Telling the stories that the mainstream media no longer tell.

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 15 other subscribers

Archives

Categories

Follow me on Twitter

July 2015
M T W T F S S
« Feb    
 12345
6789101112
13141516171819
20212223242526
2728293031  

Democrats Push For Government Takeover Of Private Retirement Savings

Government-take-over-of-401-k

If you have been wise enough to save up for your retirement, Democrats believe that it’s “not fair” that some else hasn’t been as responsible and has no savings set aside.   Even more than that: they believe that any money you may have put away doesn’t belong to you, anyway, since all property essentially belongs to the state.   They therefore have no problem stealing your nest egg in order to make things more “fair” according to their utopian schemes.

From Investors Business Daily:

Retirement is an American’s reasonable expectation. We put money into investment plans so that our work today funds our hard-earned leisure of tomorrow.

But many in Washington see our investment accounts not as the expressions of well-planned, disciplined decisions but as untapped reservoirs of wealth they can drain to fix the problems that they caused.

The tax protection that 401(k)s have now can be wiped out by grasping politicians who refuse to do what’s right, which is to severely cut spending.

The war on retirement, particularly 401(k)s, is quiet now. But that’s because it’s a cold war.

And like the postwar tensions between the East and West, it could erupt at any time into a hot war.

One group of retirement plan professionals is warning that the hostilities might be closer than many of us think. The American Society of Pension Professionals and Actuaries launched on Monday, according to Reuters, “a media campaign intended to educate U.S. employers and workers that the federal government might consider changing the tax benefits of retirement savings accounts.”

A website set up by the ASPPA advises account holders to tell lawmakers to “keep their hands off your retirement savings” and explains that “Congress needs to reduce the deficit, and part of deficit reduction will most likely be ‘tax reform’ that increases tax revenue” — the strong suggestion being that Washington is coming after Americans’ 401(k)s.

If the ASPPA were alone in issuing its warnings, it could be written off as the hyperbole of an isolated group. But Washington’s lust for Americans’ retirement investments is well documented.

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.”

Read more at Investors Business Daily

That coffee can buried in the backyard is starting to look better and better.

Cross posted at ThoughtsFromAConservativeMom.com

Similar posts

1 Comment

  1. Tom Steele's Gravatar Tom Steele
    December 16, 2012    

    And so goes the posturing of social management……or socialism. Our government sector has already demonstrated its huge “success in managing” with our other social programs, from our mail services, social security, medical benefit plans, airport safety, drug enforcement, veterans benefits and school administration. It would only make sense that we forfeit out last area of freedom and voice…..our future….our independece….our money…..our retirement!

This site sponsored by:

YOU! Your message could reach thousands of online consumers. Click CONTACT to inquire about advertising rates.

Paid advertisement

  • Governor’s Bold Move Puts Washington on Track for Meaningful Climate Action July 29, 2015
    As founding partners of the Alliance for Jobs and Clean Energy, Climate Solutions, Washington Conservation Voters, and Washington Environmental Council are committed to working for climate action that is effective, equitable, and ensures a just transition to a clean energy future. Our organizations successfully advocated for limits on climate pollution adopted by the Legislature in […]
  • McCleary Filings and the Stubborn Problem of I-1351 July 29, 2015
    The attorney general (AG) submits that “The State has made real and measurable progress in meeting its constitutional obligations to Washington’s schoolchildren.” Further, regarding the “contentious” compensation and local levy issues, The post McCleary Filings and the Stubborn Problem of I-1351 appeared first on Washington State Wire.
  • New Look at Ben Franklin Transit Finds Familiar Problems July 29, 2015
    Research by Washington Policy Center shows ridership decreased across all transit modes while expenses continued to rise; opportunity for new CEO to fix transit agency’s problems. The post New Look at Ben Franklin Transit Finds Familiar Problems appeared first on Washington State Wire.
  • Today’s Top 3 International Stories: Turkey, Somalia & Belarus July 27, 2015
    1) Turkey has requested an emergency meeting with NATO concerning ISIS and its border with Syria. Officials from member countries will meet on Tuesday, July 28, to discuss the situation. Reports currently say that Turkey has not made any call for any military help. The meeting falls under an Article 4 consultation in the Alliance’s […]
  • Today’s Top International Stories: Nigeria, Iran & South Sudan July 23, 2015
    1) Boko Haram attacks continue to happen across Africa with more than 50 dead in Nigeria and at least 13 killed in Cameroon by a suicide bomber. This week the U.S. has pledged additional military aid to help Nigeria tackle the militant group. The increase happened after President Muhammadu Buhari called out the American government for […]
  • Today’s Top 3 International Stories: Syria, Burundi & Iran July 21, 2015
    1) Three Spanish journalists went missing in Syria and are presumed to be kidnapped. Antonio Pampliega, Jose Manuel Lopez and Angel Sastre have not been heard from since they entered Syria via Turkey on July 10th. The journalists were supposed to be in Aleppo but are now feared to be captured by ISIS, who kidnapped journalists […]