Obama Plans to Takeover 401K to Bail Out Union Pension Funds

Discussion in 'Politics' started by boedicca, May 4, 2010.

  1. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Yet more Spreading Around the Wealth. One of the few remaining assets and tax benefits that the middle class have is now being targeted by Obama to bail out underfunded Union Pension Funds:

    The Obama Administration is making plans to take over the nation’s 401(k)s in order to bail out their union backers and their bankrupted pension plans.
    Connie Hair at Human Events reported:

    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.


    Gateway Pundit
     
  2. Rocky Top Lady
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    Rocky Top Lady Life is Good!

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    Is this going to be ok with everyone?
     
  3. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Not me. I'm already convinced that I wont' receive a dime of my annual SS contributions (which I have maxed out each year since finishing grad school) - Mr. Boe and I will be means tested out of the system by the time we retire. I am not willing to have the money we've saved in 401Ks go into a government pool, which will destroy the value those savings.

    I've moved most of my 401K funds to a couple of IRAs (one of the benefits of changing companie) - not sure if this will protect them from Big Government, but it's one line of defense.
     
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  4. rdean
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    rdean rddean

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    For a second, I thought you were making this up. Then I realized, you are not that inventive. More of a "follower" than a "leader". Sorry I misjudged you. Oops.
     
  5. kyzr
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    kyzr Gold Member

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    If its any consolation, I believe that SS will need to be kept solvent. Otherwise there will be a lot of starving old people. Medicare will probably go bankrupt thanks to Obama's new healthcare Bill, so we'll probably have a lot of sick/dead old people instead.
     
  6. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    Well, one things for sure.. you need a lot more practice on apologies....:disbelief:
     
  7. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Not to worry, Lumpy. I don't take anything he says seriously - he's just a garden variety internet troll.
     
  8. Rocky Top Lady
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    Rocky Top Lady Life is Good!

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    Will we really be able to accomplish that? (Keep SS solvent) I certainly hope so, but with high unemployment and the boomers approaching retirement age, I wonder if it can be done?
     
    Last edited: May 4, 2010
  9. Thinman
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    Thinman Active Member

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    It's ridiculous. What they're proposing is social security all over again and another big pot of money to help satisfy their unquentionable desire to spend.
     
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  10. Samson
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    Samson Póg Mo Thóin Supporting Member

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    Is Connie Hair a real person?
     

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