When do the voters stand up and scream, "FUCK YOU OBAMA AND THE HORSE YOU RODE IN ON!" We don't want to fund more government wasteful spending by having them confiscate our retirement plans... we want them to SPEND LESS!! Out of the $2.6T in taxes they collect, we don't want them spending $3.8T! We want them to do something like... spend $2.5T and apply the other $100B to the national debt.
It's pure insanity. The Government is doing what caused the financial crisis -- using another credit card to pay off an existing credit card except that new credit card has a higher credit line and they plan to run it up. The money creation backing that new credit card is you and I. When that well is tapped dry where does the next lot of funds come from?
I was thinking of converting my regular IRA to a Roth while I am back in school but it seems so futile now. And plus I dont like being part of the govts attempts to pull tax revenues forward.
dont let the morons scare you. use common sense. if you have no income it is a perfect time to convert to a roth. convert enough every year to use up your standard deduction. that allows you to convert tax free.
This is not gonna happen at all. There would be zero political will to do so, as the politicians/party that do this would be eternally branded as the ones who "stole the Americans retirement funds". Don't lose your sleep on this one.
No, I don't think they will confiscate 401(k)'s or IRA's for the reason you stated and for other reasons but I do believe they are going to phase out the 401(k) and IRA and replace it with an employer and employee sponsored national pension plan for <b>future</b> contributions. There will be hell to pay if the Government seizes existing accounts but will they be able to get away with forced <b>future</b> contributions into a national plan instead? I believe they will and I believe that's where this is heading. "No, we're not going to steal what you currently have but yes, you will be buying our treasuries."
I agree that this is the most likely scenario. It would be political suicide to try to confiscate for the Dems and the Republicans would have a field day with that one.
In my book, the fact that Reagan followed unrighteous fiscal policy in no way absolves Clinton for his own fiscal sins.
I oppose obama's idiot-ology about as much as anyone can, but evidently I didn't read the same proposal as the rest of you. I didn't see where it mandated buying treasuries or annuitization , only requiring it to be OFFERED as an option to the 401k participant. I don't see that as bad in itself. Now if they are trying to incrementally sneak an Argentina on us then I think teflon coated (brass core) projectiles the appropriate answer.