Obama Administration Considering Nationalizing 401k savings

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.

And how does the general public differ from the average American?

And a 401k or any other tax deferred retirement account is perfectly suitable for anyone.

That is as I said before as long as you're not a fucking idiot.
 
This proposal follows hearings held last fall by House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., of the Ways and Means Committee focusing on "redirecting (IRA and 401 k) tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute," as reported by InvestmentNews.com.

The hearings examined a proposal from professor Teresa Ghilarducci of the New School for Social Research in New York to give all workers "a $600 annual inflation-adjusted subsidy from the U.S. government" in return for requiring workers "to invest 5% of their pay into a guaranteed retirement account administered by the Social Security Administration."

On TOP of the 15% workers are already paying into SS and Medicade?!

Not a good idea.

But it will be good for one element of this society, assuming that the Social Security Administration actually invested that money.

Guess who benefits?

WALL STREET.

Now seriously...how can you guys think that the DEMS are crypto socialists when they are so obviously beholden to WALL STREET?

If you right leaning people accused the Dems of being Gangsters?

Now that charge I could definitely understand.

But socialists?

Working to force workers to invest into the tender mercies of CAPITALIST WALL STREET?

That's not socialism, folks, that's CAPITALISTIC GANGSTERISM.

It's socialist only in the vaguest sense since that they're using government to force workers to feather the nests of capitalists.
 
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There is "a tremendous amount of interest in the White House" in retirement-security initiatives, Borzi, who heads the Labor Department's Employee Benefits Security Administration, said in an interview.

In addition to annuities, the inquiry will cover other approaches to guaranteeing income, including longevity insurance that would provide an income stream for retirees living beyond a certain age, she said.


One proposal raised by Iwry as co-author of a paper while at the Retirement Security Project, before joining the administration, has reached Congress. A bill requiring employers to report 401(k) savings both as an account balance and as a stream of income based on an annuity was introduced on Dec. 3 by Senators Jeff Bingaman, a New Mexico Democrat, Johnny Isakson, a Georgia Republican, and Herb Kohl, a Wisconsin Democrat.

Here's the Business Week article if anyone is interested.

Retiree Annuities May Be Promoted by Obama Aides - BusinessWeek

I don't think the government could seize people's IRAs (as much as they'd like to.) But my dad has been predicting since the 70's that anyone who has been saving for their retirement, may be booted out of SS. I could see that happening. This government loves to punish success.
 
In fact now that I think about it, perhaps my dad's prediction was right. Instead of actually taking over 401Ks, they can "encourage" annuities. Then that income can be taxed and they can use that to reduce or disqualify people from SS. Oh brother.
 
I don't think the government could seize people's IRAs (as much as they'd like to.) But my dad has been predicting since the 70's that anyone who has been saving for their retirement, may be booted out of SS. I could see that happening. This government loves to punish success.

Social security is not viable in its current form.

One way to make it viable is to disqualify anyone above a certain income. That is counter to the intent of SS, which is as a pension fund where you make contributions and receive funds when you retire based on those contributions.

The government should reform the system, but it is more likely that they will approach it in a piecemeal way, slowly hacking away at the original intent of SS by removing participants in small drabs. I do not expect to receive SS when I qualify in 25 years, even though I've paid into it.
 
I fear you are right Toro. So once again those of us who have sacrificed and put our priorities in order, will be punished. And how on earth will they include all those illegals when amnesty goes through?

People might start thinking those death panels ain't such a bad idea... :(
 
The best savings plan there is for retirement is buy a big, fire proof safe, bolt it to your concrete basement floor, and buy gold, silver and keep your own cash in the safe, in your own home. Get as much of your own money in your own hands away from the government as possible.
 
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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."

.

Now annuities are evil? What I would like to know is since the Business Week article doesn't mention government taking over 401's how is it that is what Newt read into it? Did Newt even read it?
 
I'm thinking a nice little cottage on the beach in Bermuda might not be such a bad idea. I believe they have no income tax there.

Cold and wet though during the winter.

Obama seems to show up there every time he gets in trouble...so Bermuda is not an option for me. I'd be wanting to kick his ass for all the shit he's done to us.
 
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."

.

I don't think they should do anything like this, HOWEVER...I do believe that WE should have the OPTION of putting our own money in 401k's in to an annuity or even in to CD's IF this is what WE wanted to do with it.... or half in money market and a quarter in cd's and a quarter of it in an annuity.... we need the choice available to us so that WE can do what is best for individual self instead of being FORCED to go in to the stock market with all of it, due to gvt regulations in place now.

There SHOULD BE other options in our 401k's for those of us that want to "play it safe" with our retirements, especially for those that are within 10-15 years of retirement.
 
Now annuities are evil? What I would like to know is since the Business Week article doesn't mention government taking over 401's how is it that is what Newt read into it? Did Newt even read it?

So if is not in article, it's not true? This is from 2008.

If you have a 401(k) or equivalent retirement plan, you've probably been watching nervously the past few weeks as your nest egg has shrunken owing to the current turmoil in the markets.

Well, it could be worse. But don't take heart, for what we mean is it could get worse. The market turmoil has some politicians on Capitol Hill eyeing the end of the 401(k) as we know it. Workforce Management reports on a hearing of the House Education and Labor Committee earlier this month:

Eyeing Your Pension - WSJ

And here is Workforce article.

Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.

House Democrats Contemplate Abolishing 401(k) Tax Breaks

They already screwed up Social Security, yet they want to administer my own pension. The only reason I chose to invest in my own retirement is because of the doubt I will ever get one I am forced to pay into. Now they want to control that one too?
 
Now annuities are evil? What I would like to know is since the Business Week article doesn't mention government taking over 401's how is it that is what Newt read into it? Did Newt even read it?


The government seizing control of private saving is evil. Why should an individual have to cede his private investment decisions to the Feds?
 
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."

.

This is why Americans bought 14 million new guns last year
 
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."

.

This is why Americans bought 14 million new guns last year

Thats an old number. Since yesteday +1. ;)
 
This is why Americans bought 14 million new guns last year



It's the one area of the private sector where the Obama Administration can claim to have stimulated Real Growth!
 
I have restrained any replies till now, but it demonstrates again how clueless this administration and it's band of 'merry misfits' and 'clueless clowns' that are grabbing at anything they can to prop up their own survival., while dining at the pockets of the American taxpayer.
 
When they ask a thief why he robbed the bank, he replied: That's where the money is."

It's the same thing with the government...
 

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