US to nationalize pension plans as America becomes like Argentina

[zdreg]

http://www.google.com/hostednews/ap/article/ALeqM5jFqyDSxEoBRCQ1Fw9vBkxzCs-VqAD94V8BVG0

http://www.nytimes.com/2008/12/21/your-money/401ks-and-similar-plans/21retire.html?_r=1&hp

http://www.elitetrader.com/vb/showthread.php?s=&threadid=145981&highlight=argentina+pension

as less money goes into 401ks and performance dwindles the US government will seize them to shore up the bankrupt social security system.

 

[gnome]

Well, the Gummint would LIKE to. In fact, they'd like it if we all sent them everything we have and everything we make... and they just send us an allowance.

NObamanomics appears to be a big swing in that direction..

 

[moneymonger]

I doubt seriously that this will ever happen, although I do not
doubt that the Dems will try. It will be interesting to see how many congressmen and senators will vote for such a confiscation
of private wealth. If this were to become law I believe it would lead to armed revolt, a call to arms and perhaps a true civil war.
Most people who have to pay taxes will not simply forfiet their
porperty without a fight. But then again, I'm reminded by the fact
that people who pay taxes are now the minority in the USA!

 

[jd7419]

Quote from moneymonger:

I doubt seriously that this will ever happen, although I do not
doubt that the Dems will try. It will be interesting to see how many congressmen and senators will vote for such a confiscation
of private wealth. If this were to become law I believe it would lead to armed revolt, a call to arms and perhaps a true civil war.
Most people who have to pay taxes will not simply forfiet their
porperty without a fight. But then again, I'm reminded by the fact
that people who pay taxes are now the minority in the USA!

I agree I would raise arms. There are millions of armed americans (35 million) that would rather fight than let the governmet confiscate all they have worked for. I also think that doing this would indeed lead to landslide elections by the right for a very long time. America is not socialist europe no matter how hard liberals want it to be. Keep pushing normal americans into a corner and a civil war might really be the future.

 

[psytrade]

Pretty much anytime you lower rates to 0% you've nationalized the savings of the country.

Now you need to be more than a millionaire to live on short term securities.

 

[retire45]

The irony is if this were to happen quite a few wouldn't even notice it.

 

[IanMacQuaide]

Quote from retire45:

The irony is if this were to happen quite a few wouldn't even notice it.

Bingo!
Joe SixPack in his LazyBoy recliner doesn't even watch the news, let alone understand it.
All he cares about is 500 channels and another beer.

 

[gnome]

Quote from jd7419:

I agree I would raise arms. There are millions of armed americans (35 million) that would rather fight than let the governmet confiscate all they have worked for. I also think that doing this would indeed lead to landslide elections by the right for a very long time. America is not socialist europe no matter how hard liberals want it to be. Keep pushing normal americans into a corner and a civil war might really be the future.

It's amazing and appalling how the Gummint can just wipe out (sacrifice) the interest income of the fixed-income retired citizens (and others) to the benefit of different group of citizens.... All so that THOSE WHO SCREWED UP DON'T HAVE TO PAY FOR THEIR MISTAKES... and that the Gummint avoids "looking bad"... as best they can.

So following the atrocities of mismanagement of the country's credit, they foist dire consequences onto the shoulders of those who can least afford it.

Gotta say, it PISSES ME OFF!

 

[Random.Capital]

Quote from moneymonger:

I doubt seriously that this will ever happen, although I do not doubt that the Dems will try.

I take it you do not realize that it has ALREADY HAPPENED.

In the early 80s Reagan drastically increased payroll taxes, and dedicated them to a "trust fund" that holds nothing but Treasuries. The US has already been implementing this plan for over 20 years, and it was a significant factor in funding the so-called Reagan Boom.

The irony is if this were to happen quite a few wouldn't even notice it.

Heh.

Joe SixPack in his LazyBoy recliner doesn't even watch the news, let alone understand it.

Given the general lack of knowledge displayed by ET posters on virtually every topic, nobody here is in a position to make fun of Joe SixPack.

 

[moneymonger]

Quote from Random.Capital:

I take it you do not realize that it has ALREADY HAPPENED.

In the early 80s Reagan drastically increased payroll taxes, and dedicated them to a "trust fund" that holds nothing but Treasuries. The US has already been implementing this plan for over 20 years, and it was a significant factor in funding the so-called Reagan Boom.



Heh.



Given the general lack of knowledge displayed by ET posters on virtually every topic, nobody here is in a position to make fun of Joe SixPack.

Random, You are right. I did not know of this. But social security is a socialised insurance policy for us citizens. My IRA account
is my private property. Sadly, I believe that many Americans would forfeit their private accounts for the illusion of a gov.
sponsored retirement guaranty. For those people who have that
faith I say go ahead, jump off a cliff. But people like me will demand that our private property rights be honored.