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Obama Begins Push for New National Retirement System

Discussion in 'Political Issues' started by DonGlock26, Nov 15, 2012.

  1. HexHead

    HexHead

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    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.
     
  2. IvanVic

    IvanVic

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    Some people will believe ANYTHING.


    Posted using Outdoor Hub Campfire
     


  3. How could his supporters retire, the majority of them don't have jobs to retire from.
     
  4. G29Reload

    G29Reload Tread Lightly

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    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.
     
  5. jeanderson

    jeanderson Toga!... Toga! Platinum Member

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    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".
     
  6. barbedwiresmile

    barbedwiresmile Unreconstructed

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    Dixie
    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).
     
  7. Flying-Dutchman

    Flying-Dutchman

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    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.
     
  8. HexHead

    HexHead

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    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.
     
  9. certifiedfunds

    certifiedfunds Tewwowist

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    Houston
    Slow down. EO6102 seized gold. Unilaterally.

    What's the difference?
     
  10. certifiedfunds

    certifiedfunds Tewwowist

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    Houston
    Which is a defacto seizure.
     
  11. series1811

    series1811 Enforcerator. CLM

    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.
     
    Last edited: Nov 16, 2012
  12. Skyhook

    Skyhook

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    USA
    :mememe: I know, I know! :mememe:

    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?:upeyes:
     
  13. Ruble Noon

    Ruble Noon "Cracker"

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    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.
     
  14. pugman

    pugman

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    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.
     
    Last edited: Nov 16, 2012
  15. TK-421

    TK-421

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    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.
     
  16. pugman

    pugman

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    Wisconsin
    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.
     
  17. Ruble Noon

    Ruble Noon "Cracker"

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    There are those in congress that agree with and have held talks on the seizure of private retirement accounts.
     
  18. kirgi08

    kirgi08 Watcher. Silver Member

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    Acme proving grounds.
    Executive Order.'08.
     
  19. G29Reload

    G29Reload Tread Lightly

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    Actually it was over the AWB and Gingriches bringing nthe contract w america. Retirement accounts never. Broke radar cover.
     
  20. G29Reload

    G29Reload Tread Lightly

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    Not for this topic. Its HR property.