Obama, Congress Want Your Retirement Accounts


Make no mistake about it the private retirement accounts, the 401ks and IRAs, belonging to individual citizens in this country are in danger of being seized all in the name of fairness and the government “protecting” us from losing everything due to stock market volatility.

The plan to get the natives sufficiently angry towards the private sector so the government can then step in as the benevolent savior of the people against those big bad boys on Wall Street seems to have worked perfectly with the A.I.G. fiasco. Nevermind that it was the direct actions, and in some cases deliberate inactions, of our government that gave us this manufactured economic “crisis” in the first place.

While it has been reported that the collective retirement assets of Americans has taken a two trillion dollar haircut thanks to the generated financial meltdown this means there is still a roughly 15 trillion dollar pile of dough sitting in these accounts based on the numbers from the end of 2007.

That 15 trillion or so just sitting there will prove too much for politicians to leave alone especially if or more like when the world decides to stop lending the U.S. government any more money.

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The far left leaning, fast growing and very politically active Service Employees International Union, who’s contributions support Democrats over Republicans 96% to 4%, has launched a campaign to aggressively lobby the government to take over individual retirement accounts and spread the wealth around to make those retirement years “fair” for everyone.

Let’s read between the lines from a posting on the union’s blog.

SEIU partnered with The Economic Policy Institute (EPI), the National Committee to Preserve Social Security and Medicare and the Pensions Rights Center to launch Retirement USA, an initiative working for a new retirement system that, along with Social Security, will provide universal, secure, and adequate income for future retirees.

The Retirement USA principles will be used by SEIU and its partner organizations in this initiative as a framework for evaluating how well proposals would fulfill the goals of universal coverage, and secure and adequate income. The principals would include concepts such as:

* Pooled assets that are professionally managed;
* Shared responsibility among employers, employees and the government;
* Payouts only at retirement;
* Benefits that could move with you even if you change jobs

“The financial crisis and the economic recession have shone a spotlight on the inadequacies of today’s system,” said Stephen Abrecht, Director of Benefits and Capital Stewardship for SEIU. “The time to act is now.”

(Notice the usual sense of urgency?)

No, they are not talking about a program that applies only to their union members, they are talking about “pooling” everyone in the country’s retirement accounts.

The same language including the ever present loony lefts’ favorite word “crisis” can be found on the previously mentioned Retirement USA website,

While each group involved in the Retirement USA Initiative is actively working to strengthen current pension and 401(k) programs for today’s workers, they are convinced that it is critical to start now to lay the foundation for a new system to supplement Social Security for future retirees — one that is universal, secure, and adequate.

By combining key elements of traditional pensions with those of 401(k)-type plans, and adding new ideas, the Retirement USA principles provide a framework for a system in which employers, workers, and the government share the responsibility for retirement income security.

Keep in mind this isn’t some rinky dink union with dreamy pie in the sky hopes for change. This union has over two million members and is pushing hard for the deliberately misnamed “employee free choice act” so they can add more member’s dues to their bank accounts in order to further their leader’s socialist political agenda.

This union was in the thick of the Illinois Governor’s scandal revolving around the selection of Obama’s replacement for his state senate seat. The nytimes.com reported last December,

Union Is Caught Up in Illinois Bribe Case

The Service Employees International Union has long boasted that it is on the cutting edge of the labor movement. But the union found itself badly embarrassed this week when it was named in the federal criminal complaint charging Gov. Rod R. Blagojevich of Illinois with maneuvering to secure financial gain from the appointment of the state’s next senator.

The complaint said Mr. Blagojevich’s chief of staff, John Harris, had suggested to a service employees official that the union should help make the governor the president of Change to Win, a federation of seven unions that broke away from the A.F.L.-C.I.O. The complaint said Mr. Blagojevich, a Democrat, was seeking a position that paid $250,000 to $300,000 a year.

In exchange, the complaint suggested, Mr. Blagojevich had expected the service employees union and Change to Win to seek to persuade him to name President-elect Barack Obama’s first choice, Valerie Jarrett, to succeed Mr. Obama in the Senate. The union would also receive help from the Obama administration, presumably for its legislative agenda.

Several union officials in Chicago and Washington said the service employees official approached by Mr. Harris was Tom Balanoff, the president of the union’s giant janitors local in Chicago and head of the union’s Illinois state council. Mr. Balanoff, one of the union officials closest to Mr. Obama, is widely seen as an aggressive, successful labor leader, who has helped unionize thousands of janitors not just in the Chicago area but also in Texas.

Service employees officials said the criminal complaint did not accuse the unnamed “S.E.I.U. official” of having done anything wrong. All the official did, they said, was listen to Mr. Blagojevich and his chief of staff and ferry some messages for them.

A senior service employees official who insisted on anonymity because prosecutors had asked union officials not to talk said his union was one of many that backed Mr. Blagojevich and received favors from him. But he said it was understandable that Mr. Blagojevich would ask the service employees for a favor because it was so powerful and was one of the unions closest to Mr. Obama. (Patrick Gaspard, the former political director of the service employees’ huge New York health care affiliate, 1199, was political director of Mr. Obama’s campaign and has been named the White House political director.)

That’s right this union has people very close to Obama and we all know how pro union the president is now don’t we?

Not to be outdone congressional Democrats are now jumping onto the bandwagon claiming a desire to review retirement account legislation (immediately suspended by Obama once he took office) enacted by the Bush administration that was described by New Jersey Democrat Rep. Rob Andrews, chairman of the House Subcommittee on Health, Education, Labor and Pensions, as nothing more than payback to “special interests.”

A payback to special interests like the billions of taxpayer dollars handed out the last two months by Obama and his cronies Mr. Andrews?

Let’s again read between the lines in this foxnews.com article,

[Democratic]…Lawmakers took a hard look Tuesday at rules adopted in the final days of the Bush administration on how millions of Americans with 401(k) and individual retirement accounts get guidance on investing for retirement.

Members of a congressional panel said they wanted to ensure that retirement account holders have access to unbiased investment advice, an issue that’s all the more important since stock market declines drained billions from retirement savings.

Supporters of the rules put in place by the Bush administration contend consumers are protected as best as can be expected considering so few people bother to read or pay attention to important documentation. (Remember that “foreclosure crisis” we kept hearing about until it no longer served a political purpose? You know, the one where people didn’t bother to read their mortgage paperwork before signing on the dotted line?) However many Democrats claim that people just aren’t smart enough to take care of their own business and of course need the government to look after their interests and make sure that those evil private sector companies do not make any profit off their employee’s labor.

“If workers receive investment advice, it should be independent and free of conflicts of interest,” said Rep. Rob Andrews, D-N.J.

So who makes the decision about sound investment advice for little or no compensation Mr. Andrews? The federal government that can’t do anything right? The federal government that is so far in debt it will never dig itself out of the hole that’s been dug by people just like this congressman?

The stock market was manipulated, it took a huge dump across the board and people lost a ton of wealth. No amount of investment advice, unless you had an inside track to the ruthless bastards who were pulling the strings behind the scenes, could have prevented these losses and of course nobody expects their own government to have a hand in deliberately assisting in the destruction of a nation’s economy. People in this country have lost an incredible amount of hard earned accumulated wealth while their president sits and giggles like a damn schoolgirl about it.

Unfortunately it appears to me that the last laugh is going to be on people who think they have any kind of a secure retirement via their 401k or IRA. This government cannot continue to print monopoly money and they know it. The few countries that were willing in the past are becoming more reluctant to loan money they know will never be repaid especially with the direction this country is going under this Obama administration. Come to think of it, I wonder what we are using for collateral for all that U.S. debt China holds?

Obama’s well known desire to spread the wealth around will almost certainly extend to these retirement accounts as there is no way in the world the Democrat infected Congress will be able to keep their hands of that pot of money and there is little in the way to stop them right now.

These far left wing fanatics are under tremendous pressure to make all the moves they can right now hence all this ad nauseam “crisis” nonsense. The 2010 elections are right around the corner and as Obama’s poll numbers continue to drop like a cue ball thrown from the top of the A.I.G. building there is a very good chance of a 1994 repeat and these lunatics know it.

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One Response to Obama, Congress Want Your Retirement Accounts

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