The United States (The Gaslamp Post) – President Franklin D. Roosevelt said that, “In politics, nothing happens by accident. If it happens, you can bet it was planned that way.” It is with this quote that one has to wonder what the whole “fiscal cliff” business is all about.
According to the mainstream media, unless the president and congress act immediately, we will go over said cliff. That’s quite a mental picture, is it not?
They are saying that taxes will go up and things will get cut. So far we’re watching a game of chicken, where it’s back to the narrative of the president coming to the table but those darn Republicans just refuse to budge. The Republicans accuse the president of only wanting MORE money in order to do another stimulus.
It’s like watching WWE Friday Night Smackdown, where we Americans are back to being divided, each supporting our team and hating the other. Anyone out there consider themselves a Democrat or a Republican?
Guess what, you’re neither. Unless the DNC or RNC cuts you a check on a regular basis, you’re not either, you’re simply an American. Hey relax, that’s a good thing!
Two things are at work here; one is that they are using a crisis that THEY created, in order to pull off something (which will truly only benefit themselves), and two, there’s something else going on that they’re not talking about, and this whole fiscal cliff nonsense is thrown in our face as a distraction.
Remember what FDR said, nothing happens by accident… You mean to tell me that the people we put in Washington, the best and the brightest, had no idea that we were heading for this? Geeze, given how enormous this coming crisis is, you’d think that someone would have said something during the campaigns which led up to election just a mere three weeks ago.
Nope, it’s not what they’re talking about that should cause us concern, it’s what they’re NOT talking about. Remember, if there’s one thing that we’ve learned from this administration, it’s that they love to throw a good smokescreen.
America, have a seat… These bastards are about to take your retirement account and you’re going to not only ask them to do it, but then thank them for doing it. Tyrants LOVE a panicked population when they beg for deliverance.
In addition to jacking up our taxes to fund their spending, because we’re not standing up and telling them to knock it off; they’ve figured out how much Americans have tucked away in various IRAs, 401(k)s, and other various savings plans. Now our elected employees have very stealthily devised a scheme that will fix all of our (their) problems.
The plan is to “nationalize” your retirement account, empty your account, and refill it with fed treasury bonds. They believe that this would help to close the deficit and also help them pay back their supporters.
They are going to outlaw private retirement accounts very soon, mark my words.
Stand by for the announcement that ALL AMERICANS are going to get a government managed retirement account.
First, let’s take a look at what a 401(k) (and some other retirement plans) actually are. They are savings plans where people can take pre-tax money and sock it away. This money is then invested over time hopefully will yield a profitable return. It isn’t taxed until it’s either taken out during retirement (after 59 1/2 years of age as of 2012) or it’s withdrawn early. It can be borrowed in order to purchase a home or fund a college education, but it must be paid back.
That being said, the clowns in Washington suddenly consider these plans a sort of subsidy, since Americans aren’t paying taxes on the money going in. Somehow they’re forgetting that taxes are going to be taken out eventually. That is of no consequence to them, they want to tax and spend now, and figure out the solutions next year.
Americans have deeper pockets than they thought.
An Investment Company Institute study published this month found that U.S. retirement assets totaled $18.5 trillion at the end of the second quarter 2012, of which 3.5 trillion was in IRAs and $5.1 trillion was in 401(k) plans.
You can’t tell me that they’re just eying that and are going to simply walk away.
Here’s something else to think about; who was one of the biggest single supporters of Democrat candidates as well as the president during the campaign trail? Yes, I’m aware that I said the “D” word, but just hang on a second, this is going somewhere.
In the last two years we have watched both public and private sector unions act up, strike, hold businesses and taxpayers alike hostage, and it’s all been over crap that they think they’re entitled to. Never mind that the rest of us are hurting during this nonexistent economic recovery, they want their money. Hold the phone, my bad… they want YOUR money!
The unions have a problem: They have massive pension obligations that are woefully under funded. Some reports indicate that their pension funds are only 62% funded, with total shortfalls approaching $165 billion.
Their approach is to convince the government to take custody of ALL 401k assets and effectively nationalize them into a government guaranteed annuity that will pay about 3%. That’s a rate that will guarantee that you lose money after inflation.
One of the largest contributors to the Obama cause is the Services Employees International Union (SEIU). They are the “face” organization behind this plan to centralize America’s savings into “Guaranteed Retirement Accounts” (GRA’s).
Now, guess where those 4 trillion 401k dollars will end up being invested?
The recipient of all this largesse will be US treasuries. This is a triple win for the Obama administration, the Federal government, and the unions:
The unions get to bail out their under funded pension funds by delivering guaranteed returns which, as measly as they are, are better than zero returns. The democrats get to return the favor back to the unions for their long term support. And the Federal government gets to use our money to help fund the federal deficit.
The sales pitch being used is that this should be done to save Americans from the “emotional ups and downs” of the stock market! How galling is that?
But even if this nationalization effort fails to pass, savers are still being assaulted by the Obama administration.
America, this is wrong. People went along with the socialist message of going after the rich; that whole “once you make $250,000, you’ve made enough money” nonsense. That was an arbitrary number that the president simply pulled out of his rear, as he pointed his finger at some and called them guilty.
Yes, the guy who said he was fighting for the middle class is going to rob them. Who’s getting your savings? The one’s who supported the president. Do we not remember what Valarie Jarret said?
“The ones who helped us will be rewarded, the ones who opposed us will get what they deserve.”
Your hard earned savings is going to be taken from you by rule of law and given to someone else. Why? Because YOU allowed them to… oh no wait, it’s because you DESERVE it, according to Valarie Jarret.
So now what about this nationalization business?
Our employees are going to take our accounts – our money – and hand us debt notes in exchange. From one perspective, it’s the same thing as regular dollars, since the dollar bill you hold in your wallet is nothing more than a piece of paper representing a piece of American debt which has only a fiat value of what someone else is willing to pay for it; i.e. China, Argentina, Russia, etc. On the other, it is also a planned leverage that will profit those who are betting against it.
On top of that, since it’s going to be a nationalized program, they’re going to require that businesses and employers pay into their employees retirement accounts. How is that going to keep employers and businesses around? How is that going to create more jobs when it’s strangling a business already crippled with other taxes and regulations?
Do you think that the collapse of the Euro and what is happening in Europe through austerity, where Ireland and Germany are paying for Greece’s, Spain’s, and Portugal’s bailouts, was by accident?
Social Security was touted as an insurance policy against bad times:
frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age
Social Security is empty. Do you honestly believe that you have an account full of your paid-in funds? Where is it? Where can you go to see it? America, the vault is full of I O U’s. You can thank President Bill Clinton for that (how do you think he was able to balance the budget?).
If Social Security was working, why the hell would would our representatives be doing this? Answer: Because it’s a scam, it is farce. While you pay in, they line their pockets and toss treats to their pets whom supported them. Mark my words, this is coming and people will welcome it without doing their homework. Did you know Obamacare legislates not only doctor visits and abortions, but also road and bridge projects?
Guess who’s paying for it… YOU!
Don’t take my word for it, just read what a commodities firm has documented in the last few years about what congress has been up to while you weren’t paying attention:
On May 18, 2011, senators Herb Kohl (D-WI) and Mike Enzi (R-WY) introduced S1020: “Saving Enhancement by Alleviating Leakage in 401k saving Accounts”, AKA: Seal 401k savings accounts.
First comes Restriction, then Outright Control! This bill will Restrict you from accessing Your money; you wouldn`t even be able to borrow from it.
On February 23, 2012 California congressman Kevin De Leon introduced SB1234, it`s known as: “Golden State Retirement Trust”. This Bill is based on GRA`s
On May 6, 2012 Lauren Schmitz, a research analyst at the Bernard L Schwartz Center for Economic Analyst (SCEPA), introduced HB5337. SCEPA is the very same Institution where Teresa Ghularducci originated the GRA concept. Of course, this Connecticut Bill is also based on GRA`s.
Other states such as, Massachusetts, Florida and Ohio have made or are actively conducting moves such as GRA’s.
As Reported in [Vol. 7.1] of the South CAROLINA JOURNAL OF INTERNATIONAL LAW AND BUSINESS:
The Social Security Administration would administer the GRAs in addition to existing Social Security benefits. Without a tax incentive, 401(k) plans would likely cease to exist, making Social Security and GRAs the principal retirement investment vehicles for many Americans.
However, Congressional borrowing from the Social Security Trust Fund for non-Social Security spending`s has resulted in a Treasury debt to the Trust Fund in excess of $2.6 billion. Implementation of GRAs would provide the federal government with an entirely new source of capital to raid to meet current spending needs.
In essence, taxpayers would be nudged out of Section 401(k) plans and into a government held and government-managed retirement system that the Treasury could borrow against. These measures comprise a network of capital controls that use regulation, incentives, taxes, and the threat of civil and/or criminal penalties to incentivize taxpayers into directing their investments where the U.S. government has more disclosure, control, and access to the capital.
America, this has happened right in front of you and you did nothing. I am not a financial expert, but I know when I’m getting the rug pulled out from under me. We have Social Security but it’s been emptied and gutted by the bureaucrats and politicians.
Now they want to take MORE from you and I, and sell it to you as something that’s really good for you. What happens when they burn through that as well? If they did it once already, what makes you think they won’t again?
Far be it from me to tell you what to do with your retirement, but you should be aware of what they’re doing behind your back.
If still you doubt me and what I’ve presented to you today, then I simply ask you to protect yourself and your family. Type into your search browser these four words: Obama, 401k, nationalization, unions.
Draw your own conclusions…
(h/t: The Gateway Pundit)