Obama cancelling 401k plans?

Discussion in 'Economy' started by Vanquish, Oct 18, 2012.

  1. Vanquish
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    Vanquish Vanquisher of shills

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    Someone said Obama was going to remove the exemption from 401k plans. I'm not :D so green as to believe it without research. I've seen discussion on either side.

    I'd like to hear what USMB people have to say.
     
  2. waltky
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    waltky Wise ol' monkey Supporting Member

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    401k's undermining retirement security for millions...
    :eek:
    401(k) breaches undermining retirement security for millions
    Tuesday, January 15,`13 - A large and growing share of American workers are tapping their retirement savings accounts for non-retirement needs, raising broad questions about the effectiveness of one of the most important savings vehicles for old age.
     
  3. Katzndogz
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    Katzndogz Diamond Member

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    They might as well take it now. obama has made it clear that he intended to confiscate retirement funds.
     
  4. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    He said absolutely no such thing, but hey, let's not facts get in the way of your lies.
     
  5. percysunshine
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    percysunshine Gold Member

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    I am sure someone said it somewhere. It might have been Biden at a retirement home....
     
  6. Mad Scientist
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    Mad Scientist Feels Good! Gold Supporting Member Supporting Member

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    Last edited: Jan 16, 2013
  7. uscitizen
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    uscitizen Senior Member

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    so much for privatized SS.
     
    Last edited: Jan 15, 2013
  8. percysunshine
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    percysunshine Gold Member

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    Someone said that Bill Clinton moved his to Ireland so the Chinese could not get to it.
     
  9. uscitizen
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    uscitizen Senior Member

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    Someone said that Al Gore was getting your 401K to buy carbon credits with.
     
  10. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    This is not new news:

    When it comes to how we spend and save, borrow and lend, nothing in this nation will ever be the same.

    I can't tell you how the financial crisis will be solved, when the Dow will return to 13,000 or if home prices will recover anytime soon. But the events of the past two months make it clear our national money habits are in for big changes.

    Given that reality, there's one proposal you might want to keep an eye on. A recommendation to shake up the nation's 401(k) system is gaining traction as workers and retirees gape in horror at their investment account balances.

    "Four weeks ago this plan didn't have a chance," conceded its author, Teresa Ghilarducci.

    Suddenly, things have changed. Ghilarducci's proposal to create what she calls Guaranteed Retirement Accounts is gaining attention in Washington as the nation grapples with the issue of retirement security in the wake of a 40-percent-plus drop in the U.S. stock market this year.
    ...


    Movement to Scrap 401(k)s Gains Traction - ABC News


    Obama is waiting for the proper "Crisis" in order to nationalize 401K and IRA accounts. The proceeds will be used to bail out underfunded union pensions - with the folks whose accounts are seized left to rely on some form of "expanded" Social Security (another entitlement program to be paid for by unborn children).
     

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