The Theft Of Your Retirement
On a sweltering summer night last year, while sitting in the sleeper of my truck, I read a fascinating article titled, Do Liberals Crave A Master? Andrew Thomas opened the article with this little blast:
Contemporary liberals, having abandoned the belief in God-given inalienable rights, masochistically crave a worldly master. This master is a sadistic god-substitute who will provide the stern discipline needed to force economic equality and "fairness" by requiring painful sacrifices and bestowing government-created rights onto obedient and acquiescent groups of left-leaning masochists.
That article came to mind again today, as I heard news that brings into stark reality the extent of the threat we must defeat in November. If nothing else motivates you, your family, your friends, acquaintances, etc., to get to the polls,…how does the prospect of losing your retirement sound? Evidently, the administration and it’s fellow travelers in Congress are weighing plans to confiscate your retirement. Want to read that sentence again? Go ahead,..I’ll wait right here. ….Okay, ready to proceed? From Peter Raymond, at American Thinker, we learn that an estimated $7.835 trillion in IRA, 401K, 457, and 403b accounts is just sitting there stirring the Pavlovian juices of the left.
The idea first surfaced during the Clinton administration, but was aborted in the face of the 1994 election. But it has been revived, and according to the article, it would take the following form:
Expect to see terms such as "retirement income protection" thrown around. It is highly likely that such a program would be implemented in steps to help overcome public opposition. The US government plan is to eventually take ownership of all assets in IRAs and 401K accounts and replace them with US government "Treasury Retirement Bonds." In the October 2008 hearings, it was proposed that these bonds pay a 3% interest rate. Another major change is that, upon retirement, the individual's retirement account would be converted into an annuity. Once the individual is deceased, the individual's heirs would not inherit anything.
Read that last sentence again. Under this plan, your family will inherit nothing, zip, zero, zilch, nada. For those of us seeking to maximize freedom and security, the stakes could not be higher. For those on the left, …do you really need a master that badly?
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May '10
Re: The Theft Of Your Retirement
I remember Jesse Jackson casting a covetous eye over America's retirement accounts even earlier than Clinton. Statists find such huge piles of other peoples' money to be utterly irresistable.
Jun '10
Re: The Theft Of Your Retirement
The last time a government on this continent attempted something like this the laws were called the Intolerable Acts.
Edited on Sep 14, 2010 at 6:27pmSep '10
Re: The Theft Of Your Retirement
If the government keeps conjuring up these BFBIs (Big [Expletive] Bad Ideas), how long will it be before the American people finally come after them with torches and pitchforks? It really makes you wonder.
Edited on Sep 14, 2010 at 6:20pmAug '10
Re: The Theft Of Your Retirement
I'm really not a violent person, but I might have to polish up the ol' 30.06 if this happened. I imagine many folks would do likewise.
Jul '10
Re: The Theft Of Your Retirement
Dave Carter:
Read that last sentence again. Under this plan, your family will inherit nothing, zip, zero, zilch, nada. For those of us seeking to maximize freedom and security, the stakes could not be higher. For those on the left, …do you really need a master that badly? ·
Like every other heavy-handed nostrum for perceived social ills, this nonsense cries out for unintended consequences. Why would anyone with potential heirs even consider keeping money in a retirement account if that passed?
Aug '10
Re: The Theft Of Your Retirement
I predict an upswing in employees demanding to be paid in untraceable cash without receipts, Greek style.
Jun '10
Re: The Theft Of Your Retirement
Hard not to think of 2nd Amendment solutions in the face of tyranny
Jul '10
Re: The Theft Of Your Retirement
This has been on the table for some time. Some lady academic came up with it during the Obama transition and they keep leaking it to see if we come after them with pitch forks.
If this gets out to the broader public, expect gold to go to $5,000 an ounce, silver to $100.
Edited on Sep 14, 2010 at 8:51pmJul '10
Re: The Theft Of Your Retirement
"Two...Four...Six....Eight.....
Who do we vote for this November in order to get our country back from liberals stealing from us citizens (not including Castle)?
Conservatives. Conservatives. Yay Conservatives!"
May '10
Re: The Theft Of Your Retirement
More evidence for the "Might As Well Buy a BMW Now" pile. Maybe, in addition to its desire for government control, the left would also like to break the spirit of anyone with a shred of foresight and responsibility. Then maybe we'd see the error of our ways and throw ourselves at the feet of deus ex... whatever the Latin for 'government' is...
Jun '10
Re: The Theft Of Your Retirement
Government retirement annuities, and eventually, rationed single-payer health care...what a great combination to control costs. Paul Ehrlich will be so proud. /s
May '10
Re: The Theft Of Your Retirement
First of all this is the line where I tear up the social contract and will resist in any way I can and cheating on taxes or hiding my money will be the least of it. There will be blood in the streets if they try this.
Second do the morons not realize MOST of that money is in equities which will have to be liquidated for them to get their hands on it, resulting in an implosion in the markets? That even the THREAT of this will lead to massive sell offs and people emptying their accounts?
Jun '10
Re: The Theft Of Your Retirement
I don't understand why everyone is getting upset. This is a basic math problem. I have solved the equation with the following formulas: 7.62 x 39, .223, and .45 ACP. Mind you, I'm not suggesting these are the only solutions.
Jun '10
Re: The Theft Of Your Retirement
Kozak: First of all this is the line where I tear up the social contract and will resist in any way I can and cheating on taxes or hiding my money will be the least of it. There will be blood in the streets if they try this.
Second do the morons not realize MOST of that money is in equities which will have to be liquidated for them to get their hands on it, resulting in an implosion in the markets? That even the THREAT of this will lead to massive sell offs and people emptying their accounts? · Sep 14 at 7:04pm
. . . faster than a kulak can turn a pig into ground sausage.
Re: The Theft Of Your Retirement
Jason, this is a key point. There is nothing about this idea that is good,..but particularly awful is the notion that in addition to punishing work, we will now punish savings and deferred gratification as well. The hubris inherent in something like this is astounding. When they talk about "tax give aways," they really do believe that what you earn belongs to them. Call it deus ex whatchamacallit, or torro poo poo,..it's an outright assault on the people.
Re: The Theft Of Your Retirement
Paules, your math skill appeart to be on par with mine. Have you considered the square root of .357? That's old math, I know,... but I'm old school.
Jun '10
Re: The Theft Of Your Retirement
Each to his own, Dave. I recently discovered, quite by accident, something called a Remington 12 gauge slugger. I thought that I was getting a 12 gauge slug. Turns out the shell is packed with three 12 gauge sabots packed back to back. I was at first perplexed at three 2 inch holes in the target with each pull of the trigger until I figured it out. I know, a shotgun is an old man's weapon. But I'm an old man. Heya!
Jul '10
Re: The Theft Of Your Retirement
Every conservative running for office -- both this year and in 2012 -- should creatively roll this information into their ads. If they don't, they're nuts. The entire country has got to learn about this insanity. Those ads would sure get people talking (maybe even thinking). And it just might be the final nail...
Aug '10
Re: The Theft Of Your Retirement
I've been living in the Peoples Republic of California for the last 8 years. Because I can't afford a house (ha, little did I know) I have been saving a lot. I was disgusted enough whe my tax dollars were going to bail out profligate borrowers who took out liar loans when I did the responsible thing and avoided ruinous debt. Now they want to take my savings? I keep hearing stories about retirement account confiscation and saying to myself that they can't be serious, that it must be just some conspiracy theorizing. I'm getting less sure about that. I guess they really believe that the only way anyone ever gets even a little ahead is by stealing from the 'have nots'. Or maybe they just think that if you take from the 49% and give to the 51% that you will come out a winner. All I know is tha I'll do everything in my power to deny them my savings.
Feb '10
Re: The Theft Of Your Retirement
I've long thought this is the inevitable end of our current track-- if the car doesn't explode or derail catastrophically first in a sudden debt crisis.
Think about it. The "safe" Social Security is in the red, and they will have to raise the money somewhere. Of course they will cut benefits and raise the retirement age, but that won't be enough.
It just isn't fair that some planned ahead and piled up a big pot of money. How irresponsible of them to hoard and not share with those who weren't so lucky to be able to do so! "Millionaires" will be demonized, even though we all know you need at least a million these days for even a small retirement-- never mind in the future with inflation.
As for people getting up in arms about it, I have my doubts that anything but noise will come of it. It will be gradual as always, building up support among the have-nots until they outnumber the haves. Look how far we've already come. The water is hot and though the frog feels a bit uncomfortable, he hasn't jumped out of the pot yet.