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Obama moving to steal your pension

November 29, 2012

Heh heh … liberals think the dastardly “rich” should be punished and have their wealth grabbed up by the government. Well liberals it appears you are not exempt from the long arm of Barack Obama’s money and power grabbing goals. But don’t be sad … everyone has to have some “skin in the game”.

Thanks to

Obama Moving To Steal Your Pension Plan (excerpts)

Obama wants all your private retirement money

Obama has been lusting after your private retirement and pension funds for years. Now it’s being reported the federal government is accelerating its plans to grab your monies and tarnish your Golden Years.

Several years ago a radical professor met with some key members of Congress to tout her plan to have the federal government raid private pension plans, including all IRAs and 401(k)s, and fold them into the Social Security Trust Fund, or a new superfund comprised of Government Retirement Accounts (GRAs). The story, although covered, was under-reported by the mainstream media.

Professor Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, met with select Congressmen to advocate the confiscation of private retirement funds: 401(k)s, IRAs and company pension plans. She argued her plan met the needs of “economic justice.”

During her jaw-dropping testimony before the House Committee on Education and Labor, she pressed for the adoption of a multistage plan:

First, eliminate every tax break for 401(k) and other private retirement accounts.

Second, confiscate by Congressional edict every American’s retirement program. Toss all the money into the bottomless pit of the corrupt government and call the stolen cash “Guaranteed Retirement Accounts” (GRAs) to make it sound nice and official.

If anyone has the temerity to resist the government theft of their retirement nestegg, she had a solution for that too: fine or jail them.

Blogger Brenda Bowers summed it up this way:

“Let us deconstruct this. Here’s how it would work. The government would seize the $3 to $4 trillion in assets currently invested in retirement plans. The government would now own all the assets, having taken them out of the private sector. That would be in return for a promise that the government would make timed payouts—monthly or whatever—to the pensioners over the coming years. The government has already betrayed the public trust by spending the assets in the social security trust fund, leaving worthless IOU’s as placeholders. Now they want to do this with our employee retirement plans and our personal retirement investments.”


Cartoon by: Michael Ramirez

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6 Comments leave one →
  1. November 29, 2012 2:57 pm

    Reblogged this on Gds44's Blog.


  2. November 29, 2012 5:01 pm

    Any bets that union pension funds would be exempt?


  3. AFVET permalink
    November 30, 2012 2:05 pm

    This doesn’t affect the 51% that put this jackass back in office.
    The ‘rich’ in Obama’s mind are also the people that religiously saved their money for retirement.
    Now, the dividend and capital gains taxes will increase.
    Estate taxes are slated to increase also.
    No end to it.
    Romney stated during the primary debates that there should be NO taxes on dividends.
    I agree, the savings have already been taxed once.
    Estate taxes should disappear also, that is triple taxation.

    My mother in law is still a rabid Obama supporter.
    My sister-in-law’s husband bought her a house. (conservative small business man).
    She’s just not good at 2+2.


  4. December 1, 2012 2:30 am

    They’ve already done this in – I believe it’s Argentina but it might be another South American country. It won’t be long before they’re actively trying to do it here.


  5. December 7, 2012 11:29 pm

    Reblogged this on DamDems and commented:
    And you think Obama is a nice guy… think again


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