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

May 2016
M T W T F S S
« Mar    
 1
2345678
9101112131415
16171819202122
23242526272829
3031  

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

  • Low-Cost Highs: Price of Legal Marijuana Plunges in Washington State May 5, 2016
    As pot prices trend downward, there could be positive and negative consequences for states. Since pot is taxed by sale, falling prices mean each sale results in fewer dollars for the state government. However, cheap marijuana could end up pushing more people to abandon the black market and stick with purchasing legal pot. The post […]
  • Social Service Shortfalls Hinder Health, Boost Medical Spending May 5, 2016
    States that spend more money on social services and public health programs relative to medical care have much healthier residents than states that don’t, a study out today. Professor Elizabeth Bradley, lead author of the study, is urging more efficient — not more — government spending. The post Social Service Shortfalls Hinder Health, Boost Medical […]
  • State-Tribes Dispute Shuts Down Puget Sound Salmon Fishing Season, For Now May 5, 2016
    For the first time in 32 years the Washington Department of Fish and Wildlife (WDFW) was unable to agree with Puget Sound treaty tribes over the details of a required federal application to share the catch. WDFW announced that as of Sunday May 1 all fishing was indefinitely cancelled The post State-Tribes Dispute Shuts Down […]
  • Today’s Top 3 International Stories: Syria, Libya & Uganda February 23, 2016
    1) The U.S. and Russia have come to a decision on a ceasefire for Syria, which will include all warring parties except the two largest terrorist blocks, Al-Nursa and ISIS. Previous agreements to stop violence and provide aid have failed to stay in place. Sec. of State John Kerry said if the current deal fails […]
  • Today’s (Late) Top 3 International Stories: Bahrain, Libya & Russia February 18, 2016
    1) On Sunday, four American members of the press were arrested in Bahrain, while covering protests marking the anniversary of Bahrain’s 2011 Arab Spring uprising. Family members now report that on Tuesday, Bahrain released Anna Day and her camera crew after being interrogated. They have left Bahrain. The government claims the four participated in an […]
  • Today Top 3+ International Stories: Egypt, Mexico, France Plus Syria February 12, 2016
    1) In Egypt, thousands of doctors in Cairo turned out to protest after reports circulated that two doctors at a hospital in the capital had been beaten by police. It is not clear why the doctors were targeted, but it could be because they treated or sympathized with dissenters in opposition to former military leader […]
  • Donald Trump Rules Out a Democrat as a Running Mate May 6, 2016
    The post Donald Trump Rules Out a Democrat as a Running Mate appeared first on Washington Free Beacon.
  • Fox: State Department Missed Deadline for Benghazi Document Review Panel May 6, 2016
    Documents are now showing the State Department missed a deadline set by itself for establishing a special document review unit last year for the Benghazi terrorist attack investigation, Fox News reports. The post Fox: State Department Missed Deadline for Benghazi Document Review Panel appeared first on Washington Free Beacon.
  • Obama Admin Deported Less Than One Percent of Visa Overstays May 6, 2016
    The Obama administration deported less than one-percent of the nearly half-a-million foreign nationals who illegally overstayed their visas in 2015, according to new statistics published by the Department of Homeland Security. The post Obama Admin Deported Less Than One Percent of Visa Overstays appeared first on Washington Free Beacon.
  • Washington Metro Promises to Disrupt Commutes for Months May 6, 2016
    On the heels of a National Transportation Safety Board (NTSB) report that found that Washington Metro “has failed to learn safety lessons” from previous accidents, Metro general manager Paul Wiedefeld will announce a plan today that promises to disrupt service for months in an effort to get the lines safely running again. While ordinary maintenance […]
  • The Dishonorable Nevada Land-Grab Act May 5, 2016
    The federal government owns so much of Nevada–nearly 85 percent–that it has put a crimp in the state’s economy. The Antiplanner has designated it, along with Alaska, a remnant of the “Old Feudalism” in which the government or a few private parties own so much land that it is hard for individual residents to own […]
  • Happy Birthday, Jane Jacobs May 4, 2016
    As noted in today’s Google doodle, today is Jane Jacob’s 100th birthday. No doubt many people will write positive things about her. However, as the Antiplanner has noted before, her book, The Death and Life of Great American Cities, is overrated. Jacobs made two points, one of them right, and one of them wrong. Her […]