Posts Tagged ‘401k’
I posted this story a couple years ago. There has been speculation and talk about the government wanting to take control over private retirement accounts. One of the highest search queries that bring people to my blog is “government 401k” or some variation of that. Libtards will try to denounce it saying the government has no intention of doing so – despite the numerous stories, such as above, that indicate there are individuals in the Obamessiah administration that continuously talk about it.
I found this story today -
On the surface – this seems to be a regular story talking about future retirees’ shrinking retirement accounts because of the long recession. But, then I connected the dots….
The study, conducted by Boston College’s Center for Retirement Research, says savings have been squeezed by declines in stock and housing values.
The study was commissioned by Retirement USA, a coalition of organized labor and pension rights advocates that hopes to use the study to push for a more stable retirement system.
Read that second paragraph again. This study was commissioned by a coalition of ORGANIZED LABOR and other advocates that are trying to push for a MORE STABLE RETIREMENT SYSTEM. Since the Obamessiah took over – organized labor has been trying to find a way to push off their legacy costs to the federal government. These statistics from the Bureau of Labor Statistics show why:
Retirement and savings costs were higher, both in amount and as a proportion of total compensation, for union workers ($2.63 and 7.0 percent of total compensation) than for nonunion workers (78 cents and 2.9 percent of total compensation). Defined benefit plan costs were significantly higher for union workers ($1.92 and 5.1 percent of compensation) than for nonunion workers (25 cents and 1.0 percent of compensation).
If you break these down – it costs Unions almost 300% more to fund their retirement plans than non-union private industry employees. In the defined benefit plans that number jumps to almost 800%. The unions, in their infinite wisdom, over extended themselves and are now facing massive shortfalls. States alone are facing a $1 Trillion shortfall in their union driven pensions plans. The Big Three automakers have a $60 Billion pension shortfall .
Knowing these facts now it is obvious why organized labor would commission such a study. They want the government to take over retirement and pension plans. Like I said before – this is something worth keeping your eye on as we all know that this administration favors unions over non-union workers. The unions dug themselves into this whole and they are expecting the federal government to bail them out like they did with the auto-industry bail out that gave 55% control of Chrysler to the unions.
Whether the libtards want to open their eyes and realize it or not (probably not given most of them are government or union workers) – the government is looking for ways to take over our private 401k’s and I believe this is the first step towards that.
This is a BoBo told you so moment. Almost 2 years ago I put up a post warning that if Obambi were elected they would go after our 401k retirement plans (I will link it later – I’m posting this from my blackberry) – I was told several times I’m a paranoid nutjob.
Check this out
The GOP is blowing the whistle on this. In addition to this progressive administration nationalizing the auto industry, the financial sector, the educational system, the healthcare system, and the energy sector – they now want to nationalize private savings through something they call a “GRA” which would be a taxpayer subsidized government controlled and guaranteed savings plan.
The only people who benefit from this new government takeover are the unions. The union pension funds are in serious trouble and on the. Verge of default. As with healthcare – when the government takes personal savings over – it alleviates this burden from the unions. This fascist/communist/socialist administration has proven time and again, they don’t care about the. American people – they only care about catering to the union mobsters.
Read that article and the letter written by John Boehner. I hope you people out there wake up before November. If we don’t turn this around this fall we won’t have a free country at all by 2012.
…and…I hate to do this – but – I gotta go off line for a few days. I have two final exams and two term papers due at the end of the week. The BoBo gotta focus!
In the meantime – here are a few updates to some past stories that I’ve been following:
Obama’s Birth Certificate issue – This is still alive and well. I told you guys this wasn’t over yet! First up:
Democrats want to take away your 401k – update:
Shariah Financing and the U.S. Treasury
So – there we have it, for now! In those immortal words of Ahnold – Ah’ll Be Bock!
If Obama gets in and there is a Democrat Super-majority – expect to lose your 401k – and this will hit the middle-class earners VERY hard – this from the Wall Street Journal:
Eyeing Your Pension
Are 401(k)s safe from congressional Democrats?
If you have a 401(k) or equivalent retirement plan, you’ve probably been watching nervously the past few weeks as your nest egg has shrunken owing to the current turmoil in the markets.
Well, it could be worse. But don’t take heart, for what we mean is it could get worse. The market turmoil has some politicians on Capitol Hill eyeing the end of the 401(k) as we know it. Workforce Management reports on a hearing of the House Education and Labor Committee earlier this month:
A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. . . .
Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.
The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.
“I want to stop the federal subsidy of 401(k)s,” Ghilarducci said in an interview. “401(k)s can continue to exist, but they won’t have the benefit of the subsidy of the tax break.”
Ghilarducci outlined her plan last year in a paper for the left-liberal Economic Policy Institute, in which she acknowledges that her plan would amount to a tax increase on workers making more than $75,000–considerably less than the $250,000 Barack Obama has said would be his tax-hike cutoff. In addition, workers would be able to pass on only half of their account balances to their heirs; presumably the government would seize the remaining half. (Under current law, 401(k) balances are fully heritable, although they are subject to the income tax.)
Sounds pretty unappealing, doesn’t it? But in her congressional testimony, Ghilarducci offered a sweetener:
Short-term I propose . . . that the Congress allow workers to swap out their 401(k) assets, perhaps at August levels, for a guaranteed retirement account–just a one-time swap. . . .
How would this work? You go back to your districts and meet up with a 55-year-old who had had $50,000 in his account last month and now has $40,000 in the account. He can swap out that $50,000, valued in August, for that guarantee of what would become, if he retires at 62, a $500 a month addition to Social Security.
A 55-year-old who lost 20% of his 401(k) because of the recent stock market decline was investing more aggressively than he should have, given his age. Ghilarducci proposes to reward this imprudence in exchange for dramatically limiting everyone’s ability to take risks (and enjoy the corresponding rewards) and for greatly increasing government control of Americans’ retirement funds.
It is by no means a certainty that Congress or a President Obama would embrace such a proposal, but this is a direction in which things may move if the Democrats make big gains next month.
Here’s some more in depth and detailed look at this – if you think this is just a “thought” right now – there are some others in Congress that are really taking this thing in to consideration. If you want to keep your hard earned savings – you should really think about your Obama vote! He doesn’t care about the middle-class – its all a ruse.
Another related Story – Mark Levin interviews Teresa Ghilarducci: Scary and Hilarious