Thread: Obama Begins Push for New National Retirement System

National Senior Council
Oct. 2, 2013

Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans

Obama Begins Push for New National Retirement System


The Government was officially shuttered yesterday and continues into today. I will continue to monitor the situation and make sure seniors are not hurt in any concession or ‘grand’ bargain. For now, Social Security and Medicare and Medicaid will continue to be paid in full.

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."

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."

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."

NSC has taken the lead in warning the nation about this new government onslaught and is plotting ways to stop it.

"This effort ultimately is designed to grab the retirement nest eggs of America’s senior citizens. This new government annuity scheme, even if it is at first optional, will turn into a giant effort to redistribute the wealth of America’s older citizens," explains Crone. "This scheme mirrors what I expect the President will try to do with Social Security. He wants to turn that program into a welfare program, too."

NSC will likely unveil a new grassroots campaign effort later this year or early in January to coincide with the seating of the new Congress.

http://www.nationalseniorscouncil.or...irement-system

Obamacare Fines to be Seized From Bank Accounts?

Obama & BIG Government Are Planning To Seize Retirement Accounts!

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President Obama’s FY2014 Budget Plan brings us one Large step closer to De-Privatizing IRA’s & 401k’s.

Much like Obamacare, Obama’s “Automatic IRA” will force employers with 10 employees or more, to “automatically” enroll their workers in the new Government run accounts. Obama’s Automatic IRA will be managed by the Social Security Administration(SSA).

Can we really trust the SSA with more of our money?

The Social Security Administration (SSA) consists of two different funds. The Old Age and Survivors Insurance (OASI) and Disability Insurance (DI). Both entities have their own Trust Funds (TF). OASI has a big TF that will, in theory, allow for SS retirement benefits to be paid for another 12 years. On the other hand, the DI fund will run completely dry during the 1stQ of 2016.

Is Obama’s “Automatic IRA” the answer?

To assist in the process, the Labor Department and the IRS published their report on The Government Accountability Office (GAO)-”Improve the rollover process for participants“. Beyond the new fiduciary duties, hidden in the language, it establishes a path for participants to rollover their private retirement accounts into Obama’s Automatic IRA.

What do you think our “indebted” U.S. Government wants to place inside your new fund? Yes, U.S. Treasury Bonds.

To assist in the process, the U.S. Treasury Department will rollout a program called ” Treasury Direct” that will allow citizens “to purchase, manage, and redeem.. savings bonds” electronically, as well as offering an “option” to purchase such bonds “automatically” through payroll savings .

This coincides with a program being pushed by the Service Employees International Union (SEIU) called “Retirement USA” which would create a government-forced retirement program with assets being directed into special Treasury Retirement Bonds, or R-Bonds. “Retirement USA” is promoting the idea that all workers have a “right” to a government retirement account, in addition to Social Security.

Goldworth Financial first uncovered the early blueprint of our government’s plot to seize retirement accounts in early 2009. Since that time, we have come up with 10 Basic Questions that people have about this issue:

1. Who’s behind the plot to confiscate retirement accounts?
The government takeover of private retirement accounts is a concept first drawn up by Teresa Ghilarducci, who was funded by the White House, the Ford Foundation, and the Rockefeller Foundation. President Obama’s 2008 presidential run proposed the “Automatic IRA,” which has now evolved into Ghilarducci’s “Guarantee Retirement Accounts (GRA‘s)” concept.

2. Why does the Government want to seize Private Retirement accounts?
They need it! China and other buyers of US Treasury (our debt) Bonds have stopped buying. The Federal Reserve reports that it is now forced to fill China’s role, and is buying over 61% of our Treasury Bonds.

3. Have there been any public hearings? If so, who’s involved?
There have been numerous hearings between the Internal Revenue Service (IRS) and the Labor and Treasury Departments. The topic discussed is known as the “Lifetime Income Option-Annuity Income Stream.” Here is the role that each is playing:

• The role of the Labor Department-To draw up the guidelines for the Labor (workers) force to direct their pay into Guaranteed Retirement Accounts (GRA’s).
• The role of the Internal Revenue Service is to write the laws that will tax/penalize you, if you don’t comply.
• The role of the Treasury Department- They have Treasury Bonds/U.S. Debt they need to sell!

4. What workers’ unions are in favor of Nationalized Retirement Accounts?
Believe it or not, the SEIC, CIO & AFL are all in favor! The proposal for this is being discussed as “Re-Imagining pensions.” These workers’ unions are all in favor of “Universal Secure and Adequate (USA)” retirement for all.
John Adler, the Retirement Security Campaign Director of the SEIU, said: “We really don’t favor individual accounts as the way to go.” He went on to say: “Instead, we favor a pooled investment approach.”
John Adler also mentioned Teresa Ghirladucci’s Guarantee Retirement Accounts (GRA). Adler said, “Ghirladucci’s recent proposal of state-sponsored plans is worthy of consideration.”

5. Okay, so unions are in favor of De-Privatizing retirement accounts. But government can’t just take our money, can they?
Yes! Unfortunately, they can! Here’s a recent snapshot of recent headlines in leading newspapers:

• May 16th, 2011-Washington Post reported: “Treasury to Tap Pensions to Fund Government.”
• January 17th, 2012-Reuters reported: “The Treasury Dips Further into Pension to Avoid Debt Limit.”
• April 12 th, 2012-NY Post reported: “Feds Eye Retirement-Fund Tax to Cut $16 Trillion-plus Deficit”
• February 11th , 2013-Foxnews: Is your retirement account safe from our government?
• And of course – August 16th, 2001-CNN reported : “Government Dipping into Social Security.”

If Government “borrows” money they have NO Intention of paying back, wouldn’t you call that stealing/confiscation?

6. Is Obama involved in the plot to seize retirement accounts, and if so, how will they do it?
Proof can be found in the Obama Administration’s 256-page FY 2014 Budget Proposal, the revival of his 2008 presidential run’s “Automatic IRA.” It has now evolved into two proposals: Secure Choice Pension and Government Retirement Accounts (GRA’s).

Some of the proposed “features” are:

• Government will automatically deduct 5%-6% out of your earnings. Those funds will be deposited into a pooled GRA.
• The current tax deduction will be eliminated, and replaced with a tax credit. Which can only be redeemed after retirement.
• Instead of receiving a tax refund check, part or ALL will automatically be placed into a pooled GRA.
• Worker’s un-used vacation pay will automatically be converted to income, which will be deposited into a pooled GRA.
• The funds in your current retirement account will be converted to “longevity annuities,” which typically don’t start making income payments until the investor is well into retirement, 82-85 years old.
• Guaranteed Retirement Accounts (GRA’s) will be administered by the Social Security Administration. -because they’re doing such a great job?
• Much like S.S. Accounts, the uncollected equity will become the property of the Government, once the individual dies.

7.Okay, Government will turn my Retirement Account into a GRA, which will function as “longevity annuities.” But what’s in the annuity, and what kind of returns will I get?

According to Teresa Ghirladucci, the originator of GRA’s, the estimated return on your money will be 3%. It will NOT keep up with government-reported inflation, let alone TRUE/REAL Inflation.

The Government-run annuity will contain U.S. Treasury Bonds, Treasury Notes and Treasury Bills- everything China no longer buys.

The Treasury Department is so desperate to find new buyers, they recently announced that “taxpayers will now have another savings option-the ability to use their refunds to purchase U.S Savings Bonds without having to open an account with the Treasury; even if the tax payer doesn’t have a bank account.”

Citigroup analyst Hans Lorenzen said: “U.S regulators are essentially forcing banks to buy up government debt-While that helps Government Issue more and more debt, the strategy could ultimately explode if the government isn’t able to make the bond payment, leaving the holders of the bonds with toxic debt.”
Yes, through GRA’s, you will be holding our government’s toxic debt!

8. What States, Senate Bills and politicians are in favor of this new Socialistic program?
H.R. 4049: Automatic IRA Act of 2012

Sponsor: Rep Neal, Richard E. [MA-D]
Sen. Jeff Bingaman [NM-D] -September 2011
Rep Blumenauer, Earl [OR-D] – 2/16/2012
Rep Crowley, Joseph [NY-D] – 4/19/2012
Rep Deutch, Theodore E. [FL-D] – 3/29/2012
Rep Himes, James A. [CT-D] – 5/7/2012
Rep Honda, Michael M. [CA-D] – 2/28/2012
Rep Larson, John B. [CT-D] – 4/19/2012
Rep Lewis, John [GA-D] – 4/19/2012
Rep McGovern, James P. [MA-D] – 2/28/2012
Rep Pascrell, Bill, Jr. [NJ-D] – 4/19/2012
Rep Rangel, Charles B. [NY-D] – 3/20/2012
Rep Schwartz, Allyson Y. [PA-D] – 4/19/2012
Rep Stark, Fortney Pete [CA-D] – 2/28/2012
Rep Thompson, Mike [CA-D] – 4/19/2012
Rep Tierney, John F. [MA-D] – 8/2/2012
Rep Tsongas, Niki [MA-D] – 4/25/2012

Other related proposed legislation:

SB1234, introduced by California Congressman Kevin De Leon. It’s known as the “Golden State Retirement Trust.” This bill is based on GRA’s.

On May 6, 2012, Lauren Schmitz, a research analyst at the Barnard L Schwartz Center for Economic Analyst (SCEPA), introduced HB5337. SCEPA is the very same institution where Teresa Ghularducci originated the GRA concept. This Connecticut Bill is also based on GRA’s.

9. I don’t like the idea of GRA’s, so can I just pay the early withdrawal penalty and tax, and pull everything out of my retirement account?

No! The Government has already thought of that. On May 18, 2011, Herb Kohl (D-WI) and Mike Enzi (R-WY) introduced “S1020-Saving Enhancement by Alleviating Leakage in 401k Savings Accounts, “AKA: Seal Savings Accounts. This bill will restrict you from accessing your money. In fact, you won’t even be able to borrow from it.

Food for thought – When a country is neck-deep in debt, and has nobody to borrow from, recent history has shown us that indebted Governments steal their citizens’ wealth! Countries such as Belgium, Poland, Hungary, France, Argentina, Bolivia and Ireland have already seized private retirement accounts.

10. Has any organization attempted to Stop the De-Privatization & Seizure of Retirement Accounts?

The American Society of Pension Professional (ASPPA) has started a petition: “Save my 401k, protect my piggy-Tell Congress: Step Away From my 401k“; unfortunately, this only addresses a small portion of the Government takeover of retirement accounts.

The National Senior Council (NSC) is running its own petition: “Save your Private Retirement Savings -sign the Petition Against Obama’s New National Retirement Accounts”

Whether or not these petitions stop Obama & BIG Government… we can only hope! Remember, President Obama CAN bypass congress by enacting an Executive Order. To date, President Obama has enacted over 115 Executive Orders! Many believe he will enact an Executive Order for his gun agenda.
If you have read Goldworth Financial’s previous reporting on the De-Privatization & Seizure of Retirement Accounts, WHY are you waiting for the OFFICIAL government announcement: “To Protect You and for the Good of Our Country, we are Nationalizing Private retirement accounts”? By then, it will be too late to do anything about it!

It’s the old “Frog in a Boiling Pot of Water” they turn up the heat, in stages.
IF the Supreme Court’s ruling on Obamacare didn’t wake you, it should! The ruling will simply be used as case law, when government “herds” everyone into Nationalized Retirement Accounts.

You have worked Long and Hard for your money. Taxes will take a portion, inflation will take a portion… Don’t Allow Government to Take the Rest! Government money is Only a Note, a government promise; tangible Gold & Silver are Constitutional Money.

Much like Eminent Domain, most assets can be “Taken-Over” by the government.

http://news.goldworth.com/townhall/

The Government Theft of Retirement Accounts Has Begun

May 22, 2013



Treasury Secretary Jack Lew Is Planning to Steal Selected Federal Retirement Account

Many were roundly criticized for daring to say that the Cyprus thefts could visit our shores. If Treasury Secretary Jack Lew gets his way, Cyprus will look like a walk in the park compared to what’s coming because Cyprus was a beta test for the massive theft of private wealth which is on the horizon.

In fact, I would say to my fellow countrymen who don’t think the government would ever perpetrate a fraud against the American people in which the government would oversee the outright theft of personal assets of American citizens, you might want to jog your memory and look about to a period of time going back four to five years in this country.

Short Term Memory Loss

I, too, was roundly criticized three months ago when I said the Cyprus scenario is coming here. I was told there would be a revolution if this happened and the government would be to afraid to try such a thing. I marvel at people who hold to such naive beliefs. Listening to these people is like listening to a country song played backwards. You know the wife does not leave, the truck still runs and the guy stops drinking. Maybe it is all the fluoride in the water that is causing such widespread ignorance and apathy.

First of all, our government is not the enemy. This is not the government we are dealing with. We are battling organized crime in the form of corporations like Goldman Sachs who have hijacked our government. They are lining up for the last great garage sale before they collapse the economy and roll out martial law. There are forces lining up to steal everything that you and I own. It has already begun but this country is so dumbed down, we do not see that it has already started.

The Greatest Wealth Transfer In History



Hank Paulson Architect of the Bailouts

I am still haunted by the image of former head of the Goldman Sachs crime syndicate and former Treasury Secretary, Hank Paulson, telling a closed session of Congress that if they did not grant Wall Street “bailouts” there will be martial law in the streets as a result of the economy collapsing. Ask yourself, if almost five years later and three bailouts later, are Americans better off having sacrificed the bailout money in lieu of maintaining roads, improving schools as well as running the national debt through the ceiling and destroying the financial heritage of our children?

History has spoken and our economy is spark away from a total melt down. Well at least, our dumbed down neighbors are right about one thing, there will be a revolution, but it will not be on our terms. It will take the form of a purge and a boot stomping on the collective necks of America. What the hell do all of you think the Boston martial law event was about? They wanted to see how all of you would respond to total tyranny.



Who are the bullets for?

Besides having a few cameras pointed at them by a few Bostonians, DHS completed shut down and intimidated a major American city.

Remember, that is why our Stasi friends over at DHS have bought 2.2 billion rounds of ammunition and 2700 armored personnel carriers.
And while America is recovering from its collective short term memory issues, let me ask the readers if anyone else remembers MERS and the millions of homes they have stolen through mortgage fraud and nobody, despite being caught in city after city, has gone to jail? Do you remember hearing the stories where Mr. and Mrs. America would pay cash for their home and own clearly own the title only to have the bank show up with a fraudulent title and seize the home?Has ANYONE gone to jail for these crimes?

Who could ever forget, John “the Don” Corzine and his former company, MF Global? MF Global, a shell corporation beholding to Goldman Sachs, was led to the slaughter by the former Goldman Sachs executive and former New Jersey Governor and senator, John Corzine. Corzine’s criminal actions have directly victimized 150,000 Americans by stealing an estimated $900 million dollars of his clients’ money from their supposedly secure private account. There is also another $600 million missing dollars from MF Global. Meanwhile, Corzine avoids sharing a prison cell with Bernie Madoff by purchasing a “get-out-of-jail card” through the sponsorship of a $35,000 per plate fundraiser for that great Wall Street puppet and Criminal-In-Chief, Barack Hussein Obama.

What are the government watch dogs doing to protect our money from this new generation of robber barons? The short answer is that the feds are partners with Goldman Sachs in this monumental violation of the public trust. In fact, Goldman Sachs and friends have taken over the government.

Take Gary Gensler, a former Goldman Sachs executive partner, who like so many other Goldman Sachs gangsters, have been placed into key governmental oversight positions in order to protect the Goldman Sachs co-conspirators, from prosecution, as they continue their reign of terror upon the global economy. Gary “the gangster” Gensler is the former Undersecretary of the Treasury (1999-2001) and Assistant Secretary of the Treasury (1997-1999) and the current director of Futures Trading Commission. In his present position, Gensler had the authority to go after Corzine for his role in the MF Global debacle and order restitution. However, Gensler has decided to protect a fellow member of the Goldman Sachs Mafia by not looking into the massive fraud and theft by Corzine and his cronies. Your tax dollars, paying the salary of federal officials who are overseeing the most massive illegal private transfer of wealth, in the history of the planet, payable to Goldman Sachs and their criminal enterprise partners on Wall Street.

You may not be one of the 150,000 Goldman Sachs/MF Global victims. However, this Robin Hood-in-reverse-scenario, in which the criminal super rich are plundering what’s left of the middle class, will soon be visited upon your bank account , your home mortgages and your pensions. These criminal banksters are in the process of stealing it all and what are you going to do about it? Our nation of entrenched sheeple will do nothing as most have not even heard about it. And the fun is just beginning.

The Latest In Stealing From the American People

The Treasury Department once again is taking federal retirement programs to buy the government more time to increase the nation’s debt ceiling. And why does the government need to raise the debt ceiling? The debt ceiling must be raised for two reasons, (1) in order to fund the banker-inspired wars of occupation and, (2) to continue to fund the largest wealth transfer in history, the bailouts. And just who is behind this nonsense? The very close friends of Goldman Sachs over at Citigroup and they have their henchman in charge of the continuing rape of America by Wall Street, Treasury Secretary Jack Lew. Let me be clear, and Lew you can sue me if this not true, that it is a fact that Obama appointed one of the criminals who had a major hand in bringing down the economy to run the country’s finances.

While at Citigroup, Lew oversaw 113 tax evading accounts in Cayman Island banks. Based upon Lew’s resume, hedge funds for Citigroup where he lost almost 600 million dollars, one can only assume that is why Obama has appointed Lew to finish the job which will leave you and I with nothing.

Oh, I know there would be a revolution if the government ever dared take our retirements. At least the citizens of Greece rioted because they understand what happened. Our sheeple still hide behind the security blanket belief that “they would never do that,” just like they did in Boston and just investors tolerated theft by MF Global on behalf of JP Morgan.

Jack’s Very Lewd Background

Lew, from Citigroup, as I stated, was an overseer of hedge funds. You know, the hedge funds originating from the actual criminals that collapsed the economy in 2008. This is who Obama selected to run the economy. So, why does this bear repeating?

Last Friday, Lew announced that the government was taking the unprecedented action of avoiding governmental default through this summer by including tapping into and suspending investments into the Civil Service Retirement and Disability Fund and halting the daily reinvestment of the government securities (G) fund, the most stable offering in the Thrift Savings Plan‘s portfolio.

We have long heard that bankers that have hijacked the government would commence stealing our private wealth through the pension funds and this is exactly what the chief bankster, Jack Lew, is implementing. The next step will be to seize bank accounts, like they did in Cyprus and then step up the MERS mortgage fraud as as the Federal Reserve continues to purchase $40 billion dollars in Mortgage Backed Securities every month.

The G Fund is invested in interest-bearing Treasury securities (i.e. bonds) that make up the public debt. The Civil Service Retirement Fund finances benefit payments under the Civil Service Retirement System and the basic retirement annuity of the Federal Employees’ Retirement System, and those investments are made up of securities also considered part of the public debt. In other words, for you people who have cushy federal government jobs, Lew is telling you that the government controls your retirement. They own it and they own you. And you people who thought serving the New World Order was a such a good idea, are you reconsidering your loyalties now?

Military and law enforcement personnel take note on how you will be treated for your subjugation of the American people, followed by the total obliteration of the Constitution.



The government says they are just borrowing the money. How much of the bailout money has been paid back by the banks? Is MERS still in existence? Does Corzine occupy a cell next to Bernie “Madoff with all of your money”?

Iceland Had a Better Idea

Iceland had the right idea when they threw bankers like Gensler, Corzine and Lew in prison for their crimes against their fellow citizens.

Iceland struggled for five years and is back stronger than ever. We should have told Wall Street to go to hell in 2008. We should have already arrested the CEO’s of the six megabanks which created MERS.
The aforementioned bankers should already be in prison. However, people in Iceland have a better awareness of how the world works.
America knows how American Idol works.

Martial Law Will Commence When the Banksters Are Done Stealing

There are two parallel paths which are predictive as to when martial law will commence in the United States. First, the right political climate must exist and this administration obviously feels that the use of false flags is the most efficient method of achieving the proper pretext for martial law. Also, martial law will commence when the banksters are done looting America. When they have seized your bank accounts, your social security funds, your home mortgages, your pensions and your 401K’s, then, and only then will they roll out martial law.

Conclusion



I know there are some readers who are two steps ahead of me on where this is going and what we should do. The resistance needs to start right now. America needs to totally withdraw from their financial and corporate entities in strategies which I will discuss in future articles.

http://thecommonsenseshow.com/2013/0...nts-has-begun/

February 22, 2013

The Feds Want Your Retirement Accounts

ByJohn White

Quietly, behind the scenes, the groundwork is being laid for federal government confiscation of tax-deferred retirement accounts such as IRAs. Slowly, the cat is being let out of the bag.

Last January 18th, in a little noticed interview of Richard Cordray, acting head of the Consumer Financial Protection Bureau, Bloomberg reported "[t]he U.S. Consumer Financial Protection Bureau [CFPB] is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency's first foray into consumer investments." That thought generates some skepticism, as aptly expressed by the Richard Terrell cartoon published by American Thinker.



Days later On January 24th President Obama renominated Cordray as CFPB director even though his recess appointment was not due to expire until the end of 2013.


One day later, in the first significant resistance to President Obama's concentration of presidential power, a three judge panel of the U.S. Court of Appeals in Washington DCunanimously said that Obama's Recess Appointments to the National Labor Relations Board are unconstitutional. Similar litigation testing the Cordray appointment to the CFPB is in the pipeline.

The Consumer Financial Protection Bureau (CFPB) created by the 2,319 page Dodd-Frank legislation is a new and little known bureau with wide-ranging powers. Placed within the Federal Reserve, a corporation privately owned by member banks, the CFPB is insulated from oversight by either the President or Congress, its budget not subject to legislative control. It is not even clear that a new President can replace the CFPB director on taking office.

Unusual legal and political environments have a significant impact on the CFPB. With Cordray's recess appointment in doubt several questions remain unanswered.
1) What will become of the CFPB when Cordray's appointment is found invalid? An indicator comes from the NRLB, which operated unconstitutionally for years without a quorum. In 2007 the Senate threatened no NLRB nominations reported out of committee.
The NLRB continued operating with two members. Then a Supreme Court ruling in June of 2010 invalidated the NLRB decisions for lack of a quorum. Fisher & Phillips give the details about what was done next.

But recovery from the Supreme Court's sting was quick, with Liebman and Schaumber still on the Board and with two new Members confirmed, ... the suddenly full-strength Board simply added a new Member to the "rump panel" of the original decisions and managed to rubber-stamp many of the disputed Orders - at a record-setting pace - with the same result...

This may explain why President Obama renominated Cordray a year early. Once confirmed Cordray can rubber-stamp decisions made while he was unconstitutionally appointed. Otherwise those decisions will be invalidated.

2) What will the CFPB do with your money? The CFPB incursion into individual personal savings, in order to control how you invest your money, isn't a new idea.

Current proposals grew from a policy analysis as disclosed by Roger Hedgecock.

On Nov. 20, 2007, Theresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, presented a paper proposing that the feds eliminate the tax deferral for private retirement accounts, confiscate the balance of those accounts, give each worker a $600 annual "contribution," assess a mandatory savings tax on every worker and guarantee a 3 percent rate of return on the newly titled "Guaranteed Retirement Accounts," or GRAs.

How would that be accomplished? The Carolina Journal reported Ghilarducci's 2008 testimony to Nancy Pelosi's House.

Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers' personal retirement accounts "including 401(k)s and IRAs" and convert them to accounts managed by the Social Security Administration.

Your Government universal GRA investment savings account is an annuity managed by Social Security. Hedgecock noted '[m]ake no mistake here: Obama is after your retirement money. The "annuities" will "invest" not in the familiar packages of bond and stock mutual funds but in the Treasury debt!'

By 2010 Bloomberg published an article titled "US Government Takes Two More Steps Toward Nationalization of Private Retirement Account Assets." In that article Patrick Heller observed that, with Democrat control of Congress and the Presidency:

[I]n mid-September 2010 the Departments of Labor and Treasury held hearings on the next step toward achieving Ghilarducci's goals. The stated purpose was to require all private plans to offer retirees an option to elect an annuity. The "behind-the-scenes" purpose for this step was to get people used to the idea that the retirement assets they had accumulated would no longer be part of their estate when they died.

So the Government would get the money, not the estate or family of the people who saved the money during a lifetime of work. That's a one hundred percent death tax on savings. Worse, the most responsible and poorest families will be penalized.

Democrats had a blueprint for diverting people's savings from private investment to government debt. Then in 2010 the Tea Party won the house...

3) Why should the Government intervene in people's savings decisions? The justifications for Government intervention in private financial decisions are varied. Panic over the economy, Wall Street, mandating savings equity, eliminating investment risk, financial crisis losses, retirement security, much-needed oversight, your 401K becomes a 201K, shoddy financial products, and predatory investment bankers are just a few.

If the financial industry is so predatory, how is it possible that savers keep any money? More importantly, we have all those government agencies, FDIC, FINRA, SEC, Labor Department, Treasury Department, NCUA, Office of Thrift Supervision, FHFA, NCUSIF, Comptroller of the Currency, Office of Foreign Assets Control, Pension Benefit Guaranty Corporation, hundreds of criminal penalties, and state level regulators. Are we admitting the Government is incapable of policing criminal and predatory behavior? Do we have invincible predators plundering the people, or do politicians Cry Wolf?
And about that crisis in the economy. Former Congressman Barney Frank, one of the authors of Dodd-Frank, admitted to Larry Kudlow that Government was to blame for the housing crisis.

Professor Ghilarducci said "humans often lack the foresight, discipline, and investing skills required to sustain a savings plan." Professor Ghilarducci tells us that people are flawed, no argument there.

Her solution, substitute Government decisions for the judgment of the millions of people who actually earned and saved the money. She fails to mention the government bureaucrats wielding the power to compel you to comply are themselves imperfect. Which is preferable, one faulty Government solution or millions of individual free choices?

4) Are there other forces pushing Government to confiscate people's savings? With $16 trillion in debt the short answer is yes. When governments embark on a path of spending money they don't have, they resort to financial repression. According to Wikipedia:

Financial repression is any of the measures that governments employ to channel funds to themselves, that, in a deregulated market, would go elsewhere. Financial repression can be particularly effective at liquidating debt.

Do we have any evidence that the US Government is pursuing financial repression? Yes we do. Jeff Cox at CNBC. "US and European regulators are essentially forcing banks to buy up their own government's debt-a move that could end up making the debt crisis even worse, a Citigroup analysis says."

An Investors Business Daily article, Banks Pressured to Buy Government Debts, notes that "[b]anks can't say no. They fear the political fallout. So they meekly submit to the government's dictates."

Meanwhile the Wall Street Journal reports that "[i]n 2011, the Fed purchased a stunning 61% of Treasury issuance." Then a CNS News article revealed that "[s]o far this calendar year [2013], the Federal Reserve has bought up more U.S. government debt than the U.S. Treasury has issued."

5) Is the health of Social Security (SS) a factor? There are several potential measures of when Social Security retirement goes broke. One measure is when FICA tax income doesn't cover the cost of retirement checks. We have passed that point already. Others say that SS is fine until the lock box runs out of special issue bonds (IOUs).

Even though the SS bonds in the lock box cannot be sold on the open market, the Treasury Department remains under political pressure to honor that obligation by borrowing real cash to redeem the IOUs. At least until the IOUs in the lock box are gone. How long is that? Based on a credible source, Bruce Krasting atZerohedge suggests not long.

SS consists of two different pieces. The Old Age and Survivors Insurance (OASI) and Disability Insurance (DI). Both entities have their own Trust Funds (TF). OASI has a big TF that will, in theory, allow for SS retirement benefits to be paid for another 15+ years. On the other hand, the DI fund will run completely dry during the 1stQ of 2016.

So Krasting expects the President and Congress will soon be forced to choose between 4 solutions:

1 Increase Income Taxes
2 Increase Payroll Taxes
3 Cut disability benefits by 30%
4 Kick the can down the road and raid the retirement fund to pay for disability shortfalls.

Krasting predicts Congress and Obama will be behind door number four. His credible source is the Congressional Budget Office report Social Security Trust Fund--February 2013 Baseline. In the footnotes it projects a $1 Trillion drain on the retirement fund which currently holds $2.8 Trillion. That's a loss of approximately one third of the retirement IOUs.

Krasting however omits another possible solution, politicians can raid private retirement savings to put more IOUs in the lock boxes and more real money in the Treasury. Other people's money is a temptation and $19.4 Trillion is a very large temptation.

Social Security is the largest entitlement program with a trust fund of $2.8 Trillion IOUs, soon to be reduced by another $1 Trillion. Can any politician, addicted to spending, resist that temptation of $19.4 Trillion? That's real people's real money that will be spent by Government in exchange for IOUs given to the SS lock box.

Meanwhile newly minted Senator Elizabeth Warren has entered the debate.

Conservatives and Republicans have challenged the CFPB in the wake of the unconstitutional recess appointment. Bloomberg speculates that Warren might agree to trim the CFPB powers in a compromise. Bloomberg reported:

"A strong independent consumer agency is good for families and lenders that follow the rules and good for the economy as a whole," Warren said yesterday in an interview. "I will keep fighting for that." [snip]
Some observers have suggested that Warren's original support for a commission-led bureau might mean she would be amenable to compromise on that issue. Warren spokesman Dan Geldon said such speculation is mistaken.
"Senator Warren thinks the single director structure makes sense and that CFPB should continue to be able to operate, like every other banking regulator, without relying on appropriations for its funding," Geldon said.

Bloomberg also notes that soon "the Senate will have to decide whether to vote to confirm director Richard Cordray in his post, which would make a legal challenge pointless."

Conservatives and Republicans challenge the surrender of legislative power to the bureau, the concentrated power of a single director, the unconstitutional recess appointments, and the violation of constitutional separation of powers. The Republican position is the constitutional questions and litigation presently underway should be resolved prior to approving a director of CFPB.

The constitutional issues surrounding Dodd -- Frank and the CFPB are beyond the space for this article. For those interested in the legal issues, a good synopsis can be found at the Mark Levin Radio Show podcast for February 18th. Mark is an attorney and his Landmark Legal Foundation has argued many cases before the Supreme Court. He can explain complex legal issues in straightforward

language.http://www.americanthinker.com/2013/..._accounts.html

This is socialism/communism clearly and sadly the GOP and media does not inform the public, the big push is on during last 3 years of this administration to bring our country down, be alert folks we are being hit with multiple signals.

There's a Party going to Happen on your dime in DC and YOU AINT INVITED ... Eyes are wide Open as the BANKSTER's and ZERO Eyeball the 17 Trillion in private 401K's and Government Pensions

Hey Dem's with Government Pensions ... Your Broke Ass is about to be Robbed By the Banksters as well

1. This is one of the MAIN Reasons they need to get the Guns out of your hands and not so damn concerned about taking them away from Gang Members

they WANT Those Retirees 401K and Government Retirement Accounts and force you into deep poverty; Poor Hungry Disarmed People cannot fight back

2. Everything going on right now is MONEY Laundering to the Big Banks

~ Obamacare - Mega Bucks going to the Big Insurance Companies which are ALL owned by the Big Banks

~ Global Warming Scam - Same Deal Money Laundering to the Big Banks Through Cap & Trade in addition to Taxing the Living Shit out of Americans by incrementally taxing every single iota of each step in each product made

these People are not just Evil... they are the Biggest Mob Bosses that ever Lived and your Money is the Life Blood of the New Gambino Familia on Steroids

http://www.alipac.us/f19/matt-taibbi...t-publ-288883/