Obama to confiscate 401k's and IRA's

Obama to confiscate 401k's and IRA's

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Sam Adams

Jackson, TN

#1 Nov 24, 2012
Call your Congressman to defeat this!!!!!!!

Obama Begins Push for New National Retirement system

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."

Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administration’s point man on this issue.

"This whole issue is moving forward very quickly," warns Crone. "Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts."

NSC has taken the lead in warning the nation about this new government onslaught and is plotting ways to stop it.

"This effort ultimately is designed to grab the retirement nest eggs of America’s senior citizens. This new government annuity scheme, even if it is at first optional, will turn into a giant effort to redistribute the wealth of America’s older citizens," explains Crone. "This scheme mirrors what I expect the President will try to do with Social Security. He wants to turn that program into a welfare program, too."

NSC will likely unveil a new grassroots campaign effort later this year or early in January to coincide with the seating of the new Congress.
guest

Tucker, GA

#2 Nov 24, 2012
Oh wow! Does this mean now as I sit at home and check my direct deposit welfare on my free cellphone that I also will get a free retirement account? Gosh, America is a great place to live!
Todd

Jackson, TN

#3 Nov 25, 2012
There's no way this is true. I didn't find one reputable news source that said anything about this.

Damn, people.
George

Medina, TN

#4 Nov 25, 2012
You better re check. It is true.
Guest

Jackson, TN

#5 Nov 25, 2012
Just because you read it on the internet does not make it true.
Todd

Jackson, TN

#6 Nov 26, 2012
George wrote:
You better re check. It is true.
Please provide some documentation for your claim--documentation from a reputable source.
Uncle Sam

United States

#7 Nov 26, 2012
Sam Adams wrote:
Call your Congressman to defeat this!!!!!!!

Obama Begins Push for New National Retirement system

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

The hearing, held in the Labor DepartmentÂ’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 governmentsÂ’ 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."

Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the AdministrationÂ’s point man on this issue.

"This whole issue is moving forward very quickly," warns Crone. "Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employeeÂ’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts."

NSC has taken the lead in warning the nation about this new government onslaught and is plotting ways to stop it.

"This effort ultimately is designed to grab the retirement nest eggs of AmericaÂ’s senior citizens. This new government annuity scheme, even if it is at first optional, will turn into a giant effort to redistribute the wealth of AmericaÂ’s older citizens," explains Crone. "This scheme mirrors what I expect the President will try to do with Social Security. He wants to turn that program into a welfare program, too."

NSC will likely unveil a new grassroots campaign effort later this year or early in January to coincide with the seating of the new Congress.
The same thing was said four years ago about guns and 401k. Stop spreading rumors.
guest987654321

Medon, TN

#8 Nov 26, 2012
It's called fear mongering and its the by product of an insecure white man.
White Cracker Lies

Milan, TN

#9 Nov 26, 2012
LOL This is more Republican party propaganda to scare the gullible redneck white man. lol

From One white man to another .... Don't fall for that Republican fake crap! Someday you will realize that they are using you to keep them rich. You get real happy for a $10 an hour job.

Silly boys.... you so gullible.

White Guy

Milan, TN

#11 Nov 26, 2012
This is more Republican party propaganda to scare the gullible redneck white man. lol

From One white man to another .... Don't fall for that Republican fake crap! Someday you will realize that they are using you to keep them rich. You get real happy for a $10 an hour job.

Silly boys.... you so gullible.
guest

Jackson, TN

#12 Nov 26, 2012
Todd wrote:
<quoted text>
Please provide some documentation for your claim--documentation from a reputable source.
Yeah, a statist, central planner would NEVER try to confiscate private property......
Todd

Jackson, TN

#13 Nov 26, 2012
So, no evidence I guess.
guest

Jackson, TN

#14 Nov 27, 2012
Todd wrote:
So, no evidence I guess.
oh, just 100 years of recent evidence.

you are a tool. oh, and a fool....
guest

Jackson, TN

#15 Nov 27, 2012
Todd wrote:
So, no evidence I guess.
WHere are all those jobs taht are bouncing back, Mr. Gravitas?

Now you are getting delusional
Todd

Jackson, TN

#16 Nov 27, 2012
guest wrote:
<quoted text>
oh, just 100 years of recent evidence.
you are a tool. oh, and a fool....
So where is it? Can you be specific?
guest

Jackson, TN

#17 Nov 27, 2012
Todd wrote:
<quoted text>
So where is it? Can you be specific?
More specific than you are about why you vote for Yobama and who wants to cram religion down your throat, Mr. Gravitas
Todd

Jackson, TN

#18 Nov 27, 2012
Thought so. Still stalking. Really, just ask me out so I can turn you down and we can all move on, Mr. Thesaurus.
Emk

Lutz, FL

#19 Nov 30, 2012
Todd wrote:
There's no way this is true. I didn't find one reputable news source that said anything about this.
Damn, people.
Investors business daily has a full article this is true. Welcome to socialism. Wake up America.
yobama phone

Jackson, TN

#20 Nov 30, 2012
Todd wrote:
Thought so. Still stalking. Really, just ask me out so I can turn you down and we can all move on, Mr. Thesaurus.
Coward.
Todd

Jackson, TN

#21 Nov 30, 2012
yobama phone wrote:
<quoted text>
Coward.
Coward. Now that's original. What are you, besides a racist.

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