[barbedwiresmile]

Now is a logical time to be emulating Europe.


But seriously, this is good. I'm in favor of all government spending programs. Bring it on. While I'm still young (ish).

[Flying-Dutchman]

Originally Posted by G29Reload

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.

A more likely scenario is higher taxes on retirement accounts.

Nothing will happen as long as the Republicans control the House but look how fast the Democrats acted on Obama Care and the Stimulus when they gained full control.

If the economy falls into recession again the voters may blame the Republicans and vote straight Democrat.

When the Democrats win full control again expect a drastic increase in Government and seizing retirement accounts (or taxing them out of existence) will be on the table.

[HexHead]

Originally Posted by 427

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.

One thing you can count on is at some point Congress will make distributions from Roth IRAs taxable. They won't be able to help themselves.

[certifiedfunds]

Originally Posted by G29Reload

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.

Slow down. EO6102 seized gold. Unilaterally.

What's the difference?

[certifiedfunds]

Originally Posted by Flying-Dutchman

A more likely scenario is higher taxes on retirement accounts.

Which is a defacto seizure.

[series1811]

Originally Posted by ColdSteelNail

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

Complete and total BS like the federal government raiding the federal employees IRA's when the government was about to go broke and borrowing the money without permission?

(It has actually been done several times.)

But, to the issue at hand.
At the end of 2Q, 2011, for instance, there were $18.2 trillion in total retirement assets. Do you really think for one second that 18 trillion dollars hasn't caught the attention of people who really believe the wealth should be redistributed?

I don't.

There are a lot of different ways to do it and label it, but I have no doubt that ultra liberal politicians have at least talked about it.

[Skyhook]

I know, I know!

Let's ask Obama what his plans are.. if he says he will not reach for our money, hey, that's it then, right?
Obama would NEVER lie.. right?

[Ruble Noon]

Originally Posted by G29Reload

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.

Democrats have been trying to get their grubby little mitts on private retirement accounts for a long time. Back in the '90's the Clinton administration proposed a 15% tax on private retirement accounts. If you will remember, this is what led to the republicans taking over the house in 1994.
If democrats gain control of all three branches again, look out.

[pugman]

Originally Posted by jeanderson

This is insane. The government has no damn business managing my money.

Simply put - its not your money.

You may have gone to school to get a job to earn it or worked 60 hours a week at some blue collar job; but it is their money. They print it, tax it at every possible transaction they can and want it back when you die (see the estate tax thread).

However, in the end it simply won't matter. Last I read, retirement accounts in this country were worth around $5 trillion dollars...this will take care of deficit spending for approximately 3-4 years. Yep, the fed will spend what is supposed to last Americans 20-40 years in the blink of an eye.

For the record, I fully support this idea 100%. Why? As a 43 year old, I realize I will never see social security...the $100K (i think that is what our last statement said) my wife and I have put in there will never see our hands. I sincerely doubt the money we have socked away will be worth anything more than TP or tinder by the time I "retire." I'm sure many on this board feel the same way. Maybe this seizure will FINALLY be the spark to take this country back from the politicans who have in effect stolen it "legally" from us.

[TK-421]

Originally Posted by G29Reload

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.

I always find it funny how people forget about Congress, and think the President is all powerful.

"Oh my gosh, Bush is horrible for making us go to war.!" Bush didn't make us go to war, Congress is the one who voted for us to go to war.

"Oh my gosh, Obama is so horrible, he's going to take all of our money and give it out to everybody else." Not if Congress won't let him.

[pugman]

Originally Posted by TK-421

Not if Congress won't let him.

Obama dissolves Congress.

Japan's prime minister just dissolved its parliament.

I fully understand the differences in our government structure.

My point is as long as Obama promises to keep those in congress "in the club" I would put nothing past this government. People can spout all the "he can't legally do that" they want....what is legal is what the government says it is.

Do I believe he will do it tomorrow - no. Do I believe in only two things being the possible and probable-yes. This at the very least is possible.

[Ruble Noon]

Originally Posted by TK-421

I always find it funny how people forget about Congress, and think the President is all powerful.

"Oh my gosh, Bush is horrible for making us go to war.!" Bush didn't make us go to war, Congress is the one who voted for us to go to war.

"Oh my gosh, Obama is so horrible, he's going to take all of our money and give it out to everybody else." Not if Congress won't let him.

There are those in congress that agree with and have held talks on the seizure of private retirement accounts.

[kirgi08]

Originally Posted by TK-421

I always find it funny how people forget about Congress, and think the President is all powerful.

"Oh my gosh, Bush is horrible for making us go to war.!" Bush didn't make us go to war, Congress is the one who voted for us to go to war.

"Oh my gosh, Obama is so horrible, he's going to take all of our money and give it out to everybody else." Not if Congress won't let him.

Executive Order.'08.

[G29Reload]

Originally Posted by Ruble Noon

Democrats have been trying to get their grubby little mitts on private retirement accounts for a long time. Back in the '90's the Clinton administration proposed a 15% tax on private retirement accounts. If you will remember, this is what led to the republicans taking over the house in 1994.
If democrats gain control of all three branches again,

Actually it was over the AWB and Gingriches bringing nthe contract w america. Retirement accounts never. Broke radar cover.

[G29Reload]

Originally Posted by kirgi08

Executive Order.'08.

Not for this topic. Its HR property.

[G29Reload]

My whole point was this thread is a fraud. Obama is doing no such thing at the moment.

[G19G20]

OP link says it was originally posted in 2010. Not a new item.

[Atlas]

Originally Posted by certifiedfunds

Slow down. EO6102 seized gold. Unilaterally...

And my grandfather gave them the middle finger and held 100% of his small stash of gold coins.
He earned that gold farming and raising cattle.

He was able to sell a few of those coins into the gray market near the end of the depression to buy real estate and thereby multiplied his small net worth many times over.

As he had severe debilitating arthritis by then he was able to throttle back and do what he wanted the remainder of his life, like spending more time with his sons and grandchildren.

He laughed when he told me this.

[kirgi08]

Originally Posted by G29Reload

Not for this topic. Its HR property.

Like he'll follow the rules,he has the ability ta be more flex-able now.'08.

[G17Jake]

Originally Posted by Ruble Noon

There are those in congress that agree with and have held talks on the seizure of private retirement accounts.

I don't doubt that many, maybe most, of the voters that put Obama back in office would vote for the confiscation of 401k accounts if given a chance.

Who in the Congressional Black Caucus would vote against the confiscation if it came up for a vote?

When people get comfortable with the confiscation of income, why should they be uncomfortable taking savings?

[MoCop]

Originally Posted by Hef

Anyone surprised by this?

Nope.

[janice6]

Obama doesn't have to lie. He says he has a "mandate" from the voters.

[stevelyn]

Originally Posted by lawandorder

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

And that is precisely why he wants to nationalize all retirement plans into one big govt retirement system. He mentioned this in his first campaign. Wasn't anyone listening?

[ICARRY2]

There has to be some NObama voters who regret voting for him now.

[kirgi08]

Not till they are at a soup kitchen.'08.