Obama Is Eying Your Savings!

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Obama Is Eying Your Savings!: Our Contributor Jim, living in a communist dictatorship, knows all to well how this pans out…

Remember when President Obama said “there comes a point when a person has earned enough”? Well, it should be a surprise that he also feels that people have saved more than they need for retirement. Mr. Obama has given new meaning to the word “arrogance”.

With this scandal a day administration, it is no wonder some of their plans to get their hands on more of your money slip under the radar.

On Aril 12, 2013, the Wall Street Journal wrote:

How many times have you read financial-advice stories lecturing you to max-out on your IRA, save as much as you can in your 401(k), and even pay taxes now to change your regular IRA into a Roth IRA that will be tax-free until you die?

Well, be careful how much you save.

Assistant OpinionJournal.com editor Allysia Finley on President Obama’s attack on tax deferred retirement accounts.

A lot of job-switchers are ignoring what may be one of the best options to get the most out of their retirement: Moving their savings into their new employer’s 401(k). MarketWatch’s Jim Jelter explains the benefits.

That’s the message in President Obama’s budget for fiscal 2014, which for the first time proposes to cap the amount Americans can save in these tax-sheltered investment vehicles. The White House explanation is that some people have accumulated “substantially more than is needed to fund reasonable levels of retirement saving.” So Mr. Obama proposes to “limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013.”

On April 14, 2013, the Independent Sentinel wrote:

THEY ARE COMING FOR YOU NEXT, make no mistake about that!. They already proposed it back in 2008. The government is on the hunt for more money to support its spending problem. President Obama wants more “revenue” – “taxes” – so he can make more “investments” as he spreads the wealth around.

You need to be afraid, very afraid!

Americans have $17.5 trillion in savings with 25% of it in IRA’s. It is a future source of revenue for the government if they can get their hands on it.

President Barack Obama’s Fiscal Year 2013 budget plan estimated that retirement tax deductions taken by employers and individuals over the next five years add up to $429 billion in “lost” tax revenue. The government believes your savings is their lost revenue.

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See how that works? Because you take a legal tax deduction, the government is getting screwed. Never mind that the original idea was to give citizens an incentive to save. Further along in the Independent Sentinel article we find this:

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Greatest Hits: They Said if I Voted for Romney, They’d Come After my 401(k), and They Were Right!

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They Said if I Voted for Romney, They’d Come After my 401(k), and They Were Right!:   Don’t be surprised when they come for your savings…

That’s right kids, they government is eyeing your 401(k), IRA, or 403(b) with great envy.  And, as for the title, since Stacey is talking blog shtick, I thought I’d borrow from his well, which is deep with all sorts of goodness.  

But, back to the seriousness.  There has been rumblings about the government taking over all private retirement accounts for some time.  Apparently, the democrats just can’t let a big pool of money sit there in private hands-it must be controlled, and redistributed, bythe kind hands of government.  Bob Belvedere at  TCOTS has more…

The Editors at Investor’s Business Daily published an excellent editorial yesterday [tip of the fedora to Memeorandum] on the coming attempt by the national government to seize control of retirement accounts, like the 401(k).

A highlight:

President Obama’s National Commission on Fiscal Responsibility and Reform, for instance, proposed lowering the cap on the amount workers could place in their 401(k)s without incurring taxes.

And nearly three years ago, Newt Gingrich and Peter Ferrara wrote on these pages about the Treasury and Labor departments “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,” said Gingrich and Ferrara, “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.”

More than 60 million American workers have a 401(k) or similar — 403(b) or 457(b) — plan. But taxing these accounts or lowering the amount that can be contributed to them tax-free would do little to close the deficit and cut the debt.

Do take the time to click here and read it all [and weep].

Hmmm, let’s take a look at the following a bit more closely…

“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.”

That sounds rather familiar, doesn’t it?  I mean, how does money get taken from me in exchange for payments when I’m retired?  Oh, that’s it, Social Security.  Well, I never expect to see a dime from that government ponzi scheme, which is why I have a 401(k).  However, if they government does to my 401(k) what they are doing to Social Security, should ever expect a single dime of that either?

I’m thinking retirement is going to be very cold and hungry.  Then again, IPAB would probably kill me off buy that time anyway.

Isn’t it great to live in the “fundamentally transformed USSA?”

We’ll be showing more and more posts about this today, as it is a current issue. 

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Barak Obama: “… I will direct the Treasury to create a new way to rip you off.”

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A little over a year ago I had posted  More taxes … IRA’s and 401k retirement accounts are soon to be ripped off as well.  In that post I mentioned … the government is strongly considering pilfering the retirement accounts of all Americans. At the end of 2010, there was an estimated 17.5 trillion dollars in United States retirement assets, including 3.1 trillion in 401k’s and 4.7 trillion in IRA’s.  If anyone thinks for a second the government doesn’t have its eye on that, they are living in a fantasy world. 

Okay, four years ago to the month this piece came out   Retirement Alert: The Government Has Plans for Your 401(k) and IRA.

Via: GoBankingRates.com

In the near future, the government may be planning to take over your  401(k) and Individual Retirement Accounts (IRA) and managing it on its own. Why, you ask? Well, mainly because there is an unprecedented  trillion-dollar deficit that needs to be taken care of.

So this is the deal: somewhere out there is a major deficit that is  struggling to lower despite the government’s efforts. However, there are tons of 401(k) and IRA accounts floating around with  tons of money (well, at least what’s left after the financial crisis).

So now, according to BusinessWeek, the Treasury and Labor departments are asking  for public comment on “the conversion of 401(k) savings and Individuals  Retirement Accounts into annuities  or other steady payment streams.”

How Would the Conversion Work?

Basically, in order for the conversion to work, the government would take  over you retirement savings. In return, it would promise to pay  you some type of monthly benefit in your retirement years.

One suggestion from Teresa Ghilarducci of the New School for Social Research in  New York, who was a part of hearings last fall held by the House Education and  Labor Committee, was to give all workers “a $600 annual inflation-adjusted  subsidy from the U.S. government.”

In exchange, the workers would be required to invest 5 percent of their pay  into a guaranteed retirement account that would be administered by the Social  Security Administration.

However, this guaranteed retirement account would actually be an investment  in U.S.  Treasury bonds that would go toward paying down the huge  trillion-dollar budget deficits.

MORE RIGHT HERE

Well, that was written four years ago. The liberal mind set .. “Hey, if the government was going to take your retirement it would have already happened!” prevails in very intellectually challenged people. But now that it’s upon us and actually being set in motion, the liberals will simply say that the government will provide a better retirement system with your money than what you have right now, so it’s okay.

During his 65 minute State of the Union drivel Barack made some notable statements of which people should have been paying attention. I know, that’s extremely difficult if you’re like me and can’t stand to hear the sound of his voice for more than … oh … 60 seconds. Most of what he said was the same old stuff just a different day. But then he started talking about how he found a way to bilk the American public out of more of their money by setting up a government run retirement program. This program essentially will not be voluntary. I’m sure it will force employers to pull a percentage of your pay check to buy into “your future”.

Now, I’m not sure why the government thinks they need to force the public into some kind of retirement account beyond the fact that they want more of your money. Eventually, soon enough, they’ll grab the existing $17 TRILLION in private retirement accounts and “invest” it wisely into government run “nest eggs”.

I’m not all that savvy on this sort of thing and Dan Steinhart, Managing Editor of the The Casey Report can explain it better than I can.

Via: Casey Research

Obama Fires the First Shot on Your Retirement Account

Dear Reader,

Did you watch the State of the Union address?

I didn’t, because, well… I didn’t want to.

But I did read the transcript the morning after. And boy is there a doozy in there. A lot of news outlets are talking about it. But very few dissected Obama’s tricky language enough to understand its significance.

I’m talking about his unveiling of the “MyRA,” which is ostensibly a new retirement account for working-class Americans. Sounds innocent enough.

But read a little closer, and… well, rather than put words in his mouth, let’s let the skilled orator tell us about the MyRA himself, word for word from his State of the Union address.

Take it away, Barack. (His words, verbatim, are in bold.)

“Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own.”

Can’t argue with that. The personal savings rate has been declining since the 1970s. Reversing that trend would help get America back on track to prosperity. Tell me more.

“And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401(k)s.”

Good point. It’s hard for lower-income earners to save enough money to invest in the stock market. Helping them access stocks is a great idea, provided they enlist a competent advisor.

Granted, it’s not a perfect solution. But allocating a portion of one’s savings to stocks is smart—certainly better than allowing inflation to bleed one’s savings account to death.

“That’s why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA.”

Actually, Mr. President, working Americans already have access to IRAs. You’re giving the impression that lower-income Americans don’t have access to tax-advantaged retirement accounts, but that’s not true at all. Even if my employer doesn’t sponsor a plan, I can start one on my own. Anyone under the age of 70½ can open a self-directed IRA, and plenty of brokers allow people to enroll with as little as a $500 initial contribution.

So where are you going with this?

“It’s a new savings bond that encourages folks to build a nest egg.”

Whoa, hang on there. You were just talking about the stock market. How do savings bonds help the average Joe tap into stocks?

“MyRA guarantees a decent return with no risk of losing what you put in.”

Stop it. First of all, bonds neither guarantee a decent return nor protect people from losing their principal. In fact, with interest rates still near historic lows, buying bonds today and holding them for the long term virtually guarantees they’ll lose money.

Second, a bond is not a one-sided transaction. Whoever issues the bond is borrowing money from the buyer. The US government would be issuing these bonds, so that would mean… wait a minute, you wouldn’t be trying to covertly confiscate workers’ earnings to fund the government, would you?

AND THE REST RIGHT ABOUT HERE

Original Post:  Cry and Howl

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Obama Is Eyeing Your Savings!

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Remember when President Obama said “there comes a point when a person has earned enough”? Well, it should be a surprise that he also feels that people have saved more than they need for retirement. Mr. Obama has given new meaning to the word “arrogance”.

With this scandal a day administration, it is no wonder some of their plans to get their hands on more of your money slip under the radar.

On Aril 12, 2013, the Wall Street Journal wrote:

How many times have you read financial-advice stories lecturing you to max-out on your IRA, save as much as you can in your 401(k), and even pay taxes now to change your regular IRA into a Roth IRA that will be tax-free until you die?

Well, be careful how much you save.

Assistant OpinionJournal.com editor Allysia Finley on President Obama’s attack on tax deferred retirement accounts.

A lot of job-switchers are ignoring what may be one of the best options to get the most out of their retirement: Moving their savings into their new employer’s 401(k). MarketWatch’s Jim Jelter explains the benefits.

That’s the message in President Obama’s budget for fiscal 2014, which for the first time proposes to cap the amount Americans can save in these tax-sheltered investment vehicles. The White House explanation is that some people have accumulated “substantially more than is needed to fund reasonable levels of retirement saving.” So Mr. Obama proposes to “limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013.”

On April 14, 2013, the Independent Sentinel wrote:

THEY ARE COMING FOR YOU NEXT, make no mistake about that!. They already proposed it back in 2008. The government is on the hunt for more money to support its spending problem. President Obama wants more “revenue” – “taxes” – so he can make more “investments” as he spreads the wealth around.

You need to be afraid, very afraid!

Americans have $17.5 trillion in savings with 25% of it in IRA’s. It is a future source of revenue for the government if they can get their hands on it.

President Barack Obama’s Fiscal Year 2013 budget plan estimated that retirement tax deductions taken by employers and individuals over the next five years add up to $429 billion in “lost” tax revenue. The government believes your savings is their lost revenue.

See how that works? Because you take a legal tax deduction, the government is getting screwed. Never mind that the original idea was to give citizens an incentive to save. Further along in the Independent Sentinel article we find this:

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Was Cyprus a Test Case for the Government Takeover of our Private Retirement Accounts

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Obama_Money

There be GOLD in them thar 401k’s, said the statists!  There have been rumblings about government wanting our private retirement accounts since the earliest days of the Obama presidency.  It’s been floated again and again, but hasn’t gotten traction, or does it even need to have political support at all?  As we have seen, Obama and his cohorts are more than willing to subvert the Constitution to do as they please.  And no one seems interested in stopping them.  Wyblog, who aptly quote my Post on the Great Bank Robbery in Cyprus, draws the inevitable relationship between the Great Bank  Robbery, and the potential Great Retirement Swindle. 

Think it can’t happen here? Think again.

According to Tyler Durden at Zero Hedge the U.S. would need a one-time 24% to 26% haircut in order to cover the massive national debt run up by Obama (and Bush). Here’s the relevant chart:

Cyprus is the Test Case. The EU’s guinea pig. If they get away with it, they’ll do it again. And again.

Then Obama will do it too.

Now, get over to Wyblog, because he has even more.  Then head back here for my take…

Ok then, Obama and company has created a massive amount of debt, and low an behold, we citizens have quite the nest egg.   So, government gets to thinking, “gee we haven’t quite run out of other people’s money yet,” and decide to take a sizeable cut of everyone’s retirement accounts.  After all, it’s probably unfair that they have it anyway, and they can rely of Social Security, like everyone else (snicker).  In fact, they didn’t earn it, someone else made it happen, so it’s perfectly OK for Fedzilla to devour it.  Here’s what I think will happen…

1.  Government goes on a spending binge of unprecedented scale.  The money will not go to debt reduction, but to campaign contributors.  “Too big to fail” entities, of which major investors are campaign contributors, will see cuts of the pie.  Labor unions will get a cut.  Community organizations that run the voter fraud schemes will get handouts.  Obamaphones will be upgraded with a satellite dish…you get the point.  It will be turtle tunnels galore.  And none of it will do a damn thing to actually fix anything.

2.  Then, when the money is gone, the crisis will be amped up again.  Of course, producers will be blamed, since  they are so pesky and productive.  Of course, it’ll be perfectly OK to go back for another dip.  After all, productive people are why all the jobs went away, and that there’s global warming.  And, they hate puppies too.   I bet the low information crowd will eat that up.

3.  Eventually, those that produce will be robbed to the point of either poverty, or the smart ones will go Galt.  They will then need government assistance.  They will be dependent, as intended.

I’m exaggerating, I know, but sometimes, hyperbole is cathartic.  It’s frustrating watching this unfold, writing about it-only to see some useful idiot get his or her panties in a bundle when the excrement hits the proverbial fan.

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They Said if I Voted for Romney, They’d Come After my 401(k), and They Were Right!

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That’s right kids, they government is eyeing your 401(k), IRA, or 403(b) with great envy.  And, as for the title, since Stacey is talking blog shtick, I thought I’d borrow from his well, which is deep with all sorts of goodness.  

But, back to the seriousness.  There has been rumblings about the government taking over all private retirement accounts for some time.  Apparently, the democrats just can’t let a big pool of money sit there in private hands-it must be controlled, and redistributed, bythe kind hands of government.  Bob Belvedere at  TCOTS has more…

The Editors at Investor’s Business Daily published an excellent editorial yesterday [tip of the fedora to Memeorandum] on the coming attempt by the national government to seize control of retirement accounts, like the 401(k).

A highlight:

President Obama’s National Commission on Fiscal Responsibility and Reform, for instance, proposed lowering the cap on the amount workers could place in their 401(k)s without incurring taxes.

And nearly three years ago, Newt Gingrich and Peter Ferrara wrote on these pages about the Treasury and Labor departments “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,” said Gingrich and Ferrara, “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.”

More than 60 million American workers have a 401(k) or similar — 403(b) or 457(b) — plan. But taxing these accounts or lowering the amount that can be contributed to them tax-free would do little to close the deficit and cut the debt.

Do take the time to click here and read it all [and weep].

Hmmm, let’s take a look at the following a bit more closely…

“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.”

That sounds rather familiar, doesn’t it?  I mean, how does money get taken from me in exchange for payments when I’m retired?  Oh, that’s it, Social Security.  Well, I never expect to see a dime from that government ponzi scheme, which is why I have a 401(k).  However, if they government does to my 401(k) what they are doing to Social Security, should ever expect a single dime of that either?

I’m thinking retirement is going to be very cold and hungry.  Then again, IPAB would probably kill me off buy that time anyway.

Isn’t it great to live in the “fundamentally transformed USSA?”

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