Nothing is safe with these people running the show. I warned you back in October of 2008 that the Democrats wanted to do away with 401k accounts, to be replaced by “guaranteed retirement accounts.” Well, they’ve been busy wrecking the economy, passing trillion dollar health care bills and exploding the national debt. That doesn’t mean they’ve given up on their wish list. And it looks like our 401k accounts are right there at the top of that list.
Human Events: In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.
The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.
Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.
In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations. (pdf)
What Big Labor wants, Big Labor gets with Obama in the White House. Our taxes aren’t enough to feed that pig, so now they’re coming after our retirement accounts. The Republicans are fighting this, but they better get really loud and vocal about it.
I don’t think we could have come up with a more corrupt government if we tried.
What next?
Tags: 401k, Barack Obama, Big Labor, Democrats, joe biden, proposed, seize, unions
I know this is the reality, but I have to tell you, if they can do this, they can do anything. These accounts are private money. If we let them get by with this, we are nuts. It is so depressing!
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I was going to go to bed, but I had to get to this first. You’re right it is depressing. And you aren’t hearing about it on the news. At least I haven’t.
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Looks like time to cash out the ‘ol 401K…..It’s not a mighty as it once was either.
What will be worse?
Big Ears snags our dough or we ALL cash out?
Not good…not good at all.
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“What next?”
Everything, even if they don’t want it all, their ideology demands that they take control of everything. it’s the only way they can remain in power.
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Hey LC – Glad to see you’re back. I haven’t read about this in my local rag of a newspaper. Maggie’s right. They’ll do anything they can get away with.
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This is a pattern – the media says nothing until it is an accomplished fact. I began to notice this with the NY Times not reporting anything relevant to the Second Amendment. They understand the power of censorship perfectly well.
Back in the fifties there were lots of americans who thought that commies were trying to sneak their messages into movies. That was totally wrong – what they were doing was preventing Hollyweird from ever making movies that said anything critical of commies. This is STILL the case. Try finding anything critical of Stalin or the Soviet Union on the History Channel.
I have been hearing of the 401k thing for months.
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[...] on their wish list. And it looks like our 401k accounts are right there at the top of that list. – Lonely Conservative Senate Democrats have introduced a bill that would require every American worker to carry a [...]
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This has already been done in Argentina. I’ll close mine out and take the tax hit before they get their filthy hands on my savings. If you’re 55 or older you can access your funds but you might have to take a 10% additional penalty to do so prior to normal retirement age, depending on what your plan says. I’m sure this will also cover any 403b funds as well, (all you educators in academe). Anytime you annuitize, even with a private funding company, your monies are pretty much “locked” for the duration of the annuity term, which obviously means forever to the government.
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OBTW, next up…..pensions.
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(btw, commies WERE putting their messages into movies…if you’re up late and watching Turner classics, it flames out at you with those old flicks….but, anyway–)
I’m only hearing murmurs about this, no “news”. And have already looked at cashing mine out; the Obama economy has decimated it, anyway, future regulations already being put in place will decimate it further, and it has been clear to me since Team Obama took the White House and Congress that I had better have close, personal control over everything I own. I recognize socialism when I see it…. and A is A: it doesn’t matter what they want to call it, with their sophomoric running to a dictionary…a thing is what it is, by its nature. They have done far too much damage in a short period of time…I’m not risking “riding out” the next three years.
I’m sorry that my government has become something I dare not trust. That was never the purpose of a Federal government, and my fellow citizens seem to be completely uneducated as to the purpose and function of the Constitution. Doubly sad.
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LIberty,
The Dems/Libs/Progs now have 2 generations (3?) that they have indoctrinated since taking over our education system.
Peeps don’t now about the Constitution ON PURPOSE.
Peeps are taught revisionist history ON PURPOSE.
We now see this purpose in action.
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Wow, I’m extraordinarily late in responding, but Sam is spot-on. Much like Muslim extremism (yeah, I said that) the ultra Left is extremely patient and has long-term vision. They understood more than 50 years ago that the way to get there was to gain control over education; it started to become clear in the early 80′s. I still have a Newsweek magazine with the first article on the phenomenon of “political correctness” beginning on the liberal campuses and asking if it was a fad or a new direction…this is back when Newsweek was actually a news magazine. At the time, I though it was crazy, and a fad, and would fade away. Instead, it has become the country’s sole form of thought: every single decision is balanced on whether or not it is politically correct, not whether or not it’s in the country’s best interest.
I’m not certain that the direction of education can be changed without an enormous push and a lot of sacrifice on the part of conservatives; we need to be willing to be teachers and professors, though those are not the highest-earning professions in the country. We must be willing to do the good for the sake of the good, recognize that a cherished way of life—the great experiment that has been America–is under siege and in danger of becoming a memory in my lifetime. I do what I can; I try to argue intelligently, not emotionally, and demonstrate where the collective sort of thought will logically lead. Unfortunately, Liberalism is all about feeling, not logic. I appreciate this blog and most of its readers, so much (not the liberal trolls, obviously). It is reassuring and reinvigorating to know that there are others scattered across the country who understand what’s happening.
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