Quote:You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.

BusinessWeek reports that the Treasury and Labor departments are 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, 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.

They will tell you that you are "investing" your money in U.S. Treasury bonds. But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds.

This "conversion" may start out as an optional choice, though you are already free to buy Treasury bonds whenever you want. But as Karl Denninger of the Market Ticker Web site reports: "'Choices' have a funny way of turning into mandates, and this looks to me like a raw admission that Treasury knows it will not be able to sell its debt in the open market — so they will effectively tax you by forcing your 'retirement' money to buy them." ---MORE---

So, in essence, the Chinese know these progressives are making disastrous decisions and are ceasing the purchase of our treasury bonds, the financial vehicle that pays for all of the bull**** on the progressive agenda. The progressive Marxists plan? They'll just divert your savings into treasury bonds. Guess you'll just have to pray to Zeus, Buddha, Gaia, God, Allah, or whomever it is you pray to, that the GDamn morons in D.C., who have proven over and over they're not in touch with mainstream Americans, make the right decisions.

People need to march on D.C. if this happens. By the millions.

this will never happen. people would go crazy

(02-18-2010 10:12 AM)flyingswoosh Wrote:  this will never happen. people would go crazy

You don't know the American sheeple. There are almost as many people paying no taxes as there are paying taxes. ....and they get to vote. I think it's BS. If you don't contribute to the operation of government, you don't get to participate in electing it's leaders. This is a DISASTROUS model.

They may not have any choice.

(02-18-2010 10:24 AM)Owl 69/70/75 Wrote:  They may not have any choice.

Quote:This proposal follows hearings held last fall by House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., of the Ways and Means Committee focusing on "redirecting (IRA and 401k) tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute,"

Anyway, it would seem that some people are responsible enough to have IRA's and 401k retirement plans. Why take money from the responsible people and give it to those who aren't and essentially call it Social Security II?

Liberals are trying to kill all incentives to be successful in this country.

(02-18-2010 11:45 AM)smn1256 Wrote:  

(02-18-2010 10:24 AM)Owl 69/70/75 Wrote:  They may not have any choice.

Quote:This proposal follows hearings held last fall by House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., of the Ways and Means Committee focusing on "redirecting (IRA and 401k) tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute,"

Anyway, it would seem that some people are responsible enough to have IRA's and 401k retirement plans. Why take money from the responsible people and give it to those who aren't and essentially call it Social Security II?

Liberals are trying to kill all incentives to be successful in this country.

Yes, and if they succeed, the result will not be a country where I would want to live.

(02-18-2010 11:45 AM)smn1256 Wrote:  

(02-18-2010 10:24 AM)Owl 69/70/75 Wrote:  They may not have any choice.

Quote:This proposal follows hearings held last fall by House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., of the Ways and Means Committee focusing on "redirecting (IRA and 401k) tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute,"

Anyway, it would seem that some people are responsible enough to have IRA's and 401k retirement plans. Why take money from the responsible people and give it to those who aren't and essentially call it Social Security II?

To quote Ayn Rand, "Because they have a need."

At the rate my 401k declined, I may be interested in the warm embrace of government.

If not before then, our kids will make it happen when they eventually gain positions of political influence.
They will be smart enough to not accept the "spending as investment" argument because the negative ramifications will be plainly visible. They will rightly question many of these so-called "investments".
They will not allow themselves to be saddled with unreasonable debt while simultaneously trying to start families of their own and care for elderly parents.

Young vs. Old...it's coming to a theater near you.

(02-18-2010 05:25 PM)niucob86 Wrote:  If not before then, our kids will make it happen when they eventually gain positions of political influence.
They will be smart enough to not accept the "spending as investment" argument because the negative ramifications will be plainly visible. They will rightly question many of these so-called "investments".
They will not allow themselves to be saddled with unreasonable debt while simultaneously trying to start families of their own and care for elderly parents.

Young vs. Old...it's coming to a theater near you.

Related:

http://www.breakpoint.org/commentaries/1...ng-our-old

http://www.reuters.com/article/idUSTRE61H13X20100218