WC Varones

Don't lend your hand to raise no flag atop no ship of fools

Obama front group wants to steal your 401(k) and force you to buy Treasuries: Retirement-USA.org

Meet "Retirement-USA.org." It's a front group made up of unions and leftist advocacy groups:
...the AFL-CIO, the Economic Policy Institute, the National Committee to Preserve Social Security and Medicare, the Pension Rights Center, and the Service Employees International Union.

Stroll around the web site and you'll see that the premise is that Americans don't save enough for retirement and some 401(k) providers are bad. As with health care, any flaw in the system is an excuse for a complete government takeover. So their solutions generally revolve around scrappng 401(k)s and forcibly taking money from your paycheck to put into Treasuries.

What to do when China doesn't want buy Treasuries to fund Obama's massive deficits any more? I know! Let's force working suckers to buy Treasuries!

Some of the more aggressive proposals would not only end 401(k)s going forward, but forceably convert existing 401(k) balances to government "annuities" (i.e. Treasuries).

BusinessWeek reports that the Treasury and Labor Departments are already working on this:
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.



JDA and Denninger are on this too, and Skeptical CPA has been all over this for some time.

6 comments:

lady di said...

Obama has to again kiss up to the unions for taxing their health benefits if his Obamacare passes

Ubu said...

How can we tax Americans without letting on that it's a tax? Hmmmm, we'll tell them it's for their retirement, and then incrementally make it mandatory. Social security Part 2 to pay for all the unfunded liabilities in the federal budget (like social security part 1). No one left to buy treasuies except primary dealers (who are just using it for carry trade and parking it at the Fed)? Get the kulaks who are hoarding their money in retirement acounts, that will paper over this mess now that China, PIMCO, and every other numerate investor is looking for the exits.

Jr Deputy Accountant said...

Like I said, expect your paycheck stubs to change soon too.

FICA
Medicare
... and T-bills? WTF!

Is it really all that far-fetched? We must remember who we are dealing with here, it's Chicago gangster politics all the way. And the Boss needs a new Cadillac, biatch.

KnightHawk said...

This is insanity!

"... and T-bills? WTF!"
Exactly. lock and load.

Negocios Loucos said...

Exactly JDA! They sell parking metering to a private company for 75 years in Chicago. Then the private company decides how much to charge and gets the Chicago PD to be it's muscle. The city has already spent half the money it received on the deal and the citizenry have no say over their own parking rates because it's private now. Did I mention that the private firm is foreign?

You idiots wanted Change to Chicago, well you got it.

Sic Ibid said...

Yes, NL-to-JDA. We can reasonably imagine the Obama Chicago machine operating MUCH like the Daley Chicago Machine. Daley not only sold the parking meters, though. He sold Midway Airport, AND the SkyWay hiway bypass link to NW Indiana. People paid to build ALL of those things, and he sold them. What will Obama do once China comes calling?

1 Big Difference is Fed Gvt can print money. Chicago can't. But the thinking is the same throughout the Chicago Marxist scene, of which Obama was a member.

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