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Obama Begins Push for New National Retirement System

by on November 24, 2012

BE VERY AFRAID… I heard about this several years ago, but a second Obama term may see the introduction of many things once thought to be only just stories… This is consistent with the theme that the rich aren’t paying their fair sharel. In this case, the definition of ‘rich’ is being expanded to include those who participate in 401k programs. So unfair to the poor!

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.”

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.”

Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administration’s point man on this issue.

http://www.nationalseniorscouncil.org/index.php?option=com_content&view=article&id=89%3Aobama-begins-push-for-new-national-retirement-system&catid=34%3Asocial-security&Itemid=62

From → Retirement, Taxes

2 Comments
  1. 14allnall41 permalink

    It’s called “social security” – a retirement program established by the govt.

  2. 14allnall41 permalink

    The govt has already set up a program – it’s called retirement, and it’s mandatory that we all participate. So why do we need this? Will someone who serves the people in Congress please start asking some relevant questions?!

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