it to those who never saved.
    mysterymet likes this.
  10. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Remember that itch trigger finger and the magic button.
    Well, i just clicked it.

    I am in the process of converting half of my 401k to a different class of asset.
    Land and shiny metal, physical items that are mine, i can stand on them, bury them, carry them.

    The money will no longer be a ledger entry that can be erased, a decimal point that can be shifted.

    Yes, it's a loan to myself, but after 5 years, I'll still have the land, the shiny, and the original money (paid back to myself with interest). So even if 401ks are nationalized or the economy completely collapses or i lose my job, I'm not really going to worry much, I got physical assets that are mine free and clear.
  11. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Rethinking Retirement by Blowing Up 401k Plans

    AUGUST 21, 2013, 11:52 AM EDT

    Lawmakers admit there's a retirement savings crisis and are thinking of new options

    There’s no denying that the gold standard for retirement planning right now is an employer-sponsored 401k investment plan.
    But a think tank with close ties to the Obama Administration is proposing changing that, and blowing up 401k investing and reshaping the current model of retirement planning.
    The Center for American Progress has declared the current private-sector-led retirement model “broken,” as well as “unnecessarily costly and needlessly risky.” Their solution is, instead, to move away from 401k plans towards a model that more closely aligns with traditional pension plans.
    This, from the Washington Post:
    “That cost and risk, the center said, could be reduced by adopting retirement plans that combine elements from both traditional pensions — those fast-disappearing benefits that provide retirees a fixed payment for life — and defined-contribution plans such as 401(k)s.
    Such a system would feature regular lifetime payments for retirees and professional management of investments, such as a pension. And, like 401(k)s, the plan would offer portability for workers, who are changing jobs more often than ever. It also would promise predictable expenses for employers, who have been abandoning traditional pensions for decades because of what they consider excessive cost.”
    The idea is simple: Regular lifetime payments into a shared pool of retirement funds will ultimately result in better performance for all when compared with individual 401k plans that vary in expenses, success and risk.
    The problem of retirement security is one that the investing public and lawmakers are finally starting to grasp, with President Obama pitching the idea of automatic enrollment in IRAs as one idea to bridge the gap. Bigger-picture, the idea is doing something to prevent over-reliance on a Social Security program that might not be as sustainable or successful in a few decades as it was in the past.
    There will obviously be much wrangling on the topic in the months and years ahead. But blowing up 401k plans in place of some other pension-like model will not happen overnight, will not happen without big resistance from those well-heeled 401k managers losing their meal ticket, and will not be something that our current do-nothing Congress places a priority on.
    In other words, the move might have some logical basis … but don’t expect 401ks to go away anytime soon.

    All i have to say is what could go wrong with this plan?
  12. NWPilgrim

    NWPilgrim Monkey++

    Create a problem.
    Deny it is a problem until it is too big.
    Propose solution, which is what you wanted along.

    When will we quit looking to the troublemakers for the "solutions"?!
  13. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    The question is, how do we steal all the citizens money and earning power so that we may control them.

    The solution is inflation, theft, and lies. There you have it. Global Monetary policy.

    If you have bitcoins, please send them to my wallet below. I'll keep them safe. That is until i spend them.
  14. Illini Warrior

    Illini Warrior Illini Warrior

    communism doesn't allow for "unequal" in the classes .... that's the entire basis of Obammy .... the guy that screws around his life and lives off the sysstem is entitled to retire to the Boca condo next to the 8-4 lifetime slaver .... same thing with living conditions .... same with health care ..... education ..... ect ect ..... no middle class between the peons and the rulers .....
  15. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    except the rulers are not bound by the same rules as the peons.
  16. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    uDirect IRA

    self-directed IRA - Buy Real Estate, other investments with "checkbook" IRA.

    Get control of your $ before Obama does
    VisuTrac likes this.
  17. Ajax

    Ajax Monkey++

    Just when you think you have heard the most ignorant, idiotic tripe someone comes out and says something like this.

    Really, think about the kind of person and mentality you would have to be to be able to honestly make the above quoted comment. Even Walmart and McDonalds offers 401k plans, how is it unfair to anyone because someone else was disciplined enough to saved their money.

    I sincerely hope that this is not allowed to happen. IMO this is as bad or worse than Obama "Care", this is direct stealing from people that have worked hard to save their money. If this becomes more than some economically retarded moron making stupid comments then we need to make certain our representatives know exactly how we feel about it.
  18. fedorthedog

    fedorthedog Monkey+++

    By the time they get a law passed I will have paid the penalty and withdrawn my money from my 457k and roth. It will be had to find in a coffee can full of rounds buried in the yard.
    VisuTrac, oldawg and BTPost like this.
  19. Ajax

    Ajax Monkey++

    I would not be shocked if they implemented some sort of freeze on retirement fund activities before openly voting for it.
  20. DarkLight

    DarkLight Live Long and Prosper - On Hiatus

    My betting quarter says they try to make it retro-active...like with Bankruptcy. If you spend the 3 months prior to your bankruptcy filing trying to liquidate your assets/sell stuff for cheap to your friends so you can get it back after you file and they find out...they pull it all back in and make it part of the process.

    Wouldn't be surprised if they tried to do the same thing with retirement accounts. "You heard this was coming so you drained it ahead of time...we know how much was there are you 'owe' us that much."

    If they are going to steal it, they are going to steal it ALL.
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