Obama Begins Push for New National Retirement System

[WallyWeaver]

Came across this on another site I frequent often. I guess I shouldn't be surprised by now at stuff like this.

So the answer for Americans is a public pension system run by the government? You mean like the soon to be insolvent Social Security system all working Americans pay in to? This is really starting to get looney..... especially the part where this could lead to people's personal investment accounts like 401k's and IRA's being dissolved into this new pension system. And what happens if I don't want to pay into it because I'd rather keep more of my own HARD EARNED MONEY, do I get put into prison? Or will I even have choice in the matter because it will just be automatically deducted like Social Security?

Whatever happened to personal responsibility? This is getting crazy....

WW.

Obama Begins Push for New National Retirement System

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.

Link: http://www.nationalseniorscouncil.org/index.php?option=com_content&view=article&id=89%3Aobama-begins-push-for-new-national-retirement-system&catid=34%3Asocial-security&Itemid=62

[64jaguar]

This is another Warning People, Move it or loose it. This isn't the first time these scumbags have threatened to take over your Retirement accounts. Remember, The UNITED STATES TREASURY is BROKE and they will start to do ANYTHING necessary to get the money they need to pay their bills including confiscating your property and Retirement accounts. For all you jack arses that voted this chairman Mao wannabe back in, just leave your 401K's and IRA's where they are.....

[WallyWeaver]

This is another Warning People, Move it or loose it. This isn't the first time these scumbags have threatened to take over your Retirement accounts. Remember, The UNITED STATES TREASURY is BROKE and they will start to do ANYTHING necessary to get the money they need to pay their bills including confiscating your property and Retirement accounts. For all you jack arses that voted this chairman Mao wannabe back in, just leave your 401K's and IRA's where they are.....

Thanks for the comment, 64jaguar.

Nationalized healthcare, nationalized pensions.... it's all happening so fast.

I have placed this on several threads but I will post it here again. Please folks, consider the meaning of what Mr. Gibbons is saying:

WW.

[The Machine]

I really don't see the problem with government pensions ...... but we do have a different system over here.

we pay a little into our government pensions on every pay check something like social security we call it national insurance it also covers all our free health care / dental and things like that.

I've gone one step further to cover myself being Irish I'm guaranteed a government pension from there once I hit retirement age I'm also guaranteed one from the British government because I've worked here so long and paid into there system I pay into a private pension in Ireland and I also pay into a private pension in the UK ..... then I have the precious metals, stocks and cash hoard in the safe ....

I plan on living a comfortable life

[WallyWeaver]

I really don't see the problem with government pensions ...... but we do have a different system over here.

Thanks for the comment, M.

I've seen a lot of topics from you but not many posts/ comments lately. In other words, nice to have a bit of conversation!

The problem is we already have a system set up for retiree's in the US called Social Security. The way it works is money is automatically deducted from our paychecks and is supposed to go into a fund that becomes available later on in life. So we already something like a national pension in place....

Unfortunately for us, however, that is not what really happens. In fact, unbelievably, our Social Security system is on the brink of insolvency! But how is that posible, one might ask? The Federal government has been stealing money out of the Social Security fund for years, spending it on whatever seems best to the government. I know, it almost seems unbelieveable, but it's true.

Not to mention there are many folks on Social Security who have barely paid anything into the system. Now, I don't have a problem with genuinely disabled people being on Social Security. I believe giving benefits to the disabled is something the government SHOULD do. My problem is with all of the fraud, waste, and theft with the program. It is also difficult for me to comprehend how people here illegally also receive benefits from our Social Security system, even though they paid NOTHING into it! It seems rather unbelievable but it's true.

So, given the government's horrible track record already on display, it is difficult to have anything positive to say about another attempt by the government to take care of retirement for individual citizens.

I would like to continue on but a friend just arrived and I have to go....

WW.

[The Machine]

Thanks for the comment, M.

I've seen a lot of topics from you but not many posts/ comments lately. In other words, nice to have a bit of conversation!

I would like to continue on but a friend just arrived and I have to go....

WW.

Yeah i've been pretty busy lately ..... not much time for anything but posting a few articles I managed to read during my lunch. I have read your recent articles some very interesting ones there thanks for that buddy

I have no doubt the governments over here are dipping into the pension funds too but we have no choice but to pay into it .... hence the two private ones I have and the bullion.

the whole benefits thing really gets me going ..... back in the 60's the UK government spent 12Bn per year on benefits now its closer to £700BN ..... what a joke anyway enough of that hopefully I'll have some free time coming soon and i'll be back on here full time again.

[DinarDiva007]

I cant speak for everyone, but myself I dont think I would mind paying in something if I thought they would be responsible and it would be there when I needed it. All the objection is to paying for lazy, child bearing dead beats that make welfare a career choice.

We are sick of paying for lavish parties and expensive drapes, just be more responsible and stop the waste.

[pattyangel]

This administration has shown the people that they are not discipline enough to control their spending. This would be something else for them to dip their greedy hands into. Have to agree with you WW, our Social Security is about to disappear.

Now I'm really getting this deep gut feeling of a sense of urgency to prepare better. Thanks once again for the great information you bring.

Oh by the way, I passed this on and made some people mad. I hope they use the energy to help our America.

[WallyWeaver]

I cant speak for everyone, but myself I dont think I would mind paying in something if I thought they would be responsible and it would be there when I needed it.

I agree with the premise of your argument, DD.

But the government pension experiment has already been tried. It's called Social Security.... and it's on the verge of bankruptcy.

The only solution for a comfortable retirement for a majority of Americans is something we used to believe in but now seems to be lost. It's called personal responsibility.

Also, it used to be, in this country, where personal responsibility met its limits that's when family stepped in. But I guess the American family has deterioted so much this may no longer be a viable option.

WW.

[Maggie123]

Wally Just A "Heads Up"

I have gotten 3 phone calls today saying... "IF YOU ARE A SENIOR CITIZEN... PRESS 1 NOW" (send us money please... for your own GOOD!)

You Know... "Follow The Money"

[WallyWeaver]

I have no doubt the governments over here are dipping into the pension funds too but we have no choice but to pay into it .... hence the two private ones I have and the bullion.

the whole benefits thing really gets me going ..... back in the 60's the UK government spent 12Bn per year on benefits now its closer to £700BN ..... what a joke anyway enough of that hopefully I'll have some free time coming soon and i'll be back on here full time again.

Being busy isn't always bad as long as you're doing something you enjoy.

For me, I'm still recovering from a motorcycle accident so I've got nothing but time on my hands.

It sounds like we're on the same page as far as government and personal retirement philosophies go.

Take care.

WW.

[WallyWeaver]

This administration has shown the people that they are not discipline enough to control their spending. This would be something else for them to dip their greedy hands into. Have to agree with you WW, our Social Security is about to disappear.

Now I'm really getting this deep gut feeling of a sense of urgency to prepare better. Thanks once again for the great information you bring.

Oh by the way, I passed this on and made some people mad. I hope they use the energy to help our America.

It's always great to get a response from you Patty, it let's me know you're still soldiering on.

Each individual American preparing better IS the real answer, here. First they must prepare their souls for eternity (Romans 10:9) and then, they need to incur less debt and save more money, individually in both cases, of course.

Thanks again for the comment.

WW.

[The Machine]

Being busy isn't always bad as long as you're doing something you enjoy.

For me, I'm still recovering from a motorcycle accident so I've got nothing but time on my hands.

It sounds like we're on the same page as far as government and personal retirement philosophies go.

Take care.

WW.

hey wally for me keeping too busy ends up distracting me on whats really going on ......

I'm feeling for you ..... its been a while since I had a accident on my motorcycle ......... I started doing track days and moto-cross days just to appease the other half only because the ambulance was seconds away lol ....... not that im a bad racer just cause i push it

anyway as far as pensions go I think were sorted ....

I think the day will come where 1Kilo of silver will be worth ...............everything

[DinarDiva007]

I am totally with you guys. I have never put too much stock that someone else , especially the goverment will take care of me. I am changeing careers that is more mobile and on the phone so hopefully i can do it even when I am up in age. I subscribe to old saying ... If its to BE its up to ME.

[Maggie123]

I subscribe to old saying ... If its to BE its up to ME.

Good For You Diva! Me Too...

The only one you can count on is "Yourself".

We come in alone and we go out alone.

Edited November 18, 2012 by Maggie123

[tommy17]

I really don't see the problem with government pensions ...... but we do have a different system over here.

we pay a little into our government pensions on every pay check something like social security we call it national insurance it also covers all our free health care / dental and things like that.

I've gone one step further to cover myself being Irish I'm guaranteed a government pension from there once I hit retirement age I'm also guaranteed one from the British government because I've worked here so long and paid into there system I pay into a private pension in Ireland and I also pay into a private pension in the UK ..... then I have the precious metals, stocks and cash hoard in the safe ....

I plan on living a comfortable life

Isn't Ireland on the verge of filing bankruptcy. I have friends who where able to retired at 53 yrs old by investing part of their salary in 401k and ira's.And still have socialsecurity to look forward too. They worked hard to earn that right 'and paid federal and medicare income tax's to support this country in doing so. And obumer says it ain't fair for people that don't work.... How about it isn't fair to people who work all their life and have their 401k taken away from them, and can't retire early.

[whatsthis]

Time to tell the elected Government that they are elected for to deal with only government stuff & not the American peoples money we have a right to spend & invest our money as we see fit. Now we just elected some new Parliament people & senators tell them to put a stop to this or this government will be brought down by the people who put them in office. They already take money out for retirement that is call social security . They want more of my money they can take it from my cold dead hands.

[Tom73]

Somebody , Anybody Please give him the BOOT. Half the people in the country obviously do not have any brains anymore.

IF people would have paid attention to his own words on Good Morning America related to tax revenues before he became president, HE said that increasing the TAX RATES would decrease tax revenues and HE new of two administrations that decreased TAX Rates, Kennedy and Reagan and the revenues went up.

Entitlements have to decrease not increase!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[DinarWhiz]

So, we all know the dollar is going down. Im 33 yrs old. What the hell am I supposed to do with my 401K. Take it out and take the hit? Go buy Bullion with it. I mean, the company I work for matches dollar for dollar @ 6%. WTF is going on in OUR great nation!!!!

[slb]

When the people find that they can vote themselves money, that will herald the end of the republic.

Benjamin Franklin (1706-1790)

[rico1]

When the people find that they can vote themselves money, that will herald the end of the republic.

Benjamin Franklin (1706-1790)

"We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."

-- Winston Churchill

"Christmas is a time when kids tell Santa what they want and adults pay for it. Deficits are when adults tell the government what they want and their kids pay for it."

-- Richard Lamm

"The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."

-- Alexis de Tocqueville

Edited November 18, 2012 by rico1

[WallyWeaver]

hey wally for me keeping too busy ends up distracting me on whats really going on ......

I'm feeling for you ..... its been a while since I had a accident on my motorcycle ......... I started doing track days and moto-cross days just to appease the other half only because the ambulance was seconds away lol ....... not that im a bad racer just cause i push it

anyway as far as pensions go I think were sorted ....

I think the day will come where 1Kilo of silver will be worth ...............everything

Wow, so many great comments on this thread, thanks to all. I will do my best to respond to each one before the night is over here in California.

First off, thanks for the comment, M. I'm assuming keeping too busy means you get wrappped in work. I can definitely relate to that.... actually, that may be the story of my life.

As far as riding goes I grew up riding dirt and stayed with it until my early 20's. I actually only recently started riding street about 2 years ago (a bit older than 20's, now). But like you, I push it pretty hard (it seems like we have quite a bit in common). I ride a pretty tough road back and forth to work everyday and I suppose a crash was bound to happen:

This is a pretty common sight on the Ortega.

Anyway, I came out okay, just a bunch of broken bones (shoulder, ribs, hand) but my bike didn't fare so well. I'm still undecided on whether I will try to repair it or just buy a new one.

Also, I'm with you on silver, friend. I'm still doing my very best to stack as much as possible.

Take care.

WW.

[WallyWeaver]

I am totally with you guys. I have never put too much stock that someone else , especially the goverment will take care of me. I am changeing careers that is more mobile and on the phone so hopefully i can do it even when I am up in age. I subscribe to old saying ... If its to BE its up to ME.

A positive result from all of this is, similar to the post-Great Depression generation, we become a nation of savers again. Hey, there's got to be a silver lining somewhere, right?

Thanks for the comment.

WW.

Wally Just A "Heads Up"

I have gotten 3 phone calls today saying... "IF YOU ARE A SENIOR CITIZEN... PRESS 1 NOW" (send us money please... for your own GOOD!)

You Know... "Follow The Money"

They're gettin' started early, eh?

Thanks for the comment.

WW.

Isn't Ireland on the verge of filing bankruptcy. I have friends who where able to retired at 53 yrs old by investing part of their salary in 401k and ira's.And still have socialsecurity to look forward too. They worked hard to earn that right 'and paid federal and medicare income tax's to support this country in doing so. And obumer says it ain't fair for people that don't work.... How about it isn't fair to people who work all their life and have their 401k taken away from them, and can't retire early.

I think The Machine feels the same way you do. Read his next post on this thread, it is in full agreement with your post here.

Thanks for the comment.

WW.

[NevadaSam]

If you read and research what they want to do, you will find that you will get "paid" on a monthy basis, but f you die before you retire, no problem because there will be NO ONE to inherit your retirement account. Your spouse will not get any of it and you can not pass it on to your children.

[WallyWeaver]

Time to tell the elected Government that they are elected for to deal with only government stuff & not the American peoples money we have a right to spend & invest our money as we see fit. Now we just elected some new Parliament people & senators tell them to put a stop to this or this government will be brought down by the people who put them in office. They already take money out for retirement that is call social security . They want more of my money they can take it from my cold dead hands.

Member of the NRA (Charlton Heston reference)?

For the most part I am in total agreement with you. I guess the bottom line is, again, the government has already ruined Social Security. Now they want to take control of my private investments, in some sort of ponzi scheme that will somehow benefit everyone, and they think that they will get it right this time? History has shown us that socialism is a failure everywhere it's tried. What used to make America different was the idea of "Rugged Individualism." I guess ideas like rugged individualism and personal responsibility are not needed when everyone can just have a suckle at the government teet. Or, at least that's how many politicians today see it.

Thanks for the comment.

WW.

Somebody , Anybody Please give him the BOOT. Half the people in the country obviously do not have any brains anymore.

The more I think about the more attractive the idea of secession becomes. As much as I hate to say it, it seems like the S. word will be the only way to preserve the way of life we grew up with for our children. Our nation is now too far down the road to turn back, in my opinion.

IF people would have paid attention to his own words on Good Morning America related to tax revenues before he became president, HE said that increasing the TAX RATES would decrease tax revenues and HE new of two administrations that decreased TAX Rates, Kennedy and Reagan and the revenues went up.

I remember that, too. And it went right over his head when someone tried to explain to him that lowering taxes actually leads to more tax revenue to the government. That was crazy... Ultimately it revealed him as nothing more than a class warfare specialist. A second generation disciple of Frank Marshall Davis.

Entitlements have to decrease not increase!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Thanks for the comment, Tom73.

You seem like a genuine patriot.

WW.

So, we all know the dollar is going down. Im 33 yrs old. What the hell am I supposed to do with my 401K. Take it out and take the hit? Go buy Bullion with it. I mean, the company I work for matches dollar for dollar @ 6%. WTF is going on in OUR great nation!!!!

Hey DW, haven't "heard" from you in awhile. Hope all is well. I'm still sticking with my price target for the first quarter of next year for AGQ. Don't believe the hype on any deflation articles you may read. Just be patient, we will get the return we're looking for.

Crazy about the government take over of personal retirement accounts, eh? Although I don't do it my company has a similar 401k to yours ($.50 on the dollar, up to 6%). My company also has a pension program, though.... I wonder if that will be affected?

We will really have to keep an eye on this in the news. We have to do our best to make sure this doesn't happen...

Take care.

WW.

When the people find that they can vote themselves money, that will herald the end of the republic.

Benjamin Franklin (1706-1790)

Great quote, slb.

I think a major reason for the problems we face today is the ideas of the Founders are no longer taught in schools today. Their ideas are seen as too antiquated or not politically correct enough. We truly are a sad mess of a country when the ideas of our Founders are despised.

Thanks for your contribution to this thread.

WW.