And So I Go: Yesterday, Today and Tomorrow

>>Obama’s Ponzi Scheme with your 401k. Believe it!

Posted on: March 10, 2010

The United States of Argentina: Obama’s Pension Grab

It’s coming  people.  Obama is about to grab your hard earned savings in your 401k and IRA.   For this your federal government will hand you a promise to give this all back to you in monthly installments for your retirement years.  The federal government has done such a great job with Social Security, Medicare, and the Post Office  that they want you to have faith   they can do better with your savings than you can yourself.  Because of course they will invest your money in the currently  worthless Treasury Notes that need an infusion of cash to pay for all his planned goodies.  But not to worry because your retirement  is backed by you know who?  YOU!  You the tax payer or your kids or grandkids or someone else until the  scam catches up and all the money is gone just as Social Security is now broke/busted/bankrupt.

This program is already started.  Like all of Obama’s  plans he starts with very small pieces  planted in all his programs so that at some point he has all the little puzzle pieces and  like magic the program is there approved by congress,  set in law and all ready to go.  He even has the 75000 (yes, that is seventy five thousand!) new federal employees already in their little offices  sorting thru the puzzle pieces and putting them together right now.

No one knows what was in the TARP  bill or the Stimulus Bill or his budget.  These omnibus bills written in legalese could contain anything.  O’Reilly informed us tonight that the take over of the Student Loan program is part of the Obama Health Care plan that he is pushing thru Congress and down our throats.  This would make a higher education an entitlement.  Free education from K thru 16+.    You know I got my education right before student loans were available.  My entire education from 1 thru 18 which included room and board and tuition. Books and spending money and a third hand Plymouth  cost $7000.  My mom kept records down to the penny but I have forgotten what the pennies were.  Then the government got into the backing of student loans business and the financial world and colleges and universities cried Eureka

Earlier this year, the U.S. Treasury and Labor Departments began a public discussion on the aim to convert 401(k) saving plans and Individual Retirement Accounts (IRAs) into annuities and other forms of guaranteed income streams. Deputy Assistant Treasury Secretary Mark Iwry stated, “the question is how to encourage it, and whether the government can and should be helpful in that regard.” The supposition that the government is looking to be helpful with this proposal should automatically cause alarm.

The rationale for what would ultimately serve as a government takeover of the nation’s private pension system is of the same mold as the position Obama and Congressional Democrats have staked throughout the debate on health-care reform; “trust us, we know better than you”. Their assertion is that a weakened economy and a volatile stock market call for them to protect you and your interests, in this case your retirement money.

Last month, Newt Gingrich and Peter Ferrara editorialized on the Investor’s Business Daily website:

“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. They will tell you that you are “investing” your money in U.S. Treasury bonds. But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds.”

In February, Obama unveiled his budget for fiscal year 2011 which includes a proposal to require small businesses to establish automatic IRAs for employees. With his cronies from the financial services industry by his side, the measure is being marketed as a means to create a nation of savers. But this proposal wasn’t conjured up with your interests at heart. In actuality, the president is licking his lips, with his eyes set on sweetening an already massive lottery jackpot for the government.

As of the third quarter of 2009, Americans held a combined $8 trillion in 401(k) plans and IRAs, according to the most recent retirement market report from the Washington D.C.-based Investment Company Institute. Furthermore, his proposal for health-care reform calls for an extension of the 2.9% Medicare tax to unearned income, which means those annuities and other forms of guaranteed income streams you would receive in exchange for relinquishing the freedom you currently possess over your retirement funds, would be subject to taxation. The American people consistently lose when the government desires to be helpful.

10 Responses to ">>Obama’s Ponzi Scheme with your 401k. Believe it!"

Isn’t this why the car industry is in trouble? They took the retirement funds of their employees and instead of investing them, they used the money for every day operating expenses. Now those people are looking to get their money and the company is upside down!

Yes that is one reason. The other is that the United Auto Workers Union demands for workers priced the American automobiles out of the market. so in order to keep up with foreign cars and even cars made in non-union southern state plants the big three in Detroit had to cut back on quality. Upshot: poorer quality over-priced cars. My last American made care was 1973 Dodge Station wagon.

The auto makers did not keep up with their payments into the retirement funds. But then after big business and the unions were able to get the government to insure the pensions by promising to put funds into a pool to cover any pensions of workers of companies that were unable to pay the retirement pensions the companies failed to keep up their payments into the pool. Both the companies and the workers were covered buy the American tax payer so why worry about anything; the companies kept paying enormous salaries and bonuses to higher management and the workers kept demanding high wages.

With Obama and friends wanting to take over the 401k plans however is more sinister to my thinking. Obama and friends want to destroy American and want to do that by bankrupting the country but first they need to bankrupt the people. So take the people’s savings away from them! BB

OMG – Is there no end to this. This President has done more damage than I have seen my whole life. On a personal note, I knew I surely would not be wealthy when I retire – so, I spent every single raise for 5 or 6 years on my 401K. I cut back on everything. I sometimes have a food bill that the Welfare recipients would sneer at.

And to think that my hard earned meager account will have to be shared by those who wre irresponsible or just plain old didn’t feel like it?

Why is he doing this? OK gang – you have to do some more research – SEUI is also behind this BIG TIME…Don’t forget his office cleaners, etc. won’t have much of a pension/401K. That and the busted auto workers pensions.Do a search for “Retirement USA” – Yup it is all there – Re-distribution of pension moneys for ALL!!!

NOW ADD 12 MILLION ILLEGAL ALIENS that he’s getting ready to excuse for votes – 12 Million people who have NOT paid into the system!!!!!!! Yeah, guess what.

Now top that with more unemployment as the tax effects from the HC plan go into effect for small businesses. Add approx. 250,000 NEW Govt. workers to cover all this – and you have bigggggggg problems. They have already said that employment the first year will result in 250,000 new jobs! Well, since no benefits get paid out yet for years, except a small amount who will be impacted, it sure isn’t coming from the private sector…

And YES – That egotistical meglomaniac is expecting Y-O-U to pay for it all…

Ginny, the Progressives who are redistributing our peoples wealth need to get their hands on some ready cash and your 401k’s are looking sooooo good.

Every time he does something I think “This has to be the most egregious!”, then he does something much worse! BB

Hey Brenda,

I wish there was a way that I had enough nerve to get up in the middle of a large park in Houston and just start reciting this crap. Meanwhile – Progressives – Such a nice name for EVIL! While they spew their foul garbage about re-distribution of wealth – they keep theirs!!If they are so much for re-distribution, I say let them put their money where their mouth is – and I don’t mean the likes of Brad Pitt or whomever who has donated $3 million to a “worthy” cause (that they made sure EVERYONE knew about). Shoot – Spare me – compared to what they are worth, that’s beans. I donate more percentage-wise every year. Same with Big Mouthed SOROS. His donations don’t go for “needy causes” – most of it goes into his made up edge-of-illegal funds/organizations that he uses to filter money through and then writes it off as charity – He’s so full of crap – Between him and his organizations he paid more than $15 million to elect his Puppet Obama. Progressives? – Shoot that $15 million would have supported many people for a long time.

If ALL those progressives in WH and Hollywood and SOROS and others want to start and put up more than half of ALL their wealth – then by gosh, I might dig into my pocket a little tool – Clintons are worth over a billion – Right there is a hell of a lot of health care.

Will the FDIC insure us from an Obama grab?

I have my doubts Allan. I have taken all my investments out of the stock market but truly have no idea where to put the money where it will be safe except under my mattress. (NOT in the freezer🙂 ! )

When are the middle of the road pople going to take their heads out of Obama’s as* and realize he could care less about the middle class and is re-distributing assets to the illegal immigrants, the lazy and the unproductive. The legal citizenry who have real needs are simply a minority in the food lines. They have destroyed the system. Obama is dismantaling the entire system and rebuilding it with so-called “fairness”.

Bye bye miss american pie.

Not really. Obama is following the communist playbook for destroying the United States and finally allowing the country to become a communist state without a shot being fired. Read and watch the videos on this that you will find at the top of my site under SUBVERTING AMERICA. It has all been laid out and planned and is now coming true exactly as was planned. BB

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