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.

 

401k plans and IRAs are unfair to poor people.

It was my belief that these private accounts were set up to help people in their retirement to be less dependent on government.

It is sad that there are those in our country who are so power hungry to take the hard earned savings of any American.

This is an example of why a person would fly the American flag upside down. The leftists know no bounds of government power.

When Jesse James was asked why he robbed banks he said - 'that is where the money is'.

 

The government and companies have pushed 401Ks since their inception in the 1980s. Some of us have bought into the concept and leveraged it. I always liked it because its an account with your name on it. No some pool inside a company with a promise of a fixed retirement. From that standpoint it seemed safer than a traditional pension. But now this....

 

As the government goes broke the next few years it will look to raid anything of substance. There are likely trillions of dollars in 401Ks. They are prime targets.

Believe me... If you have a dollar stuck anywhere, Obama is coming after it any way he can..

No majority in the house, no super majority in the senate. DOA. Thank God.

No majority in the house, no super majority in the senate. DOA. Thank God.

 

This, this, and more this.

No majority in the house, no super majority in the senate. DOA. Thank God.

 

You obstructionist to socialism...

The problem for "us" and the socialist vision, is that the people in power (the government or party officers) have a vision of the masses living in high-rise two bedroom flats with government supplied utilities and there will be no distinction between the upper, the middle and the lower. However, they don't ever envision themselves living like that. And, that is ok if what you have now is worse. If one worked hard for years like a lot of us to upgrade why should we accept this? You think Oprah, a big Obama supporter, is going to be happy giving up all her money and living in a two bedroom flat?

It is no surprise to me either that the AFL-CIO is involved in this. They may be the biggest pension thieves in the world. They do not want their individuals to accumulate wealth outside of their control because they then lose influence and money out of the union coffers. They "sell" their pension plans to their membership, but I know in the cases where I have worked with them, the employees would have been better off in every case taking the company's standard pension plan than the union's.

There was something else on this board recently where I said "zero chance."

 

This also has zero chance.

There was something else on this board recently where I said "zero chance."

 

This also has zero chance.

 

It won't pass, but do you believe the administration would like for it to happen?

It won't pass, but do you believe the administration would like for it to happen?

 

No clue. I can't imagine how they would sell it as a good thing.

Another reason the unions are supporting this is that 401K plans offered by companies are becoming more popular with union employees as more companies offer these instead of pension plans. When a person looks at the value of their contribution in a 401K versus a union pension plan ( or in some cases the value of the company's match), the union pension plans are exposed. This may not be the same with all unions, but it is the case with the AFL-CIO (Teamsters) negotiations I have been involved with in my past.

No clue. I can't imagine how they would sell it as a good thing.

 

Well so far they have been selling a bill of goods that many are falling for, but I agree with you this would be a hard sell.

If any of you think this is over you are blind fools. If history has taught us anything it has taught us that liberals are relentless and patient. This has been on back burners and building steam little by little over the last decade. It's funny how anyone who said anything about it was deemed an alarmist. Yet here we are and it is being discussed by our government, and powerful forces want it to happen.

 

They will not relent. They will go inch by inch, just like they have with everything. It is the exact reason the NRA fights them over every tiny attempt to change any gun law in any way.

 

For everybody who says no chance or no way. I wonder how many times in the past that has been said.

 

Anybody who continues to vote these socialists into office is condemning their children and/or grandchilidren.