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 14 other subscribers

Archives

Categories

Follow me on Twitter

March 2017
M T W T F S S
« Mar    
 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

  • Washington responds to House pulling the AHCA March 24, 2017
    Speaker of the House Paul Ryan conceded Friday that there are not enough votes to pass the American Health Care Act through his chamber. Ryan needed 216 votes to pass the legislation that would repeal the Affordable Care Act and replace it with a system of flat tax credits dispersed to residents based on age, […]
  • Press Release: O’Ban, Rossi say Sound Transit move to engage misses mark March 24, 2017
    The Sound Transit board passed a motion today to authorize its CEO “to continue communications and engagement with the State Legislature” in order to “pursue options to address public concerns” about its inflated car tab tax calculation method.  Sens. Steve O’Ban and Dino Rossi said the premise of the motion does not address the public […]
  • Republicans share their budget proposal, but don’t expect a deal anytime soon March 23, 2017
    The Republican Senate majority unveiled its proposed budget for the 2017-2019 biennium this week. The $43.3 billion plan to fund state government includes $1.8 billion in new money for schools, spending more than 50 percent of the state budget on education for the first time since the 1980s. Senate plan spends over 50% of state […]
  • Backstabbing in the Self-Driving Car Industry March 24, 2017
    Bloomberg has a long article about Google’s lawsuit against Uber over self-driving car technology. In a nutshell, one of Google’s top engineers, Anthony Levandowski, left Google to start a new company called Otto that was then purchased by Uber for $700 million, and Google is accusing Levandowski of taking its company secrets with him and […]
  • Transit Ridership Down 2.3% in 2016 March 23, 2017
    With little fanfare, the American Public Transportation Association (APTA) released its fourth quarter 2016 ridership report last week. When ridership goes up, the lobby group usually issues a big press release ballyhooing the importance of transit (and transit subsidies). But 2016 ridership fell, so there was no press release. The report showed that light-rail ridership […]
  • Did Nader Really Call Apple a Monopoly? March 22, 2017
    “Consumer advocate Ralph Nader, concerned about fake news prevalent on social media sites, believes Congress should weigh in with antitrust legislation targeting Facebook, Google, Microsoft and Apple,” reports the Washington Examiner. Say what? Just what do Microsoft and Apple have to do with so-called fake news? How are any of these companies monopolies? Is Ralph […]