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Obama 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.

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.

"This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."

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Those who think because this

Those who think because this article is two years old that this plan is not being considered need to visit (Office of Management and Budget).Look at the presidents budget for Fiscal Year 2013.it will be located in the left hand column near the top.

Bob Marshall

Theft of Life Savings

I'll take every last penny out of my 401k and IRA's(in spite of penalties) and invest it overseas before I let government steal my life savings. Thank God this is an old article...

Venezuela del Norte

People in Venezuela and Argentina have been putting up with headlines like this for a long time.

If I am seeing this right,

If I am seeing this right, this article was posted in 2010 originally so it's not a new thing. I remember hearing it back then. So this is an old link or am I wrong?

you are right, I didn't notice that

why do people keep posting old crap and pass it off as something new???

Yea

A friend sent me the link last night. I had noticed after I had posted here that it was originally posted on 2010 and thought of editing with a disclaimer. Old are not, it's still a potentially important issue to be aware of, and I wasn't sure if it had been posted here before. But you are correct, it's an "old" link. Sorry bout that

My Political Awakening: I Wanted to Change the World...
I am NOT Anti-America. America is Anti-Me - Lowkey
How to Handle POLICE STATE Encounters

If this does become a serious

If this does become a serious threat, I feel we will have to work with the established Republicans to thwart this. The affordable care act was bad enough. This sounds to be that on steroids.

LIBERTY2ME's picture

From a posting below - Can we

From a posting below - Can we replace the people on the Supreme court? I thought they were only appointed by the current President, which I always thought was just wrong.

This will end badly

I felt a long time ago that there would be a violent revolution in this country during my lifetime. I feel more so now than ever. Middle class people are getting squeezed at both ends. Only a matter of time for this to combust.

Oh, it's coming, alright. The

Oh, it's coming, alright. The imbalance of working taxpayers vs. retiring, low savings Boomers (with apologies to any retired or near-retirement savers here...you are the exception) will cause massive upheaval and anger in Gen-X and -Y Americans who have yet to grasp the enormity of the coming burden... It'll be like adding more mouths to feed for every working family, which will cause many to simply give up.

Don't we already have a

National Retirement System called Social Security? And how is that working out for us? I am taking my retirement money out as soon as possible.

Edit: Well now, if this is an old article then never mind the urgency. I'll keep my eye open in the mean time.

It is better to look dumb and not be, than to look smart and not be.

We Knew It Was Coming

Watch your 401Ks people...I'm 55. Frankly, I knew I was going to get hosed on the Social Security Ponzi scheme, so I've piled everything I can into my 401k, hoping upon hope that it would increase in value and I'd at least have that comes the time.

Now....I'm pi**ing in my boots because they're coming for that money, too. If you don't think a guy like me isn't going to take the early withdrawal penalty and drain that account before the government gets its clutches on it, you've got another thing coming.

And if you think I'll let them force me to buy their government backed 'securities' as a forced savings program, you're also smoking dope. "Greece" is the word, the word that you heard...

I'm the 1% that actually saves money...chances are, I'll be the guy that gets stiffed into carrying some other wanker's careless and lazy arse into retirement.

The kicker is, I don't turn 59-1/2 until after this Hawaiian punk and his blood sucking goons are out of office. Not that the new boss will be any different than the old boss. Couldn't this guy have kept smoking and knocked a suitable 20 years off his life?

tasmlab's picture

I think 55 may be the most f'd age

Excuse my implied course language, but 55 is probably the worst age to be given what's going on. Perfect timing to have your lifetime savings wiped entering a time when you need them and you are less prepared to rebuild for 30 years.

We should almost be rooting for the currency crisis to happen tomorrow so you'd have a chance to rebuild something and still retire at a reasonable age.

Currently consuming: Gatto: "Underground history of education..", FDR; Wii U; NEP Football

Watch 401s go poof

I'm the same age as you, 55, and I feel as a boomer, our generation was targetted.. it's as if the age limits go up, the things we worked for evaporate.. this huge generation, and we watch what the previous generations had, slip from our grasps.. it's surreal. It's like being underminded from the previous generation to be buried by the later generations.

My entire "retirement"

My entire "retirement" savings was trashed in the market collapse. Thankfully, I never put that much faith in retirement plans and so I took a deep breath and poured the majority of my remaining free cash into individual company stocks near the bottom of the market. I breathe a little easier now, but I was absolutely prepared to lose everything.

If the Supreme Court ...

finds this Constitutional, we should replace the members of the Supreme Court.

Yes

We should replace them with small, oblong objects of predominantly lead-composition transported to their physical location at high velocity.

Ah..the start of the march

Ah..the start of the march towards Progressive fantasy world where anyone who receives a paycheck can retire big regardless of the (fixed) market. Where no one dies, no one has a case of the Mondays and your salary and pension are whatever you want it to be. 4 More years!

Southern Agrarian

Why Aren't Americans Saving For Retirement?

Because the government wants us to spend spend spend now.

"Inflation Is The Plan" (Bob Murphy):
http://www.youtube.com/watch?v=FpYSSBmh0b0&feature=relmfu

___________________________________________________________________________
"Bipartisan: both parties acting in concert to put both of their hands in your pocket."-Rothbard

Indeed

They are actually punishing savers by keeping interest rates so low.

Why sit on cash when it doesn't compound interest? Rather, it just loses value as it sits there, in today's world. Just as Mr. Bernanke would have it.

Thus, gold or land.

"This hearing was set up to

"This hearing was set up to explore why Americans are not saving as much for their retirement as they could."

because they're paying too many taxes to support an inflated and inefficient government?

zero percent interest on savings

- actually, negative once you factor in inflation, don't
make for a whole lot of incentive either.

It was just a matter of time.

How can we simple citizens be trusted with the responsibility of running our own lives?