Obama Administration Considering Nationalizing 401k savings

[uscitizen]

I thought this was what the republicans wanted to do and call it SS reform?

 

[Dont Taz Me Bro]

Old, old and oldest news. Gingrich has to earn some cash some way and picks an old topic already hashed out and forgotten. Scary but the government is not going to do it. Political suicide.

Agreed. They'd never be able to pull this off.

The real story is how bad an investment a 401K is anyway. Numerous legitimate investment oppurtunities have to be passed by because you have your retirement in a hands off 401K.

If you work for a company that does 401k matching, then you'd be a fool not to invest in a 401k. You're getting a 100% gain on your investment every single year in addition to the EAR you are earning.

 

[Toro]

I haven't seen anything directly from the government on this, but there may be something to it.

U.S. Wants to Convert IRAs, 401(k)s to Annuities | Wall Street Survivor University

Its a terrible idea. Just terrible. The government has to be moving more towards a private savings scheme and away from government-sponsored pension plans. Making people more reliant on the government and not less is the exact opposite of what needs to happen as social security becomes less viable every day.

 

[Ame®icano]

I continue to be almost at a loss for words for this administration. I cannot believe somebody somewhere in D.C. hasn't considered impeaching this nitwit from office. The man has NO CLUE, are so many afraid to say, "enough is enough Mr. President, please STEP DOWN and go back to Chicago"? Your trying to flush not only America down the drain, your trying to take the rest of the planet with ya.

Maybe he needs the likes of Tiger 'Woodie' as an additional adviser.

 

[rightwinger]

How does "floated last year in the House" equate to Obama?

The HOUSE wanted to fund a statue for Confederate soldiers in Hahira, Ga. last year.

I suppose Obama was behind that also.

There are only a couple of sure things in life.

One of them is we're all gonna die eventually and the other is Democrats are always going to look for new ways to take our money.

This Administration makes proposals. This is one of their proposals. They call it floating an idea to see the reaction folks have. The fact that somebody brought it up last year and now they're bringing it up in the White House only shows a common mind-think. They wouldn't float the idea again unless they liked it themselves.

But to answer your question...this has everything to do with Obama because he's floating it. The fact that they floated the idea in 08', 09', and 2010 shows they haven't given up on this silly idea.

Does that answer your question?

The way it works Nimoy is that if you repeat the lie often enough, people start to believe some of it must be true. You know this has nothing to do with Obama , but if you start enought threads.......All you have to do is read this board

 

[Skull Pilot]

Business Week reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."

In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years."

.

This is an excellent idea. 401(k)s never were intended to be retirement funding tool for the general public and they're not suitable for that use. They should be taken-over by the government.

you would think that.


But since the average American idiot spends more time planning one two week vacation than planning for retirement, it's no wonder people like you think we shoild all be brought down to the level of said idiots.

A 401K, or any other retirement account along with a lifetime of savings can absolutely fund one's retirement.

If that is you're not a fucking moron and take a little time to educate yourself about finances.

 

[Dr Gregg]

surprise, another misleading, false title of a thread. Where did it mention Obama admin wanted to natilonalize 401K in that article?

 

[RadiomanATL]

*Shrug*

In politics, I don't believe what someone says their opponents intentions are without quite a bit more proof than what has been offered. Especially not what a known hack says about the opposition.

Go divorce another wife Gingrich.

 

[rightwinger]

Fact is Obama is not going to take your 401K...He is going to confiscate your guns...but not your 401K

 

[Skull Pilot]

Fact is Obama is not going to take your 401K...He is going to confiscate your guns...but not your 401K

it's only a matter of time before government does both.

 

[The T]

Business Week reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."

In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years."

.

This is an excellent idea. 401(k)s never were intended to be retirement funding tool for the general public and they're not suitable for that use. They should be taken-over by the government.

you would think that.


But since the average American idiot spends more time planning one two week vacation than planning for retirement, it's no wonder people like you think we shoild all be brought down to the level of said idiots.

A 401K, or any other retirement account along with a lifetime of savings can absolutely fund one's retirement.

If that is you're not a fucking moron and take a little time to educate yourself about finances.

Very true. people like Joey Plastic has yet to learn that it is OUR money...not the government's. In fact the WEALTH of this nation, and it's economy belongs to the people and their sweat equity.

The Government is only entitled to the bare minimum to make Government work. But the more the government takes, the more they want. Synopsis? They CAN'T have any more. they aren't using wisely what they already STEAL.

 

[Joe Steel]

Business Week reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."

In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years."

.

This is an excellent idea. 401(k)s never were intended to be retirement funding tool for the general public and they're not suitable for that use. They should be taken-over by the government.

you would think that.


But since the average American idiot spends more time planning one two week vacation than planning for retirement, it's no wonder people like you think we shoild all be brought down to the level of said idiots.

A 401K, or any other retirement account along with a lifetime of savings can absolutely fund one's retirement.

If that is you're not a fucking moron and take a little time to educate yourself about finances.

Try again, dumbass.

Go back to school for some reading comprehension. I said 401(k)s weren't suitable for the general public not that no one could use them.

 

[Avatar4321]

Who the fuck listens to Newt Gingrich anymore?

People who actually think and look at various sources of information to get a bigger picture of the world around them.

 

[Avatar4321]

Fact is Obama is not going to take your 401K...He is going to confiscate your guns...but not your 401K

If the administration keeps spending and mismanaging the way it has been, a good gun and some seeds might be the most sane retirement plan around.

 

[The T]

Fact is Obama is not going to take your 401K...He is going to confiscate your guns...but not your 401K

If the administration keeps spending and mismanaging the way it has been, a good gun and some seeds might be the most sane retirement plan around.

I know people that are personally taking that advice...seriously.

 

[chanel]

I am hopeful that this is just rumor and speculation But its important enough to talk about These clowns rammed down TARP and the stimulus bill claiming a "national emergency" They tried to get the healthcare bill passed without anyone having time to read it. We have no reason to doubt they'd pull the same shit with this boondoggle. Keep it up Newt. You are still very, very relevant.

 

[rightwinger]

Fact is Obama is not going to take your 401K...He is going to confiscate your guns...but not your 401K

If the administration keeps spending and mismanaging the way it has been, a good gun and some seeds might be the most sane retirement plan around.

I know people that are personally taking that advice...seriously.

I was serious...you need to stock up on your guns....RIGHT NOW

Go into your basement and wait for the gun confiscation squads

 

[Darkwind]

So they should call it "Social Security 2."

I call it strong arm robbery. I don't care what they call it.

 

[WillowTree]

Class Warfare's Next Target: 401(k) Savings

By Newt Gingrich, Peter Ferrara
Investor's Business Daily
Thursday, February 18, 2010

You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.

Business Week reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."

In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years."

.

quityerbitching you voted for the asswipe.

 

[WillowTree]

Newt cites BusinessWeek as "reporting"..