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phonyfeminazi
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 Posted: Fri Mar 05, 2010 11:59 am Post subject: Didn't Believe Me, HUH????????????? |
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... Last May, I wrote about the rumor that the Obama administration might seize funds from American's 401k and IRA accounts.
[In January], Bloomberg pointed out:
The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged.
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort...
A couple of weeks ago, Newt Gingrich (yes, that Newt Gingrich) wrote:
... In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.
They will tell you that you are "investing" your money in U.S. Treasury bonds. But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds...
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ellipses
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| Posted: Fri Mar 05, 2010 12:06 pm Post subject: |
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| Quote: | | In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years. |
Or,
| Quote: | | In plain English, the idea is for individuals to use their retirement savings to buy an annuity from the government. |
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phonyfeminazi
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| Posted: Fri Mar 05, 2010 12:15 pm Post subject: |
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| ellipses wrote: | | Quote: | | In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years. |
Or,
| Quote: | | In plain English, the idea is for individuals to use their retirement savings to buy an annuity from the government. |
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......................
"E", are you attempting to say that you would want the GOBMINT handling your retirement account, when every day we hear how SOCIAL SECURITY is going bust??????
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ellipses
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| Posted: Fri Mar 05, 2010 12:23 pm Post subject: |
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I'm not saying that at all... I probably would not invest my individual retirement funds nor my 401(k) into this type of plan...
And I would not be required to... this is merely and option that people can take... OR NOT TAKE.
There are plenty of people out there who have a heart attack every time their investments move in either direction. If they want to buy an annuity from the government, then why should they not be allowed to? They could buy an annuity from prudential or the hartford or any number of other entities, but I can see how they may be hesitant to hand over their life savings for what is, essentially, an insurance policy underwritten by a private company in a sector that hasn't really been all that awesome lately in terms of solubility and stability.
Hell, you could take all your money right now and buy EE bonds with it... Sadly, I believe HH and I bonds are no longer offered (not positive on I bonds)...
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dick
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| Posted: Fri Mar 05, 2010 1:31 pm Post subject: |
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I want my damn entitlement check!
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phonyfeminazi
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| Posted: Fri Mar 05, 2010 4:26 pm Post subject: |
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| dick wrote: | | I want my damn entitlement check! |
 GO TO WORK!!!!
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dick
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| Posted: Fri Mar 05, 2010 4:41 pm Post subject: |
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Sheeeeet... I need to have some more babies. If I can git her preggers now, I can beat the 2011 tax deadline.
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