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Obama Begins Push for New National Retirement System

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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.

 

From the National Seniors Council

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26 Comments

26 Comments

  1. Karen McKee

    November 21, 2012 at 12:26 pm

    This is a joke rich people sitting around wondering why the poor dont save enough for retirement , someone should tell them house car utilities food add up ,

  2. Tony Lancon

    November 21, 2012 at 12:33 pm

    Some of us have spent our entire life paying into social security, and putting a little away for our “golden years”. It isn’t easy, but we manage to raise a family, support a home and live that long. I want the government to leave me and my money alone. Giving free retirment to fatherless breeders is WRONG!!!

    • Bill

      November 22, 2012 at 6:11 am

      The Voter Fraud Party Wins Again!!!!!!!!!!!!!!!!

      this is a test

  3. cary williams

    November 21, 2012 at 12:39 pm

    ok so now u realy see what the ass wipe is goin to do to all of us it time for us to fire him what a lire now do u c what u voted for way to go

  4. deborah baker

    November 21, 2012 at 1:49 pm

    I would love to email this to my friends who are not on facebook.

    • Steve Foley

      November 21, 2012 at 2:57 pm

      Easy just click on the envelope/Email button in the share tab on the left hand side of the post (the floating box with under Twitter and Facebook)

  5. Justin Benson

    November 21, 2012 at 4:26 pm

    How does this benefit the rich? This is benefiting me and I am not rich. This benefits those who have jobs. We would be better off if the Obama Administration would allow businesses to create more jobs, thus reducing people in poverty.

  6. Joe ThePimpernel

    November 22, 2012 at 8:02 am

    It wasn’t fair that people who didn’t buy health insurance didn’t have any, so the solution was to make the people who bought their own health insurance buy health insurance for those who didn’t.

    Now people who don’t save for retirement get to have the money of those who did, because it’s not fair that they don’t have any.

  7. mike

    November 22, 2012 at 8:06 am

    Wonder how quick they will exempt themselves from their regulations?

  8. David Farrar

    November 22, 2012 at 10:46 am

    If Americans are not saving as much for their retirement as they could”, the responsibility of government could only extend to insuring a small percentage is taken out of their earnings for their retirement years, but not controlling its investment.

    ex animo
    davidfarrar

  9. mark veach

    November 23, 2012 at 12:32 am

    It’s so unfair. Oh my goodness! Is that the battle cry of the oppressed? No. But it is the compliant used by the Hussien’s Administratiin through the media. And it works. Remember when the cry was,”No one should be denied healthcare.” Now the new cry is “The rich should pay their fair share.” Tax hikes went into place for everyone. If you tell a big lie, and repeat it enough times, people will repeat it. Our republic has degraded in to mob rule. One step before anarchy, then complete lock down…

  10. Lee Gallion

    November 23, 2012 at 1:36 am

    Justin,where you are wrong is that even if small businesses create aRECORDamount of jobs,it won’t do anything for poverty in the innercity.The reason for this is because they just want a government hand-out,not a hand-up!

  11. Bart Sellers

    November 23, 2012 at 9:49 am

    Thank you for your service to our great nation, Steve, and for the work you are doing now to keep it great.

  12. David Farrar

    November 26, 2012 at 2:51 pm

    Whatever plan they decide upon; I am sure it will have a five, ten or fifteen year grandfather clause in it.

    ex animo
    davidfarrar

  13. Paul Ryan

    November 28, 2012 at 8:06 am

    WORLDWIDE, STARTED WITH THE BANKING AND FINANCIAL CRISIS IN THE USA WHICH WAS CAUSED BY BARACK OBAMA!!

    1. Obama working as an attorney for ACORN, sues Citi and
    other banks to force them to accept sub-prime mortgages.

    2. They won the lawsuit and used this as leverage to force
    lenders throughout the US to accept sub prime mortgages

    3. After a few years the house of cards collapsed and 50% +
    of those bad mortgages caused foreclosures.

    4. Housing and financial crisis followed, causing wide spread
    unemployment and business and bank failures.

    This all happened in a period of about 15 years, hitting a peak
    2008/2009 and continues …..

    And one person is to blame – Barack Obama. He may have meant well and his motives pure, but the results have been a
    disaster ….

    http://answers.yahoo.com/question/index?qid=20090926012009AAfqnXu

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