Obama going after your 401k’s and IRA’s

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…

…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.

Read more at https://investment***chblog.com/obama-going-after-your-401ks-and-iras/#A7Z5mkKX67GmquJ7.99

just another step to the red flag

This is a really stupid article, and posting this thread requires a complete failure of rational processes.

This was a hearing to collect viewpoints on why Americans aren't saving as much as they probably should. The idea that the government is considering eliminating IRAs and 401k plans is absurd; the idea that they're actually on the verge of "confiscating retirement accounts" is braindead stupid.

Seriously. You're a pretty bright person. Quit believing all this stupid bulls***.

To show you how retarded this whole thing, there has never been a Deputy Treasury Secretary named J. Mark Iwry.

The Deputy Treasury Secretary has been Neal Wolin since 2009.

Mr. Iwry is an advisor.

They are talking about it. Can you deny that?

---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.

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."
https://www.nationalseniorscouncil.org/index.php?option=com_content&view=article&id=89:obama-begins-push-for-new-national-retirement-system&catid=34:social-security&Itemid=62

yes, it does remind me of how obamacare started.Or even SSI

Oh s***, "they" are talking about it.

But who are "they"? One person invited to speak at the hearing? Oh s***!

This is dumb. Really, really dumb.

There's a reason literally no actual media outlet has covered this story in any capacity whatsoever.

Hello, hello, Wall Street has been going after your 401k’s and IRA’s for awhile now! Wake up!!!

I think a hearing sponsored by the Treasury and Labor Departments is a ligitimate source.

Source for what? The Treasury and Labor departments aren't predicting that Obama will take away your retirement accounts. That's some nutjob with a crazy website writing an article full of simple factual errors.

Who else has testified at these hearings? Did you verify that the person in question even testified? Did you verify this person's testimony in any way whatsoever?

Of course you didn't. You just read that Obama was planning something horrible and believed every last word of it without question. If it were the other way around, you would dismiss the entire story without question. It's sad and stupid.

Wallstreet hasnt been going after my money. You dont even know what wallstreet is

Ive been giving my money to wallstreet to invest in hopes for a return so I can retire and tell all you lazy assed gov teet suckers to go to hell. Theve done very good for me over the long run. Its going to be ugly next year, im actually thinking of removing my funds. and burying them in the yard...

I said and showed they had a meeting where this was discussed. Iguess you dont care what they discuss. You probaly dont have one anyway.

It'll be hard for Obama to top Bush's last year in office in terms of massive meltdown. 50% drop in the DJI is pretty big.

Well, and based on all of your delusional posts here, it is rather clearly that it is you who has no idea what "money" is and therefore what Wall Street is! Wake up!!!



In hopes for a return!?

Look Wall Street just loves to take advantage of people like you. Either case, and hopefully, you did not invest on Facebook at their IPO!



Hello, hello, it has been ugggggggggly for 401k's and IRA's on Wall Street for a while now! Wake up!!!

You linked to an article that links to an article posted at National Seniors Council, which hardly seems to be any sort of organization at all, and is certainly not a reliable news organization. It claims to be a "committee" of an organization that, as far as I can tell, doesn't exist in any capacity at all.

This "NSC" article falsely claims Mr. Iwry is Deputy Treasury Secretary. It cites zero sources. The article you linked to was posted about a week and a half ago. The "NSC" article was posted in 2010. It contains no information about anyone else who may have testified except one line uttered by one person who had been invited. The article appears to cite its own author for commentary; it contains no by-line.

There is no link or reference to any additional information of any kind anywhere. It's obvious you did zero research into these hearings of any kind beyond reading this miscarriage of an article.

Now that I'm searching, I'm starting to think even the testimony cited may be completely fabricated.

A google search of "Rebecca Davis testify" only turns up links to this NSC article. Absolutely nothing of any kind from any reputable site, much less from transcripts of hearings or some primary source.

This NSC article appears to be the sole source for this piece of information.

Here's some others. Dont expect it to be mainstream. They dont want you to know about this. Youll know about it when it passed.

https://www.examiner.com/article/government-considering-socializing-retirement-accounts

Mark Levin interviewed Professor Teresa Ghilarducci whose plan for the U.S. government to take over private pension plans to "protect retirees" is being touted by Congressman Barney Frank. This interview will go down as classic Mark Levin

https://www.freerepublic.com/focus/news/2117260/posts

The simply fact is they are talking about it. and with the massive debt we have, dont be surprised at what gets the hatchet all for the good of all, I am sure.