I’ve written about this twice, first in January 2011, and again on February 4th, 2013. When Bloomberg News reports the government is “weighing” a role in “helping Americans manage” their 401(k)s and when that government arm, The US Consumer Financial Protection Bureau, says it is “exploring and are interested in terms of whether and what authority we have,” it’s reason to pay attention. The following is from Rush Limbaugh today, and following his statement are other confirming information and links:
…from Bloomberg News: “The US Consumer Financial Protection Bureau 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’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,’ bureau director Richard Cordray said in an interview.
“He didn’t provide additional details. The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion…
This Consumer Bureau set up by Dodd-Frank wants to claim jurisdiction over 401(k)s. “The bureau could claim jurisdiction through its Office for Older Americans…” There actually is a bureaucracy called that, the Office for Older Americans, “which was established by Dodd-Frank with a mandate to improve financial literacy. It is run by Hubert H. Humphrey III,” ranking member of the ruling class, “the former attorney general of Minnesota,” and the son of the former Democrat presidential candidate.Â Source: Rush Limbaugh
The Senate held RECESS hearings in October 2010 – only Senators Harkin (D-IA) and Socialist Bernie Sanders (D_VT) were in attendance, representing the Senate Committee on Health, Education, Labor, and Pensions. First up to testify before Harkin and Sanders was a Ross Eisenbrey, the Vice President of the Economic Policy Institute (EPI), which “is housed on the third floor of the building occupied by the George Soros-funded Center for American Progress.”
Democrats in the Senate on Thursday held aÂ recess hearingÂ covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more â€œfairlyâ€ distribute taxpayer-funded pensionsÂ 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 â€œGuaranteed Retirement Accountâ€ (GRA) authored by Theresa Guilarducciâ€¦Â (You can find theÂ blistering interviewÂ with Guilarducci by radio talk show hostÂ Mark LevinÂ in 2007 at the link).
In a nutshell, under the GRA system government wouldÂ seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a â€œfairâ€ pension to everyone using that confiscated money coupled with the mandated contributions.Â 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.Â Read the entire story at Human Events, 10/8/2010 â€“ with testimony you will want to know about.
As I discussed earlier this month, part of this is about bailing out union pensions with your retirement.
Brett McMahon, spokesman for the Associated Builders and Contractors (ABC), a trade association, warns this hearing exposed part of a process that may come as early as the November lame duck push to bailout union pensions by attaching the bailout to an across-the-board extension of the current tax rates.
â€œI am deeply concerned that they will try to attach something like the Casey bill or the Casey bill in and of itself to tax cut extensions bill that is inevitably going to have to be dealt with at some point during the lame duck session,â€ McMahon told HUMAN EVENTS.
AsÂ reportedÂ in HUMAN EVENTSÂ the Casey bill from Sen. Bob Casey (D-Penn.) is a new entitlement program that would set up a permanent bailout of the union multi-employer pension plans that are desperately underwater through a new â€œfifth fundâ€ at the government Pension Benefit Guaranty Corporation (PBGC).Â Caseyâ€™s bill would create a line item on the federal budget through the PBGC to fund these union pension bailouts annually â€” union pensions that are underwater as a result of mismanagement that pre-dates the 2008 financial upheaval. Source: Visit the Human Events link above
Also from the Human Events article linked above:
Shareen Miller, a personal care assistant and a member of the Service Employees International Union (SEIU) Local Number 5 in Falls Church, Virginia, offered testimony about the need for wealth redistribution to fund her pension.
â€œI make $12 an hour and receive no healthcare benefits, retirement benefits, sick time or vacation,â€ the SEIU union member said.
Which begs the question: why is she paying union dues?Â Not exactly a sterling recommendation for SEIU membership.
This â€œproposalâ€ can only mean one thing â€“ Treasury smells smoke. Maybe you should pay attention to what theyâ€™re huffing! And before you say â€œoh theyâ€™d never do thatâ€ I want you to read this:
â€œHere is a warning to us all. The Argentine state is taking control of the countryâ€™s privately-managed pension funds in a drastic move to raise cash.
The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in Americanâ€™s retirement accounts.Â It seems that day may be finally drawing near.
As I said in my February 2013 article,
Cristina FernÃ¡ndez de Kirchner, the first elected female President of Argentina, could be Barack Obamaâ€™s twin sister any day of the weekÂ (and Iâ€™m not speaking of skin color).
She is a good match for Obama’s narcissism and lust for power. (Obama hugging Marxist power-monger who grabbed pensions!)
â€¦is once again ready to face a rather disastrous domestic situation, with a severe economic crisis, galloping inflation and a widening unemployment.Â Source: Vogue
Madam Kirchnerâ€™s husband preceded her in the presidency. (See, it does happen).
When public comment has already been asked for, something is brewing, and it doesnâ€™t matter what we want. They pander and then ignore us. I cannot find the comments,Â but did find oneÂ on a .gov website. We can see that the Senate found this matter worthy of their time. Itâ€™s coming. Read about the seized pensions in France, Hungary, Argentina, Ireland, Poland, and Bulgaria.
Notice both TIME Magazine and The Atlantic are calling the 401(k) tax deduction now a subsidy.Â Itâ€™s a government subsidy.Â Thatâ€™s important because that means itâ€™s the governmentâ€™s money.Â You didnâ€™t earn it, the government allowed you to have it, andÂ calling it a â€œsubsidyâ€ is a dog whistle term for people.Â â€œWhy are we subsidizing the rich?â€ is the shout from middle America and central California.Â â€œWhy are we subsidizing the rich, Mabel?â€Â So a tax deduction is now a subsidy. Source: Rush Limbaugh – Details: The Plan to Steal Your Â 401(k)
The Senate approved an agreement by an overwhelming bipartisan margin at 2:07 a.m. on New Year’s Day thatÂ would avert the so-called fiscal cliffÂ in part by encouraging investors to roll over 401(k) plans into Roth versions of those accounts….
The retirement-savings provision was included as a way to help pay for a two-month delay in about $110 billion of domestic spending cuts slated to go into effect on Jan. 1. The offset also involved other spending cuts.
Currently, 401(k) plan participants can only roll their money into a Roth 401(k) after three qualifying events: changing jobs, retirement, or reaching age 59 and 1/2. But under the Senate plan, workers with 401(k)s, 403(b)s and similar defined contribution plans would be able to convert to a Roth 401(k) designated in their benefit plan at any time.Â Lawmakers believe that easing restrictions on the conversions will produce federal funds because participants must pay tax on the money when they put it into the plan.Â Disbursements paid during their retirement years are made tax-free.
Don’t take your eye off how powerfully attractive bailing out union pensions is to Democrats. Their give-aways are the only thing keeping them in office, and they have won on everything in the past. You and I have lost. Put nothing past them.