Friday, November 16, 2012

Goodbye, Private Retirement Accounts?

From the National Seniors Council (hat tip to Will of MFS - The Other News):
Obama Begins Push for New National Retirement System

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 IRA’s and 401k plans...

[...]

Such "reforms" would effectively end private retirement accounts in America...
Read the rest HERE. One can only hope that the information is false. But is the information false?

24 comments:

  1. There has been talk for some time of the Dems nationalizing all retirement funds. Such funds are in the hundreds of billions of dollars, maybe trillions. They would use the funds to pay for their leftist nostrums in the hear and now and rely on future tax revenues to pay retirees.

    If this happens, it is time for a full scale shooting Civil War.

    ReplyDelete
  2. Stogie,

    If it comes to that there will be no choice but for what you portend. Should they try this I suppose it will be incrementally, (think "Frog Boiling"). The 2nd Amendment is already in play.

    ReplyDelete
  3. Nothing to say about anything anymore but:

    EREISSARBDRATSABHOHCTIBOHTRAFHOTITHOTNUCHOWERCSHOKCUFHOKCUSHOSSIPHOTIHSHOTSIRHCHO

    ReplyDelete
  4. John Boner isn't working for us, it doesn't matter what he says, Woodster.

    My retirement is the monthly payments I get from the mortgages I own, the land I own, and the coins, precious metals, rare collectibles and etc. that I've been stashing away for years. Relying on the government to keep us fed and warm is for losers. Not survivors.

    Freethinke, time you got off the acid.

    ReplyDelete
  5. This has been talked about for a long time, since Obama first took office. It would be disaster for retirees, especially those our age AOW who hope to retire before too long.

    Increases in taxes etc. will make it hard as it is to retire.

    Debbie
    Right Truth
    http://www.righttruth.typepad.com

    ReplyDelete
  6. This comment has been removed by a blog administrator.

    ReplyDelete
  7. What Liberalmann said.

    You people will believe anything.

    Maybe Stogie can give us a thumbnail on how he thinks the government will go about this.
    Utterly ridiculous.

    ReplyDelete
  8. I don't see any problem with the Dems accomplishing this, the same way they did Obamacare. Just pass a bill and then read it to see what's in it.

    ReplyDelete
  9. Might be true. There was such a CRYING FEST when Bush even mentioned privitizing Social Security (almost ALL was from the left) ON A VOLUNTARY BASIS, because they were afraid of change. Funny, they're not afraid of HIS change though, the WORST kind!

    We all know that if it means more freebies, the schmucks that voted for him will be all for it. HEY, WHERE'S MY FREE OBAMAPHONE?????

    ReplyDelete
  10. This comment has been removed by a blog administrator.

    ReplyDelete
  11. Jon,
    I'm not sure what Warren's schedule was last night.

    I was MIA because I was at the memorial service for one of the homeschool moms who recently passed away.

    I've now taken out the trash.

    ReplyDelete
  12. Sheep,
    A lot of people don't have those same investments. In fact, I know few that do!

    Holding mortgages and being a landlord (I do the latter for one puny house) may not work out very well during a horrific crash. In my own case, getting that monthly rent in on time has been impossible since the first days of the recession. So far, I am getting the rent, almost all of which goes to pay the real estate taxes on the rental house and on this house.

    Taxation is the big issue -- and I'm not speaking of what's going on in Congress. I'm speaking of the fact that WE THE PEOPLE cannot control tax rates, specifically tax rates unrelated to income. With income tax, if you don't make the money, you don't pay taxes on that nonexistent money. But there are so many other taxes that don't work that way! Real estate tax, sales tax, personal property tax, etc.

    Years ago, I saw a joke that may turn out not to be a joke, after all. The joke consisted of a new income tax form with only one line to fill in: "How much money did you make?" The next line read "send it in."

    ReplyDelete
  13. Duck,
    You people will believe anything.

    Don't be an ass.

    I did write the following in the body of the post:

    One can only hope that the information is false. But is the information false?

    BTW, don't bother to address Liberalmann. ALL of his comments are deleted as soon as an administrator becomes aware of them. You can testify to the fact that I rarely ban anyone from commenting here. But Liberalmann called me a vile name, a name I've never been called in my entire life; ergo, he's finished here.

    ReplyDelete
  14. Something just occurred to me....

    If such a plan were in the works and people invested in IRA's and the like got wind of that plan, wouldn't they pull all those dollars out of the stock market? Then, what?

    A crash, that's what. Because, in large part, one reason that the Dow and like figures have been so high for a few decades is all the investment from IRA's and the like. At least, that's what I think because I don't recall the Dow being so high until IRA's came along.

    Correct me if my memory on that matter is faulty.

    ReplyDelete
  15. In Europe they find taxing income insufficient and they've started to tax wealth. Many of us who've saved over a lifetime should worry.

    In any case, I've written an article at American Thinker on Obama's attack on the rich and more importantly the rule of law.

    ReplyDelete
  16. Jason,
    Thank you for alerting me to your recent essay at American Thinker. Your essay is excellent! Not that you would write something that is not excellent!

    Mr. AOW and I are two of those people who have saved over a lifetime. To what avail now? It's depressing -- and that's an understatement.

    I hope that other readers visiting this thread will check out your essay.

    ReplyDelete
  17. So we work, but do not get to determine how to spend our wages?

    Isn't this Marxism?

    Tammy

    ReplyDelete
  18. Thanks, AOW, and Tammy ... I'm trying to get others on the right to take a principled moral stance. And, of course, it is Marxism; we shouldn't be shy in calling it what it is.

    I wonder if some of the boomers, who in retirement will have a lower salary, don't realize that their life's earnings are at risk. If it isn't outright taxation, inflation can be the killer. So far wealth is not being taxed nor inflated away. But with $16 trillion and counting, this is not going to be pretty.

    ReplyDelete
  19. @ Jason,

    "Don't ask, don't tell". Doesn't sound very "executive", does it? Kinda like "waivers" for illegals attending American schools...

    Dereliction of duty has gone beyond a presidential "prerogative" and morphed into a presidential "imperative". Perhaps a new title for our country's chief executive is in order, Imperator.

    Madison, "Memorial and Remonstrance"

    ... The preservation of a free Government requires not merely, that the metes and bounds which separate each department of power be invariably maintained; but more especially that neither of them be suffered to overleap the great Barrier which defends the rights of the people. The Rulers who are guilty of such an encroachment, exceed the commission from which they derive their authority, and are Tyrants. The People who submit to it are governed by laws made neither by themselves nor by an authority derived from them, and are slaves.

    ReplyDelete
  20. Jason,
    I wonder if some of the boomers, who in retirement will have a lower salary, don't realize that their life's earnings are at risk.

    And it may not be only a matter of retirement.

    I think there is some provision for tapping IRA's and the like to fund education. I KNOW that these accounts can be tapped early in the case of a medical emergency.

    In addition, if these retirement funds are eaten up by the government via confiscation, taxation, or inflation, the cost of the medical care of some the parents of the present generation -- be the parents retirees or completely disabled -- will fall to the all who are working. I say "all" because Medicaid is already paying for 80% of those in nursing homes right now. 80%! Many of those presently on Medicaid and in nursing homes entered with substantial assets, which were exhausted rapidly so that Medicaid began footing the bills.

    I'm describing a vicious cycle, especially with the tsunami of aging Boomers bearing down upon us.

    ReplyDelete
  21. This comment has been removed by a blog administrator.

    ReplyDelete
  22. Liberalmann,
    Simply put, I don't believe you.

    Goodbye.

    ReplyDelete

We welcome civil dialogue at Always on Watch. We will delete comments that include any of the following:
1. Any use of profanity or abusive language
2. Off topic comments and spam
3. Use of personal invective
4. We do not respond to anonymous comments