very very soon.
EXCERPT: “LONDON (Reuters) – The surprise decision by euro zone leaders to part-fund a bailout of Cyprus by taxing bank deposits sent shockwaves through financial markets on Monday, with shares and the bonds of struggling euro zone governments tumbling.
The bloc struck a deal on Saturday to hand Cyprus rescue loans worth 10 billion euros ($13 billion), but defied warnings – including from the European Central Bank – and imposed a levy that would see those with cash in the island’s banks lose between 6.75 and 9.9 percent of their money.”
This is Socialism on steriods folks, the very kind of government that Lord Barackus the Worst jerks off too when Reggie Love is AWOL! Imagine, your countries leaders take you into the EU, probably without your approval because it voids your national sovereignty. Then they run up a wicked debt. Then they need a bailout and the EU approves a $13B bailout loan and YOUR bank account gets TAXED up to 10%, again, without your approval. Think it cannot happen in the USA?
As of the end of 2012, total retirement assets in the US were approximately 18 TRILLION with almost 9 TRILLION in 401Ks/IRAs. Now Obama’s debt is over 16 TRILLION and he and his fellow travelers drool over the thought of seizing that money and creating a “government retirement fund” that would be means tested.
In other words, you’ll work your ass off to contribute and then THEY’LL tell you what you rate in retirement. Fantasy right? Fiction right? Wrong.
EXCERPT: “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.”
The alarm bells should sound when you hear the words, “fair share.”
Okay, that is the first step from the Obomunists. Poor people can’t save money. No shit, Rebecca, it is because they’re on welfare from the cradle to the grave! Here is TIME magazine justifying a takeover.
EXCERPT: “Everything including the sacred mortgage deduction is on the table as lawmakers wrestle with the fiscal cliff, a year-end avalanche of scheduled spending cuts and tax increases. With a combined $10 trillion sitting in IRAs and 401(k) plans, retirement accounts make a juicy target. Some of this money has never been taxed, and under current law never will be. To maintain this savings incentive the government “spends” $100 billion a year in the form of tax breaks to those who stash money in these kinds of accounts. Now, a new study suggests this tax incentive does little to change saving behavior. Some lawmakers, no doubt, are wondering: Why keep an expensive tax incentive that does not incent?”
How it’ll all go down (as it already HAS in Mexifornia under Gov Moonbeam).
Saul Alinsky, “never let a good crisis go to waste.” So the Obomunists create a crisis, which this administration and its media lackeys are quite adept at, (probably rampant inflation since Bernanke is STILL printing money and giving it to Wall Street, hence the stock bubble) and we can no longer afford to eat much less save. BAM! In steps the Obomunists who say that they can take the TRILLIONS in 401Ks/IRAs and develop a national retirement plan (already tried once in 2009 by the Left) wherein we’ll all be taken care of and EVERYONE will get their fair share via means teasting. Indeed, it was Turbo Tax Timmy Geithner who ALREADY called for NO MORE DEBT CEILING who planned two years ago to loot the TSP of federal employees!
Now jump to Obama’s FY 13 budget. Introduced by Hanoi John Fonda Kerry and Jeff Bingaman is a plan that would FORCE private companies to automatically enroll their employees into a government-mandated IRA, which also FORCES said businesses to contribute up to 3% of the employee’s pay as well, unless the employee opts out. (Page 147 of the budget plan) So businesses now have to pay a corporate income tax, ObamaKare tax, social security tax, workman’s compensation tax, and unemployment tax. Why go into business in the first place?
By forcing businesses to do this, they follow the same pattern of ObamaKare in that eventually, and ProgStats (Progressive Statists) look years down the road, everyone will HAVE to be in the government plan because private investments won’t be able to compete with the government gimme-gimmes, and they’ll go busto. Once we’re all in, they can loot the fund just like President Lyndon Baines Johnson (rot in Hell) and a DEMOCRAT MAJORITY Congress did to the Social Security Trust Fund in 1965. Trillions looted, pillaged, and pissed away in the miserable failure called, “The War on Poverty,” aka welfare.