Obama Begins Push for New National Retirement System
 

Obama Begins Push for New National Retirement System

http://www.nationalseniorscouncil.or...rity&Itemid=62

If this is true, it will not end well.

Quelle surprise.

By turning private retirement investing into a SS-like payroll tax, the government will instantly have more "tax revenue" coming in that they can immediately spend on FDR-style spending programs.

I would be temped to take the tax hit and get my money now. But, then the gov't would get a sudden pay off of a 10% early withdrawal penalty on top of 25% on all the early withdrawal money. Presto! Obama's debt issue/budget looks better. That states would get some too.

Anyone surprised by this?

No....

With all the taxes and now the looming confiscation of retirement accounts, can we all agree that we would be slaves for the state?

When are people going to say enough is enough?

When the food runs out in government run camps that will replace cities. :rofl:

They will take all the 401k money, and start handing it out in a way they deem fair.

"401k and IRAs are unfair to poor people".

Yep, this is what's coming, folks. None of it is YOUR money any more. It's THEIR money for distributing to the masses.

The good news is there is no chance in hell of this happening for at least a few years.

Instead of cashing out your 401k or IRA, if you can take a loan you may want to consider doing that. The day is coming when unless you're holding it in your hot little hands, you don't really own it at all, or you won't have access to it. And even physically holding dollars will be a joke because of the devaluation that is going to have to happen.

Complete and total bs. This is being passed around inside that bubble that most conservatives never see the outside of.

This would leave the middle income earners totally dependent on the government.

This isn't anything concrete, just people jumping the gun and whining before it becomes a serious matter. Don't like it? Talk to your congressman/woman, not to us. We can't do **** about it. Spending your time actually talking to people who can fix it would be best.

I doubt it. The socialist party keeps bringing it up for discussion, that means they are interested in the idea.

In case you haven't noticed, the .gov is 16 trillion in debt and running 1.5 trillion+ deficits. It's, for all intents and purposes, broke.

There are trillions of dollars tied up in private accounts, you can't be naive/foolish enough to believe that .gov isn't interested in that money. The .gov of argentina nationalized retirement.

There have been meetings on this very subject since 2009.

I am convinced of one thing- if the socialist governments we have known could see a source of money in the private sector, they could devise a method to get it.

What we are watching unfold is precisely that; a socialist government. We have government health care, government education, why not government retirement, government food allotments, and then limitations on the vehicles we can drive and how many kids a family can produce? FAMILY? Whut's thet? :faint:

Because it would be out of character for BO and his ilk to meddle with the private sector?

Or because the left has no desire to control something like retirement income?

Or because the .gov doesn't need/want a few trillion dollars?

Precisely *why* is this report BS?

Nearly there now- those of us that still pay taxes, that is.

Given the apparent change in our national ethos- Never.

As long as there are those who feel that they can get something for nothing and let someone else foot the bill this'll go on.

Heck, look at much of the EuroZone- many of those governments are running far worse deficits than we are, they don't have the economic resources we do, and the masses are still demanding that the unsustainable spending continue.

I have begun to wonder if I somehow entered a parallel universe and this is the Bizarro version of the industrialized nations of Earth...

The choice for the majority of voters will be no Social Security or save Social Security by taking the retirement accounts of others.

The takers reelected Obama proving they will take everything you have.

Here we go.'08.

Other scenario is that when the world finally cuts off the Fed, the confiscated savings would quietly pay off a good chunk of what's owed to prevent an economic collapse/hyperinflationary period and allow reckless spending to continue. Either way, SS would be inexplicably broke again in a decade or two.

There aren't loan provisions against IRAs, only 401ks if your employer allows them. If you have a loan against your 401k amd leave your job, you have a short window to repay it before the IRS considers it a distribution, and taxes/ penalizes accordingly.

Some people will believe ANYTHING.


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How could his supporters retire, the majority of them don't have jobs to retire from.

Ok, lets stop the scare tactics. Correction:

Obama DOES NOT begin push for new national retirement system.

This is a bunch of hooey from an advocacy group.

Problems:

Not new. This is a little scary, but it was floated about 4 years ago just after he was first elected. Some lefties in congress mouthed off on the floor of the House about it.

Even in the then dem controlled congress it did not make traction.

And more importantly, NOW…

We've got divided government. He can't do it unilaterally. Has to come from Congress and so its a non starter. Calm down.

This is insane. The government has no damn business managing my money. These people can go to hell. They just want to get my retirement and redistribute it.

"Not fair to the poor"? Well let's see... if you don't put any money into a savings account you can't get any money out. Is that fair?

If there's one word of sick and tired of in our political discourse it's the word "fair".