Obama To Nationalize Pension System; Eliminate IRA’s & 401Ks

Govt Slaves | November 16 2012

(NSC)  A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.

The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explains National Seniors Council National Director Robert Crone, “However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up.”

A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a “government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation).” She proclaimed that even “private annuities are problematic.”

Such “reforms” would effectively end private retirement accounts in America, Crone warns. “These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system.”

Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administration’s point man on this issue.

“This whole issue is moving forward very quickly,” warns Crone. “Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.”

NSC has taken the lead in warning the nation about this new government onslaught and is plotting ways to stop it.

“This effort ultimately is designed to grab the retirement nest eggs of America’s senior citizens. This new government annuity scheme, even if it is at first optional, will turn into a giant effort to redistribute the wealth of America’s older citizens,” explains Crone. “This scheme mirrors what I expect the President will try to do with Social Security. He wants to turn that program into a welfare program, too.”

NSC will likely unveil a new grassroots campaign effort later this year or early in January to coincide with the seating of the new Congress.

17 thoughts on “Obama To Nationalize Pension System; Eliminate IRA’s & 401Ks

  1. Rodger

    First the government wanted to privatize social security and put
    retirement money in the banks and fund brokers .
    That was defeated!
    Government is always looking for ways to establish new burocracies and establish new fees from fat private funds.
    It seems the greatest rewards are going to companies as well as governments that use MBAs to find innocuous ways to draw funds
    from us when we don’t realize it.
    It has worked so far.
    Smaller containers for the same price or higher at the market
    Automatic deductions taken from our credit cards every month
    for secret subscriptions etc.The list goes on.
    Deceipt seems to be an unpunishable way of life accepted as a way of
    doing business.


  2. Pingback: What Do Hungary, Poland, Bulgaria, Ireland, France, Portugal, Bolivia & Argentina Have In Common? . . . 401k Confiscation! « GetOffYourButts.com

  3. Wumingren

    I’ve been poking around the Internet, searching for the latest total amount of cash saved in all U.S. private retirement accounts. I have found too many apples to compare with oranges. Can someone please give me one total amount of said savings, the one total amount the government hopes to get its hands on? I would really appreciate knowing this.

    1. Gillian Post author

      Hi Wumingren. Your request is a difficult one due to the fact that pension funds are under state regulations and vary from state to state. In addition, there are differences among the funds based on whether these are corporate, state or federally funded. Sounds like an interesting bit of research. Please let us know what you uncover. Blessings, G

  4. Pingback: IRA/401k Confiscation Coming: Cash Out & Get Outside Of The System & Into Gold & Silver! « Political Vel Craft

  5. Patti

    Bain Capital took companies that were close to failing and reorganized them to become profitable. The reorganization meant that some people lost their job, but if Bain Capital had not step in and reorganized, then EVERYONE would have lost their job. I have family members who worked for companies that were saved from going under by Bain Capital. Please look at the big picture!
    Stop making Bain out to be a bad guy, they saved thousands of jobs!

  6. Jlockwood

    When will we ever learn that taking something private to government run has never worked. They find a way to make things less efficient and effective in all cases. The current retirement system is not perfect, but to take 401(k)’s and retirement plans under the government roof will certainly be the death of our citizens ever getting a chance to retire.

    1. Gillian Post author

      Hello J. One way to guarantee the loss of retirement funds is to put the gov’t in charge. We agree. Blessings G

      1. aliciad54

        They robbed the social security funds when the baby boomers were young and working hard. Now the baby boomers are retiring and they’re scrabbling to figure out how to take care of them. From their example they will rob all excess funds from our 401ks and IRAs that we were encouraged to save. And the comments I read that these funds are for the rich? I’m not rich. I’m worried sick about my future when I can no longer work. If what’s left of my retirement accounts are taken I’ll be living under a bridge. Should social security still be available it is not enough to live out of poverty levels.

      2. Gillian Post author

        Agreed! No point in worrying, though. Place your faith in something greater than the criminals running this earth drama. Will it so. Blessings, G

  7. Pingback: Heads up folks! | One World Rising

  8. JT

    The bottom line is – this has been discussed for the past 8 years. Truly – if you search the internet – this is not new. Yes, it has been discussed in small govt or NGA circles. The only danger will be if Obama brings it to the congress ala Wilson in 1913 – with everyone gone for the holidays. But, fool me once, fool me twice (hahaha – as in mission accomplished bozo gonzo)-

    Maybe their mission is to scare us towards something else. Not sure what the difference is between a politician and a magician. You need to read their minds, and forget about watching their hands.

  9. Bill

    Maybe this is real solution to the Romney’s of the world that buy up companies and gut them of all assets. The private sector has proven even more corrupt so maybe this will at least curtail some nonsense to help the common person.

    1. Gillian Post author

      Bill, your comment suggests that We The People should lose our rights to private retirement funds because of the actions of a few highly placed corporate criminals and banksters. I, for one, do not agree that my freedoms should be curtailed or an out-of-control criminal federal government put in charge of my financial decision-making re retirement funds. The latter, in my opinion, is a guaranteed recipe for financial disaster.

      Thanks, nonetheless for commenting. Blessings, g

  10. Raven

    Oh goody, another monkeysh*t bill designed to steal whatever pennies anyone has managed to squirrel away. They’ll put on a show pretending to argue about it for a year, never bother to read it, and assure us it fixes everything. ObamaSnare sounds catchy.

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