U.S. Government wants to Redistribute people’s Retirement money

By MAC SLAVO | SHTF.com | NOVEMBER 21, 2012

A new effort by the Obama administration, Congress, the Treasury Department and labor unions aims to fundamentally alter how Americans plan and save for retirement.

Warnings have been popping up over the last several years about the possibility of re-appropriating the $3.5 Trillion sitting in private retirement and spreading those funds around to Americans who are deemed less fortunate.

This couldn’t possibly happen in America, right? At one time, most Americans also believed heath care mandates that force Americans at the barrel of a gun to surrender portions of their earnings into a universal system for all would never happen. Well, it did.

And now, those who would control and regulate every aspect of our lives are making a new push; one whose efforts will ultimately end in the seizure and redistribution the personal retirement savings of every American who has ever put money into a 401(k) or IRA.

This is no longer in the realm of conspiracy, but rather, public record.

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).”

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.

“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.”

Via: National Seniors Council

With the re-election of President Obama, a majority Democrat Senate and powerful organization and lobbying from labor unions, we can fully expect legislation that will shift private accounts into the public coffers  to become reality in the not too distant future.

In fact, the push to mold the perceptions surrounding this issue is already on, as highlighted in a recent Market Watch article which claims to explain the 10 Things 401(k) Plans Won’t Tell You.

Did you know, for example, that 401(k) plans aren’t supposed to provide you with full retirement benefits, and that they were originally intended to be “mere supplements” to other plans, and that they only “benefit the rich?” Not only that, but according to the article, no one can really tell you how much money you’re going to need; all of those math formulas and expert calculations were all wrong. Additionally, there are so many hidden fees that you’re losing hundreds of thousands of dollars to Wall Street (most of us knew that one).

And all this time, the millions of Americans who contributed their money to these accounts over the last three decades were under the impression that their accounts would one day grow into a retirement nest egg from which retirees could spend their days in comfort and relaxation.

Nope. We had it all wrong. Private retirement accounts were never actually designed to make sure that you could retire! Only a government managed retirement plan can ensure that you will have the money you need when you turn 59 1/2. Only they will be able to ensure you don’t pay excessive, hidden fees (even though they could have created legislation to require firms to overtly disclose this information int he first place). And, only the government can provide 100% full retirement coverage, not just supplemental funds. Oh, and they also know WHEN you should retire, currently 65 years of age.

It’s on folks. They are going to hit Americans from all angles on this one.

First, the political hearings that will claim only the rich are benefiting from private retirement accounts.

Then they’ll point out how stock market crashes and volatility put your money at risk. In fact, if we do have another market crash, look for this to be a key reverberation.

Then they put the spin machine into action, so that you think you’re getting unbiased analysis and truth.

Then they open the guilt spigot and make those who have personal retirement savings wonder if they are being greedy, and those who don’t have savings will direct their anger not just at the rich, but anyone who has put any money away.

Finally, they will pass a bill, which we have to pass first in order to know what’s in it, and it’ll be a done deal.

The government of this country is coming for everything they can get their hands on.

They Want You DEAD Before You Get Your Pension

By Neil Foster

As people struggle day to day, even if they’ve got a job at present, the government that cares about you wants to make you work longer whilst paying more towards you pension and promising you that you’re going to get less back for it then you expected.

The fact is, you weren’t ‘expecting’ anything. You were ‘told’ by the pension fund managers what you would get when you retired at 65 years old. But of course that’s now gone up to 68 years old which also means you’ll be paying for your pension for another 3 years on top yet you’re still getting less back?

I for one, for whatever reason, have always known that pension schemes were a scam. I’ve never had one and don’t expect there to be any such thing by the time I’m 68.

The question is, why is anyone paying into a pension when the sharks that run them regularly make these funds which you’ve paid for go bust thus losing all YOUR money which you’ve saved for years in the faint hope of getting some of it back when you retire?

Don’t you get it folks? It’s just another way of screwing you out of more money, in the same way that you pay your union fees just in case you might need the union one day who are the same people, on massive wages that YOU pay for who are busy making cushy deals up with government to cut YOUR wages while they still live like parasites from YOU with their friends and criminal cohorts in government. Yep folks, these crooks are laughing all the way to the bank and a fantastic retirement, well before 68 years old, that YOU have paid for.

Doesn’t that give you a great sense of satisfaction and a nice warm feeling knowing that you’ve helped these idiots who control you to have a nice, long, happy and wealthy retirement at YOUR expense?

Do you really think they’ve raised the retirement age because they’re short of funds to pay you at 65?

Why can’t you see that they simply hope you DIE before you claim a cent of your pension? That’s how they make their money folks. It’s cynical but it’s a fantastic business isn’t it especially when a lot of YOUR pension money can just disappear into a black hole called a ‘bad investment’. Face the facts folks, they steal your money, bad investments are just a smokescreen for fraud at your expense.

A Mickey Mouse politician can get himself elected in a tiny rural constituency, do nothing for 5 years and claim a full, index linked pension immediately, which means in effect they could ‘retire’ at 26 years old, yet these crooks want the ordinary person to pay more, get less and hopefully die before getting anything!

When are people going to WAKE UP to what’s being done to them? How bad do things have to get before they cry ‘ENOUGH’!

We the people around the world are being FLEECED by the criminals running our government and other governments across the world under the guise of looking after us. Well, quite frankly, the wolves looking after the sheep seems like a bad deal to me.

We are led by the nose, told lies every day by these pitiful creatures and what’s more, most of you believe them and truly think they are there to look after you when in reality the only people they’re looking after are themselves, PERIOD!

You and I are nothing to these people until it comes to voting them back onto the well funded, by us, gravy train known as politics. It doesn’t matter who you vote in, nothing ever changes.

There is a perception amongst the public that if they vote in this or that party every few years then things will get better. Let me tell you, I’ve seen nothing get better since I left school in the late ‘70s. There are still very poor people and there are still very wealthy people. The politicians still get massive wages, expenses, junkets and pension arrangements the rest of us could only dream about.

Voting for a ‘change’ of government is simply keeping the same circus with different clowns. We need a new political mindset where the people come first, not the politicians. There should be no massive salaries and pension arrangements. If these people are really in politics to ‘help’ society, then why don’t they get paid the average industrial wage? Why don’t they have to wait for their pension the same way the rest of us do? Why are we paying for them to go to work for us?

We are supposed to be the ‘masters’ and they are supposed to be our ‘servants’. Is that how it appears to you?

It’s time we let them know that the game is up for them and that we won’t put up with this criminal system any longer. We must stop voting for all the establishment parties and form our own system with honest people, with genuine intentions and ideas, who truly do want the best for the people.

The charade of mainstream party politics has to stop. The circus tent needs to come down and the clowns put out to retirement for good. If not, then we are going to continue being fleeced by these criminals who care nothing for us.

So, what are YOU going to do about it? Are you going to sit in front of your TV watching them as they lie to you, on one side of their faces telling you the recession is over but on the other telling you that you’re going to be a lot poorer?

Which is it?; better or worse? ; truth or lies? The choice is YOURS!

France to Seize Pensions by Raising Retiring Age

Financial Times

Expectations are growing that France is set to remove the right to retire at 60, as it embarks on a contentious reform of its debt-laden pension system and brings public finances back into line.

Christian Estrosi, industry minister, said on Sunday the government was “leaning towards an increase in the [retirement] age” in its talks with unions and employers’ federations, despite denials from cabinet ministers over the weekend of a decision being taken.

Although there has been much speculation that France’s legal retirement age of 60 – one of the lowest in Europe – would be abandoned, Mr Estrosi’s comments on national radio are the clearest statement yet of government intentions.

His comments are likely to give ammunition to unions planning a national strike on Thursday to protest against spending cuts and pension reforms.

The government is expected to announce its planned reforms next month and expects to have a draft bill before parliament by September. Nicolas Sarkozy, president, has made pensions the last big reform of his government before the campaign for the next presidential election in 2012 gets under way.

All but one of France’s five main unions have rejected suggestions that the retirement age should be increased, favouring instead taxes to fill a deficit expected to hit €32bn this year, as much as €45bn in 2020 and possibly more than €100bn in 2050.

The government is highly sensitive to the potential of pension reform sparking widespread unrest and will be watching Thursday’s protest closely. Former prime minister Alain Juppé was eventually brought down by national protests in 1995 when he attempted to restructure one of the most generous pensions systems in Europe.

However, there are signs of opinion shifting and the government may be hoping to take the opportunity presented by the Greek crisis to convince the public of the need for reform. A survey last week showed two-thirds of those questioned believed the pension system was in danger of collapse.

A similar percentage of respondents agreed that the retirement age needed to be raised from 60 to 62.