Results 1 to 5 of 5

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

  1. #1
    Senior Member CCUSA's Avatar
    Join Date
    Jun 2006
    Location
    New Jersey
    Posts
    7,675

    U.S. Treasury Steals Pension Funds to Avoid Debt Limit


    « U.S. Treasury Secretary Timothy Geithner taps into the federal pension fund to pay U.S. bills.
    (Getty Images)

    http://www.thetrumpet.com/9023.7810....oid-debt-limit
    U.S. Treasury Steals Pension Funds to Avoid Debt Limit

    January 19, 2012 | From theTrumpet.com
    Where is the money to pay the national debt going to come from?

    By Robert Morley

    The Treasury Department is now spending federal pension money in order to keep the bills paid, Reuters reported yesterday.
    But don’t worry. The administration plans to pay the money back after it can start borrowing money from China and Japan again, after the debt ceiling is increased. Feel better?
    The good news, if you can call it that, is that the pension grab is largely self-imposed. With Europe in such trouble, the world still seems willing to lend America money despite its unsustainable spending projections. It is America’s own law that is preventing the government from borrowing more money. Yet, a market-imposed foreign creditor boycott is looming larger with each increase of the debt ceiling.
    The federal debt hit $15.2 trillion in December—another new record. More ominously, the nation’s debt is now equal to its entire gross domestic product. History shows that once debt levels reach this level, economic growth slows dramatically and thus the odds of a major economic accident go way up.
    One day soon America might be “forced” to confiscate its people’s private pension money because no one else will lend it anything. This is what happened in Argentina in 2008. This is what happened in Ireland in 2009. And what happened to Hungary, Bulgaria, Poland, Portugal and France, last year.
    Don’t think it couldn’t happen to America.
    And don’t think “borrowing” money from pension plans isn’t stealing. If a private corporation “borrowed” money from its employees’ pension plans, someone would be going to jail.
    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

  2. #2
    Senior Member nomas's Avatar
    Join Date
    Aug 2008
    Location
    NC and Canada. Got a foot in both worlds
    Posts
    3,773
    The Treasury Department is now spending federal pension money in order to keep the bills paid, Reuters reported yesterday.
    It should be tapping CONGRESS' assets! Oh wait, they all have their assets protected down in the Caymen Islands!

  3. #3
    Super Moderator Newmexican's Avatar
    Join Date
    May 2005
    Location
    Heart of Dixie
    Posts
    36,012
    One day soon America might be “forced” to confiscate its people’s private pension money because no one else will lend it anything. This is what happened in Argentina in 2008. This is what happened in Ireland in 2009. And what happened to Hungary, Bulgaria, Poland, Portugal and France, last year.
    Don’t think it couldn’t happen to America.
    And don’t think “borrowing” money from pension plans isn’t stealing. If a private corporation “borrowed” money from its employees’ pension plans, someone would be going to jail.
    It seems they havbe tpped Social Security so hard they have had to move to a new money pot. There have already been "panels" discssing the take over pf private pensions funds. After all the government "allowed" you to save it and "allowed" your employer to match a part of it and since it was saved tax deferred, they should have all of it instead of the percentage of tax that would be owed.
    Make no mistake this is the agenda for Obama Term II. JMO


    Government Prepares To Seize Private Pensions


    Massive wealth confiscation program would replace 401(k) system with Social Security-run ponzi scheme
    .

    Prison Planet.com

    Tuesday, October 12, 2010

    The government is preparing to seize the private 401(k) pensions of millions of Americans while enforcing an additional 5 per cent payroll tax as part of a new bailout program that will empower the Social Security Administration to redistribute pension funds in a frightening example of big government gone wild.

    Public pension plans have been so aggressively looted already by the government that cities and counties face a $574 billion funding gap, according to a CNBC report.

    That black hole is set to be filled by a new proposal that will “fairly” distribute taxpayer-funded pensions to everyone, by confiscating the private wealth of millions of Americans. Its proponents express staggering arrogance in thinking that they can just steal money people have worked for decades to accrue as if it’s their own.

    Not only would the government confiscate 401(k) pensions, it would also impose a mandatory 5 per cent payroll tax payable by everyone, according to a hearing chaired last week by Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee.

    “This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending,” writes Connie Hair.

    New Lame Duck Threat to Bailout Union Pensions


    by Connie Hair
    10/08/2010


    Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone.
    Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci.
    (You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).

    The hearing was a platform for advocates of Guaranteed Retirement Accounts (GRAs), a program authored by Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York. Back in November 2008, Ghilarducci testified to Congress that 401(k)s and IRAs should be confiscated and converted into universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
    Connie Hair
    “You don’t hold hearings on something you don’t intend to do,” points out the Market Ticker blog. “I hate it when I’m right. I hate it even more when tens of millions of Americans are going to get reamed to pay for the crimes of the handful on Wall Street, and their crony enablers in Washington DC.”

    As Bloomberg reported earlier this year, pension funds are already being taken by stealth and invested in failed banks.

    The GRAs would be enforced by means of a mandatory savings tax equating to 5 per cent of an individual’s annual paycheck deposited to the GRA. Social Security and Medicare taxes would still be payable, employers would no longer would be able to write off their contributions and capital gains would be taxable year-on-year. In addition, workers could bequeath only half of their account balances to their heirs, unlike full balances from existing 401(k) and IRA accounts.

    During a Seattle radio interview in October 2008, Ghilarducci explained the motive behind the plan, stating, “I’m just rearranging the tax breaks that are available now for 401(k)s and spreading – spreading the wealth” (emphasis mine).

    However, as we painfully learned in the immediate aftermath of the original $700 million dollar bailout, which was originally sold on the basis that it would be used to pay off bad debt, governments that propose “spreading the wealth” under socialist-style financial reforms almost always collect the wealth under the pretext of being the saviors before greedily hoarding it all for themselves.

    The GRA program is being pushed by the Economic Policy Institute, an organization housed on the third floor of the building occupied by the George Soros-funded Center for American Progress. The Center for American Progress is a think tank headed by Bill Clinton’s former chief of staff John D. Podesta, who was also head of Barack Obama’s presidential transition team after the 2008 election.

    In preparing to seize private pensions, the United States is going the same way as Argentinean government, which in 2008 nationalized the country’s private pension plans, known as AFJPs, confiscating the wealth of millions.

    “We have no doubt that here the right to private property is being violated. Not just for us but for society and the world, this is a clear confiscation,” said opposition Radical Party’s Ernesto Sanz at the time.
    How will Americans react to having not only their wealth but their nest egg for future generations brazenly confiscated by the government in one fell swoop? If this doesn’t prompt widespread rioting and civil disobedience in America on behalf of the besieged middle class then nothing will.

    Don’t be under any illusions, if you don’t have a private pension and think this won’t affect you – think again. Once the pretext has been created that the state can simply confiscate privately earned wealth, they can then come after anything, your gold, your home, your kids and eventually your very freedom. Once the vampire of big government gets a taste for blood, the teeth will only sink in further, and America’s resemblance to third world tyrannies will rapidly accelerate.
    *********************
    Paul Joseph Watson is the editor and writer for Prison Planet.com. He is the author of Order Out Of Chaos. Watson is also a fill-in host for The Alex Jones Show. Watson has been interviewed by many publications and radio shows, including Vanity Fair and Coast to Coast AM, America’s most listened to late night talk show.
    Prison Planet









    Last edited by Newmexican; 01-23-2012 at 02:47 PM. Reason: link

  4. #4
    Super Moderator Newmexican's Avatar
    Join Date
    May 2005
    Location
    Heart of Dixie
    Posts
    36,012
    Republicans Sound Alarm on Administration Plan to Seize 401(k)s


    by Connie Hair
    05/04/2010


    In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.

    The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement -- which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.

    Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.
    In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations. (pdf)

    House Republican Leader John Boehner (Ohio) and a group of House Republicans are mounting an effort to fight back
    .
    The American people have become painfully aware over the past year that elections sometimes have calamitous consequences. Republicans lack the votes (for now) to reign in the Obama administration’s myriad nationalization plans for everything from health care to the automobile industry.

    Now the backdoor bulls-eye is on your 401(k) plan and the trillions of dollars the government would control through seizure, regulation and federal disbursement of mandatory retirement accounts.
    Boehner and the group are sounding the alarm, warning bureaucrats to keep their hands off of America’s private retirement plans.
    Just when you thought it was safe to come up for air after the government takeover of health care.

    The entirety of the House GOP Savings Recovery Group letter outling the issue that was sent last night to the Labor and Treasury secretaries:
    The Honorable Hilda L. Solis
    Secretary
    U.S. Department of Labor
    200 Constitution Avenue, NW
    Washington, DC 20210

    The Honorable Timothy Geithner
    Secretary
    U.S. Department of the Treasury
    1500 Pennsylvania Avenue, NW
    Washington, DC 20210

    Dear Secretaries Solis and Geithner:

    As members of the Republican Savings Solutions Group, we write today to express our strong opposition to any proposal to eliminate or federalize private-sector defined contribution pension plans, such as 401(k)s, or impose burdensome new requirements upon the businesses, large and small, who choose to offer these plans to their employees.

    In the Annual Report of the White House Task Force on the Middle Class, Vice President Biden discussed at length the creation of so-called “Guaranteed Retirement Accounts, (GRAs)” which would provide for protection from “inflation and market risk” and potentially “guarantee a specified real return above the rate of inflation” -- presumably at taxpayer expense. In the Report, the Vice President recommended “further study of these issues.”

    The Vice President’s comments are troubling, insofar as they come on the heels of testimony before Congress from supporters of GRAs proposing to eliminate the favorable tax treatment currently afforded to 401(k) plans, and instead use those dollars to fund government-invested GRAs into which all employees would be required to contribute a portion of their salary -- again, with a government subsidy. These advocates would, essentially, dismantle the present private-sector 401(k) system, replacing it instead with a government-run investment plan, the size and scope of which remain to be seen. This despite data showing that 90 percent of households have a favorable opinion of the existing 401(k)/IRA system.

    In light of these facts, 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.

    Similarly, and more recently, the Departments of Labor and Treasury have jointly issued a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options.” While we appreciate the Departments’ seeking guidance and information from all parties and stakeholders in advance of regulatory activity, we strongly urge that the Departments not proceed with any regulation in this area before they have carefully and thoroughly considered all of the information received.

    More specifically, we urge that the Departments take no action to mandate that plan sponsors -- often, small businesses -- include a “lifetime income” or “annuitization” option if they choose to offer a 401(k) plan to their employees, or that beneficiaries take some or all of their retirement savings in such an option. Data shows that 70 percent of Americans oppose the concept of a mandated annuity or government payout of their 401(k) plan. On a more fundamental level, Congress should not be in the business of choosing “winners” and “losers” among retirement security stakeholders. Instead, we urge the Departments to make it easier for employers to include retirement income solutions in their savings plans and to help workers learn more about the value of their retirement savings as a source of retirement income. Finally, to the extent new mandates and bureaucratic red tape from Washington push small employers out of the business of offering these plans to their employees, we would submit such an effort weakens, rather than strengthens retirement security.

    We appreciate your consideration of our views in these important matters and stand ready to work with you and the Administration to promote secure and adequate retirement savings for all Americans.

    Sincerely,
    House Republican Leader John Boehner (R-OH)
    Rep. John Kline (R-MN)
    Rep. Dave Camp (R-MI)
    Rep. Sam Johnson (R-TX)
    Rep. Dean Heller (R-NV)
    Rep. Brett Guthrie (R-KY)
    Rep. Michele Bachmann (R-MN)
    Rep. Pat Tiberi (R-OH)
    Rep. Bob Latta (R-OH)
    Rep. Erik Paulsen (R-MN)
    Rep. Lynn Jenkins (R-KS)
    Rep. Ed Royce (R-CA)
    Rep. Buck McKeon (R-CA)
    Connie Hair at Human Events






  5. #5
    Senior Member HAPPY2BME's Avatar
    Join Date
    Feb 2005
    Posts
    17,895
    If Obama is reelected, I guarantee you the Democrats will throw every private 401K account into this same kitty.

    The only ones exempt will be congressmen and senators.
    Join our FIGHT AGAINST illegal immigration & to secure US borders by joining our E-mail Alerts at http://eepurl.com/cktGTn

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •