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View Full Version : Economics Will B.O. target middle class retirement nest eggs?


The Mad Crapper
01-25-2010, 05:15 PM
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The largest source of liquid private wealth remaining in the United States are the $15 trillion in private retirement funds and the ultimate ownership, control and future of these funds have already been compromised and exchanged for the favorable tax treatment of private retirement plans. Congress writes the laws, so they can tax, penalize, hold your funds hostage and although they’d never use the word, “confiscate” your assets at their discretion.

The retirement trap I’m writing about is only a proposal at the present time and since it may well begin in the latter years of the Obama Administration assuming the Democrats can somehow maintain their majorities in Congress, I’m calling it the “Obama Retirement Trap”. But make no mistake, the government need for current revenue and their frenzied search for a short-term fix to fund a backstop of liquidity to buy future government debt obligations when no credible investors will buy them is an unspoken quest of both political parties. The establishments of both political parties will do anything to stay in power and this will include raiding and pillaging your retirement funds.

Washington Proposals for a Mandatory Guaranteed Retirement Annuity

The government is getting ready to use that power and in a remarkably cunning way.

The prototype for their plan was devised in 1991 by Alicia H. Munnell, then Director of Research for the Federal Reserve Bank of Boston. She presented the idea in a paper entitled “Current Taxation of Qualified Pension Plans: Has the Time Come?” Later she was promoted to Assistant Treasury Secretary, and along with Robert Reich, Henry Cisneros and Hillary Clinton, she began to plot a raid on retirement funds. One element of the scheme was to create a Mandatory Pension System and fund it with a one-time 15% tax on retirement assets and a recurring 15% tax on retirement plan income.

I warned about this in my 1994 book, “Escape the Pension Trap”. Fortunately, the GOP election victory that same year derailed the Mandatory Pension System.

Guess what? It’s back… and nicely repackaged. It’s back because, due to slumping tax collection, Washington is on a desperate search for a new revenue stream. And this time they don’t want to just tax your retirement assets, they’re out to take them.

Teresa Ghilarducci: The New Architect of the Retirement Plan Wealth Attack

The latest leftist plan first appeared in 2007 at the Economic Policy Institute: Agenda for Shared Prosperity. In 2008, she became the new Director of the Schwartz Center for Economic Policy Analysis at the New School for Social Research. In her book, “When I’m 64: The Plot Against Pensions and the Plan to Save Them”, she hypes her retirement solution for millions who do not have adequate retirement savings and her solution is to confiscate most of the retirement assets of successful Americans.

Here’s her plan…

Each year, the government will put $600 into a Guaranteed Retirement Account for you and every other working person in America. If $600 amounts to more than 5% of your annual compensation (if you earn more than $12,000) you will be required to contribute 5% of your total annual compensation to the GRA. The Feds will promise to pay a 3% “inflation adjusted return” on each GRA, based on the government’s Consumer Price Index. When you retire, you receive a portion of the account each month. Then — get this — when you die, your heirs receive only 50% of what’s in your GRA. The rest goes to Uncle Sam.


http://whiskeyandgunpowder.com/prepare-now-to-escape-obamas-retirement-trap/

Garcia Bronco
01-25-2010, 05:22 PM
Might as well convert all my liquid assets to gold and excahnge it for American Dollars as needed.

The Mad Crapper
01-25-2010, 05:24 PM
I think this is B.O.'s master plan; raise the debt ceiling, max it out, and then confiscate 401K's.

KC native
01-25-2010, 06:44 PM
I've already debunked this tripe. How many times are you going to spam it on the board?

The Mad Crapper
01-25-2010, 07:02 PM
I've already debunked this tripe. How many times are you going to spam it on the board?

You didn't debunk shit, stooge, all you did was disseminate Obama’s lies. Now get out out of my thread, you!