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  #1  
Old 11-23-2012, 06:33 PM
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Its 10:00, do you know where your 401k is?

Obama Administration to Go After Retirement Accounts
posted on November 23, 2012 by Gary DeMar290 Comments


749
When threats of Communism were in the news, books were written at a feverish pace reminding us of the insidious nature of the beast. There were the “useful idiots” who praised communism, but they were few and far between. But there were others who believed that while communism was something we did not want to imitate, we could work with communists for common ends.
There were always warnings, however, that you can trust the communists . . . to be communists. In fact, there was a book by that title written by Fred Schwarz in 1960: You Can Trust the Communists (to be Communists) when it came to their allies, intellectual dishonesty, education, children and literature, brainwashing and language, the manipulation of truth, relativism, and the use of the term “peace.” Communists were always going to be communists no matter how much wishful thinking hoped to believe otherwise.
In a similar way, you can trust liberals to always be liberals or progressives. They will always push taxing and spending policies. We’re seeing more of the consistency of liberals in their call from removing the debt ceiling and the daily insistence that taxes must be raised in the rich so they can pay their “fair share,” a plank, by the way, that’s taken right out of the Communist Manifesto.
But there’s only so much money that can be squeezed out of the wealthy. The money has to come from somewhere to fund the liberal version of Utopia. Inflation, increasing the money supply via the printing press, can do long-term damage to the economy.
When liberals agreed to set up retirement accounts where taxation could be postponed, a lot of people were skeptical. Why would any liberal agree to such a thing? Now we’re beginning to hear rumblings about the possibility that the Obama administration is looking at the trillions of dollars of potential revenue in these accounts as Jeff Berwick is warning us:


“[T]he National Seniors Council has announced that ‘Obama (has) Begun to Push for a New National(ized) Retirement System.’ According to them, 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 IRAs and 401k plans.”
Who will object to such a takeover? Certainly the people who have money in these accounts, but not the people who don’t. The appeal will be made to the 51 percent who voted for Obama. “Why should the wealthy have what you can’t afford to participate in?,” promoters of the takeover will argue.
Retirement funds will be in the same category as Social Security, collected and managed by the State. Is there historical precedent for this type of statist action? You bet there is:
“In late 2010 Hungary’s government gave its citizens a choice: hand over all their savings to the government or lose all their state pension money. The government sought control over Hungarians’ $14 billion in individual retirement accounts. The Bulgarian government did something very similar when it tried to transfer $300 million in private early retirement savings into a state pension scheme. They only managed to get roughly 20% of the funds they sought. Last year Ireland raided the private stash in the National Pension Reserve Fund with a 0.6% levy under the label of a ‘jobs plan’ in order to bail out insolvent Irish banks.”
Liberals will never change. You can trust them always to believe and act as liberals, that is, liberal with other people’s money. None of it is really ours. We only get to keep what they allow us to keep.
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  #2  
Old 11-24-2012, 11:00 AM
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This is really scary. As a 22 year old I already started my retirement account a couple years ago. About 99% of my friends have not.

Yet again, being punished for bring frugal and intelligent with my money.
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Old 11-24-2012, 02:45 PM
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I have no idea who Gary DeMar is. But I have to wonder when a post about the US financial system uses the word communist four times in the first paragraph. Sort of sets up the whole article, IMO. Seeing as how the Communist party isnt a factor in US politics, near as I can tell.

The second paragraph used the same word six times. Along with words like intellectual dishonesty, brainwashing, and the manipulation of truth. Further sets the tone.

Now the author flips over to the label of liberals, and links them to the Communist Manifesto. OK. Got it. Liberals are Communists. Right. And they both want our money.

So that was the intro we had when we came to the second part of the article, a campaign by the US National Seniors Council. I didn't know about a reputed campaign to nationalize retirement funds, so I followed the link. The 'recent' hearing they refer to was held in 2010. It was about encouraging more people to participate in retirement savings plans, not about nationalization. But this lobby group doesn't like the government, so they concluded that the only reason the government wants more people to save for their own retirement is so that the government can then raid the funds. Seems like a bit of a leap from this vantage point. This lobby group has drawn this all out of the history file and linked it to recent US election results.

The use of fear as a motivator in politics appears to be continuing. Don't let the facts get in the way, let's just scare the masses.

Naz, it doesn't look anywhere near as scary as it is made out. In what way are you being punished? If you believe that the US Government is going to go bankrupt very soon, and then seize all the registered retirement funds (yours included), then don't keep your retirement funds in a registered plan. You would have to believe that you can somehow shelter them though, so you should probably stay away from banks as well. Maybe gold. Your call. Or, you could decide that the hysteria is perhaps overblown. Again, your call. But don't stop saving for your retirement, which is a good thing, because some political group believes that the Communists have taken over your government.
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Old 11-24-2012, 03:40 PM
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I love it when the truth prevails.
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Old 11-24-2012, 04:16 PM
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Hey, I am not claiming that my version is the truth. I just read the article and noted the logical inconsistencies. Besides, if "they" wanted to nationalize retirement accounts in 2010, wouldn't "they" have done it by now? Wouldn't some snippet of information have come out supporting that hypothesis? And why would the bloggers be using that 2010 hearing to support their case, and not tell the whole story? Because they are assuming that the masses are fools. That is what gets me.

I wouldn't have responded to the original post, but for Naz's second post. He posted that it was really scary. I just decided to dig in and find out if it was, or not. Turns out it wasn't, IMHO. Others may differ.
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Old 11-24-2012, 04:28 PM
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Page 147. Automatic enrollment must be provided to
an employee of any business with greater than ten
employees at a minimum of 3%.

I like the truth also.






http://www.whitehouse.gov/sites/defa...ets/budget.pdf
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Old 11-24-2012, 05:43 PM
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I'm confused...that proposal would require employers with 10+ employees to establish a pension plan. While an administrative process that some smaller employers may not need/want, there are credits to cover some/most of the admin costs.

I don't quite understand the leap to Obama or the the current administration is coming to force today's workers to run their 401ks fueled by T Bills/bonds or, existing IRAs for that matter. Or that the 'govt' is taken our dough and turning it into buying up those current crummy T Bills...

And, it's a proposal...dunno what the Rep Congress will do with it, if anything.
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Last edited by motordavid; 11-24-2012 at 06:46 PM.
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Old 11-24-2012, 06:18 PM
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So far all I can see is that they can't
force too much on a small group.If they
get the majority of th US on the mandated
pensions it is the more Equalatarian and
uses the Liberal excuse of equal parts for
all.
Then with a mandated pension they can
begin to regulate it with more incentives
like the credits. "We will give you this,
if you do that". So they can incentivize
treasury bonds as a preferable investment.

The rest is easy. Americans have so far
shown their willingness to rely, all too
easily, on the government for handouts.
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Old 11-25-2012, 01:18 AM
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The proposal is for employers to make pensions available to their employees. There is no requirement for the employees to participate if they don't want to. So I don't understand the use of the word "mandated" to describe the IRA contributions.

By equalatarian I presume you mean egalitarian.

It would appear that this is a promotion of the concept of the economic equality of opportunity, something supported by Milton Friedman, vs the concept of the economic equality of outcomes. I think your characterization of this as communism would be a surprise to Friedman, who is pretty much in the free enterprise camp.
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Old 11-25-2012, 02:08 AM
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Quote:
Originally Posted by noncom23 View Post
Page 147. Automatic enrollment must be provided to
an employee of any business with greater than ten
employees at a minimum of 3%.

I like the truth also.
Automatic Enrollment means just that. You are automatically enrolled. However there is no requirement that you participate if you do not want. Meaning that funds applied into your account are 0 upon automatic enrollment and there is no increase unless you request it.






http://www.whitehouse.gov/sites/defa...ets/budget.pdf[/QUOTE]
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