Full Steam Ahead (“Forward”) On Obama’s Theft Of IRA’s And 401k’s. Started as “The Plan” in 2008

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A Reminder:

FDR in 1933:

Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt “forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States”. The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.

The order was rationalized on the grounds that hard times had caused “hoarding” of gold, stalling economic growth and making the depression worse.[1] The New York Times, on April 6, 1933 p. 16, wrote under the headline “Hoarding of Gold”, “The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding. On March 6, taking advantage of a wartime statute that had not been repealed, he issued Presidential Proclamation2039 that forbade the hoarding ‘of gold or silver coin or bullion or currency,’ under penalty of $10,000 and/or up to five to ten years imprisonment.”[2]

LINK

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Read the FDR Executive Order below:

The Gold Confiscation Of April 5, 1933

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First a backgrounder:

From 2008:

Democrats Still After 401k Savings. Retirement Fund Trillions Lure Government Grabbers

Excerpt:

Democrats might try something almost as loopy: kill 401(k) plans.

House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created “guaranteed retirement accounts” for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return.

Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, said that since “the savings rate isn’t going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should.”

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October 24th, 2008

Note: WHY is it whenever some big Socialism program comes to the surface, we find George Soros, the Hungarian Socialist that dreams of an “Open Society” has some tentacle involved there?

Teresa Ghilarducci, a professor at the New School of Social Research.

Soros added another unlikely trophy when he became involved in the New School for Social Research in New York, long an academy of choice for left intellectuals. He now funds the East and Central Europe Program there.

George Soros has been the “funneler” of campaign money to the Obama campaign. Suspected (possibly illegal) donations from overseas, etc. The funneler of money to the 527’s such as Moveon.org, Media Matters, Democracy Alliance, etc.

So Teresa Ghilarducci is in the circle with George Soros, who definitely is in the circle with Obama.

So why am I not surprised he is probably involved in this?

MORE HERE…….

AND HERE

AND HERE

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Retirement Fund Trillions Lure Government Grabbers

September 14, 2010<<< Note date

By Peter Raymond

Is the government making plans to confiscate your retirement money? The Obama administration is certainly exploring the idea.

This question no longer seems far-fetched when the group-thinkers in Washington unabashedly promote a doctrine of wealth redistribution and central planning.  These Keynesian socialists know they will need vast new sources of revenues to fund their relentless spending binges to “transform” this nation.  A logical next step would be to legitimize the confiscation of private retirement assets; an idea that was contemplated in the recent past by the Clinton administration.

According to the Investment Company Institute, there was $7.835 trillion in IRA, 401K, 457, and 403b accounts in 2009.  That is certainly too large a sum to be ignored by the big spending social engineers in Washington.  Bureaucrats and politicians have been hard at work formulating a social justice excuse to legislate an historic seizure of private assets.  This would not be the first time the statists extorted wealth from US citizens on a massive scale.

The public shakedown always employs a two step tactic to repeatedly dupe the malleable electorate.  First, the statists fabricate and incessantly excoriate a contrived crisis of social injustice that is victimizing helpless and unknowing Americans.  Next, they “craft; a term Pelosi uses again and again, insidious legislation disguised as a necessary and compassionate solution that makes participation and universal funding compulsory by force of the law.

In February, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), in collaboration with the Department of Treasury, announced a “request for information” to study the Lifetime Income Options for Retirement Plans and asked “for ideas on how to help reduce the chances that workers will run out of funds during their retirement years.”

This request signals the “starting point” for launching yet another spurious social justice crusade by these two agencies. The fictional victims and the offending policy have been manufactured and publicized and now it is time to fire up the propaganda machine and work on a new expansive social engineering plot.

Continue reading HERE…….

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Obama’s Bus Has Stopped Rolling…Now The Ones “Thrown Under The Bus” Are Crawling Back Out….

Excerpt:

Rahm Emanuel Obama’s friend, former Chief of Staff, now Mayor of Chicago,  wrote a book in 2006 called ”The Plan”.

Democrats in Congress are looking into initiating what they call aGovernment Retirement Account.  In initiating this, the government can seize all 401k’s currently held by working Americans and convert them to GRA’s.  It would make itmandatory for all workers to contribute 5% of their wages to a “Retirement Account”.  The return on these accounts?  A measly 3%!  No more stock market money accounts where you can make gains on your retirement; just a fixed 3%.

This is spoken about in Emanuel’s book,  The Plan: Big Ideas for America.

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NOW in 2012:

From Western Center for Journalism

Excerpted from article below

Full Steam Ahead On Obama’s Theft Of IRA’s And 401k’s

DECEMBER 11, 2012 BY 

Angry Obama SC Full steam ahead on Obamas theft of IRA’s and 401k’s

What is going to happen to our 401 (k) accounts and IRA’s after January 1?  Will the retirement accounts for which many Americans have sacrificed so much to accumulate be rolled over into federally issued and guaranteed bonds in order to prop up notoriously under-funded, union pension funds across the country?  Getting an answer will prove to be daunting, especially as media attention seems focused on little but the impending “fiscal cliff.”

[snip]

A source in Montana said the feds are hoping to turn 401 (k) and social security funds into federally administered bonds, thereby dumping even more privately-held dollars into the D.C. money pit.  Another source thinks that such a fund may be used to bail out Obama’s union pets, namely the failed pension plans of big labor throughout the United States.

A 2010 letter sent by congressional Republicans to the Secretaries of Labor and the Treasury says: “We write today to express our opposition in the strongest terms to any effort to NATIONALIZE the private 401 (k) system, or any proposal that would dismantle or disfavor the private 401 (k) system in favor of a government-run retirement security regime!”

A 2010 administration report on the Middle Class cites Vice President Joe Biden, who “floated [an] idea called Guaranteed Retirement Accounts’ (GRAs).”  Of course, Big Labor is clearly behind these proposed GRAs, which would include a “bailout of critically under-funded, union pension plans through retirement security options.”

[snip]

At the end of 2010, there was an estimated 17.5 trillion dollars in United States retirement assets, including 3.1 trillion in 401k’s and 4.7 trillion in IRA’s. The idea that those who thrive on money and power would permit such an alluring trove to go untapped is laughable.

Photo credit: SS&SS (Creative Commons)

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RELATED LINK:

Will Obama And The Democratic Majority Congress Kill Your 401k Retirement Plan?

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From Demos.org

STATE GUARANTEED RETIREMENT ACCOUNTS: SUMMARY

November 28, 2012<<< Note date

|

Excerpt:

We propose states offer all workers a voluntary, low-fee, low-risk, State Guaranteed Retirement Account (State GRA) to help boost savings for retirement. State GRAs are individual accounts where benefits at retirement are based solely on contributions and returns.

THE STATE GRA’S MAJOR FEATURES ARE:

  • Consistent contributions: as in a 401(k)-type plan, workers and/or their employers would contribute at least 3 percent of pay into their individual State GRA. Contributions could be channeled through the already-existing payroll deduction system, reducing administrative burden and minimizing costs.
  • Pooled investments: all individual account assets would be invested together in one large pool, with an emphasis on low-risk, long-term gains. Pooling takes advantage of economies of scale and minimizes financial risks.
  • Guaranteed returns: each account would be guaranteed to earn a return of at least 3 percent, or about 1 percent above inflation.
  • Portable accounts: Individual State GRAs would be portable; the account would automatically move with a worker from job to job.
  • Lifelong retirement income: at retirement, workers would convert all or part of their State GRA balance into an annuity—a guaranteed stream of income for life—to ensure that they do not outlive their savings.
  • Independent administration: a newly created independent board of trustees would oversee the plans’ operations. The board would assume all fiduciary responsibility for the fund’s investment decisions and administration.
  • Public investment management: costs could be minimized by using the already-existing public pension infrastructure to invest the funds. State pension funds operate on a not-for-profit basis and have highly skilled, professional investment managers and administrators that are charged with overseeing and investing more than $3.1 trillion in retirement savings.2 Assets in State GRAs would be kept in a separate investment pool from public pension fund asset

**Romanticpoet note here**

1.  We all know how well State Run Pension plans are for individual State Economies.

2.  Note in the above:

  • Lifelong retirement income: at retirement, workers would convert all or part of their State GRA balance into an annuity—a guaranteed stream of income for life—to ensure that they do not outlive their savings.

  • Independent administration: a newly created independent board of trustees would oversee the plans’ operations. The board would assume all fiduciary responsibility for the fund’s investment decisions and administration.

  • Public investment management: costs could be minimized by using the already-existing public pension infrastructure to invest the funds. Assets in State GRAs would be kept in a separate investment pool from public pension fund asset

No corruption possible….If you believe that I have a bridge to sell you in the Sahara dessert.

Use the already-existing public pension infrastructure to invest funds…….”Invest”? I thought these were to be “Annuities”

Be careful America!  Another freedom removed from YOU by our government.  YOU and YOU alone should be able to CHOOSE how to invest your retirement accounts.

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Union Jack flag

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3 CommentsLeave a comment

  1. Reblogged this on Keli has a Blog and commented:
    I could NOT have WRITTEN this better…. Please don’t ignore and continue to believe that if we think positively and yet stand by and watch, that everything will work out…

  2. I re-blogged this so hopefully more will have their eyes opened…
    Excellent blog.. :D

  3. Very Astute!! —following after reading this! Great blog!


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