Full Steam Ahead On Obama’s Theft Of IRA’s And 401k’s

Angry Obama SC Full steam ahead on Obamas theft of IRA’s and 401k’s

What is going to happen to our 401 (k) accounts and IRA’s after January 1?  Will the retirement accounts for which many Americans have sacrificed so much to accumulate be rolled over into federally issued and guaranteed bonds in order to prop up notoriously under-funded, union pension funds across the country?  Getting an answer will prove to be daunting, especially as media attention seems focused on little but the impending “fiscal cliff.”

Listening to a poignant, impromptu speech given by Linda from St. Lucie County during the Allen West recount makes clear just how hard she worked to raise three daughters on her own. It’s a story that certainly puts a tear in the eye and an ounce of worry into the heart of many listeners.  ”I worked hard to save that money. We went without,” she said, getting more emotional with each word. ”Now, what’s going to happen to 401 (k’s)?” she asked.

My daughter is wondering the same thing as she and her husband will have four boys in college next year. And she sacrificed to save for her retirement when she was a bank employee.  She had a gun put to her head during two separate robberies!

Linda and my daughter both want to know what the Obama administration intends to do after January 1. Is the national media so distracted by fiscal cliff hype that news concerning the potential federal theft of countless trillions from American citizens will not be forthcoming prior to January 1st?

A source in Montana said the feds are hoping to turn 401 (k) and social security funds into federally administered bonds, thereby dumping even more privately-held dollars into the D.C. money pit.  Another source thinks that such a fund may be used to bail out Obama’s union pets, namely the failed pension plans of big labor throughout the United States.

A 2010 letter sent by congressional Republicans to the Secretaries of Labor and the Treasury says: “We write today to express our opposition in the strongest terms to any effort to NATIONALIZE the private 401 (k) system, or any proposal that would dismantle or disfavor the private 401 (k) system in favor of a government-run retirement security regime!”

A 2010 administration report on the Middle Class cites Vice President Joe Biden, who “floated [an] idea called Guaranteed Retirement Accounts’ (GRAs).”  Of course, Big Labor is clearly behind these proposed GRAs, which would include a “bailout of critically under-funded, union pension plans through retirement security options.”

Will all of this result in yet another enormous hedge fund and insurance leverage plot guaranteed to make a massive hole in the private worth of American taxpayers? Rest assured, the D.C. ruling class will stop at NOTHING to obtain the financing necessary for the continued purchase of votes and maintenance of power.

At the end of 2010, there was an estimated 17.5 trillion dollars in United States retirement assets, including 3.1 trillion in 401k’s and 4.7 trillion in IRA’s. The idea that those who thrive on money and power would permit such an alluring trove to go untapped is laughable.

Photo credit: SS&SS (Creative Commons)

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7 comments to Full Steam Ahead On Obama’s Theft Of IRA’s And 401k’s

  • Ex-Army

    There are no proposals to do anything with IRA's and 401K's. This is just one more, wild-eyed speculation to get the uninformed all a'frothing about perceived outrage, with no basis in reality. But hey, isn't that what this site is all about anyway? Keep the good folks all a'fretting and angry.

    • wcouch

      YO! DUDE, the earth is ROOOOOOOUUUUUUNNNNNDDDDDDD!!!! DINGUS

    • Bob

      Suggest you check out SB1234 in California before you make an ever bigger ass of yourself. This is the California Secure Choice Retirement Savings Program that will "take" 3% of an employee's pay and contribute it to CalPERS, the California Public Employees Retirement System which is basically bankrupt. Just another way for the political class to steal money from average citizens to prop up Public Employee Pensions. This is most likely a test case soon coming to a State near you. The problem is government at all levels is spending money they don't have. If we don't get spending under control you will see more and more of your assets including retirement assets going to the government to fund programs that are broke! WAKE UP AMERICA

    • Bay0Wulf

      I will "give" you that there seem to be no "proposals" laid out as yet. So far there have been however many quiet conversations and much murmuring going on about this for over 3 years.

      The fact is, the Social Security Funds are gone. Most other sources of "free" money are tapped out. Most people have drawn down pretty heavily on their savings. This are the "squeeze" monies most banks use to build profit and security and Our Government has been "snacking" on at every opportunity.

      The concepts being quietly floated is taxing these funds at "regular" levels (as opposed to "lower" levels) and moving to outright Nationalize them (don't worry we will "take care" of them for you) …

      They're not out to "take" the funds … No! Like SS, they will give us/you IOU's for the money and then … whenever they come due, they will turn out their empty pockets, shrug their shoulders and tell us/you; "Hey it wasn't US it was "those other guys"".

      If you don't think this is coming, let me ask you honestly; "When there is no more money, and there isn't. When the Country is pretty close to tapped out, and it is. When there is a HUGE pile of campaign promises that MUST be kept, and there are. When there is a HUGE amount of debt and no end in sight, and the is. When there is a HUGE debt to the people who were forced to pay in all these years … THEY/I DID and there IS…

      Where DO you think the money is going to come from?

      ANYWHERE THEY CAN STEAL IT FROM!!!

    • tiredofbums

      You are a troll. You also have your head in the sand. Go back to your free lunch and leave this site forever.

  • American First

    I’m surprised to read that the administration has to approve of my comments placed on this site? Is this what they call censorship?

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