More Euro-Socialism: Obama Pushes For National Pension System

One that would eliminate all private retirement accounts. This must be stopped.

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.”

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.

“This whole issue is moving forward very quickly,” warns Crone. “Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.”

The Pension Rights Center has close ties to unions in the US and we know that unions are nothing but Marxist incubators:

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.”

It is all outcome based thinking and not opportunity based. This is how Social Security got started. FDR recognized the limits of a government backed pension scheme in his statement upon signing the Act on August 14, 1935:

We can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age.

And he expressed a sentiment that we know today to be nothing short of a fantasy:

This law, too, represents a cornerstone in a structure which is being built but is by no means complete. It is a structure intended to lessen the force of possible future depressions. It will act as a protection to future Administrations against the necessity of going deeply into debt to furnish relief to the needy. The law will flatten out the peaks and valleys of deflation and of inflation. It is, in short, a law that will take care of human needs and at the same time provide for the United States an economic structure of vastly greater soundness.

FDR only foresaw 30 million people taking advantage of this plan:

This social security measure gives at least some protection to thirty millions of our citizens who will reap direct benefits through unemployment compensation, through old-age pensions and through increased services for the protection of children and the prevention of ill health.

Today we have 47 million on foodstamps alone, Social Security and Medicare/Medicaid now account for over 43% of the federal spend (I can’t say “budget” because we don’t have one) and in April of this year, for the first time since the Great Depression, 60% of American households were receiving more from the government than was being paid in:

For the first time since the Great Depression, households are receiving more income from the government than they are paying the government in taxes. The combination of more cash from various programs, called transfer payments, and lower taxes has been a double-barreled boost to consumers’ buying power, while also blowing a hole in the deficit. The 1930s offer a cautionary tale: The only other time government income support exceeded taxes paid was from 1931 to 1936. That trend reversed in 1936, after a recovery was underway, and the economy fell back into a second leg of recession during 1937 and 1938.

This is how we have lost liberty – not in massive bites but bit by bit over decade after decade. Not a flood but a constant drip until the bucket is full. A common tactic of the left is to pay this incremental game by only looking back a short period and saying “well, this is just a little more” or as Obama says about the “rich”:

“A modest tax increase on the wealthy is not going to break their backs,” he said. “They’ll still be wealthy.”

You can only conceptualize how far we have fallen by looking at the top of the cliff, not the rocks at the bottom. Look to history to understand what we have lost and whether it was worth it.

Past is truly prologue.

18 thoughts on “More Euro-Socialism: Obama Pushes For National Pension System

  1. “Shared Responsibility. Retirement should be the shared responsibility of employers, employees and the government.” — Retirement USA

    Sounds like more redistribution of other people’s wealth and savings by the pothead proto-Marxists who coin terms like “Retirement Income Deficit”; who should have saved a little money along the way instead of investing it all in Colt 45s, Grilles that say “Ray-Ray”, cannabis, and lord knows what else.

    But hey! Their lack of one ounce of fiscal responsibility is someone else’s fault, and the rich much pay … again.

  2. Utah,

    Search those deep memory banks. Do you remember me sharing Beck’s predictions that Obama would come after our private retirement plans and our 401Ks? They will take the money as part of this plan (or one like it). The justification will be “they need to fund the new program,” so those with actual savings will be “asked” to “contribute” and those who resist will be demonized.

    Even if Obama fails in his efforts to do this, I think we can add this to Beck’s growing list of accurate predictions. Incidentally, this one is about 4-5 years old.

    • Not that I’m knocking Beck, it’s hard not to see what these crypto-Marxists are after. After all, they wouldn’t be Marxists if they didn’t.

      Folks like a few of our erstwhile “friends” around here can’t get it in their heads that is what they are and history is an accurate predictor of how things will end.

      Beck’s radio show is streaming on-line now, I can catch him every now and again.

      Good luck with your project – don’t forget us little people when you become a celebrity.

          • Augger,

            Not yet. I have a friend who is a “someone” in radio. He will be getting his own FM channel and antenna sometime this winter. Not very powerful, but Kells might be able to pick it up. HOWEVER, he will be making pod casts and streaming the show on the net once we get up and going.

            Currently, they are pushing me to start a YouTube channel to help get things going. I hope to actually have my first video clip ready by the end of the weekend. It will be a lot like the stuff Bob Whittle does, only on different subjects.

            In what may be a surprise for Melfamy and McPherson, a great many people who have attended my classes in person have been so impressed as to push me to do more and to look for a larger venue. The only reason I haven’t is because — contrary to what our two friends there believe — I do not have that big of an opinion of myself. I do not see in me what they do, so, I suppose I have a confidence issue.

            But that is waning. When a man as successful as my friend with the studio says I am “pure political junkie solid gold” and says he has to think about marketing me on a higher level, I need to start listening. After all, he has ‘done’ in the industry, so he knows better than I… :*)

            • Well, there is good money it for sure. Just not sure I have the temperament to engage politics to the level of “junky”. The lunacy of the left, and the constant attacks on other people’s hard earned money just about makes my head explode.

              It would be like Levine on steroids I am afraid … with a stroke to quickly follow.

              • Augger,

                Funny you should mention Levin. He is the one the radio insiders have said I most compare to — only without the “Bortz-like” attitude.

                Actually, I am self-aware enough to know I need an on-air co-host who knows me well enough to act as a go-between me and the caller. I have him, and he would be part of the show.

      • Utah, I have to disagree. I think they can get it in their heads. I think they are just simply small enough of moral character to not care for anything else but their own envy, and desire for something that they have not earned. It all boils down to:

        The Free Sh*t Army wants what you have, no matter how they have to get it, and as long as they do not have to pay for it.

      • BTW: Most of his critics miss something very important about Beck’s predictions. He has openly and repeatedly told people he does not have a crystal ball, he is just telling us what he can about what others tell him but are too afraid to publicly say themselves. Anyone paying attention would have noticed that most of what Beck has predicted has been supported by “the movers and shakers” months after Beck says them. It doesn’t take a genius to figure out that these people behind the scenes are afraid of where we are heading and they are using Beck to help get the word out. So, in the end, the only thing “special” about Beck is that he shares my “IDGAF” attitude toward speaking the truth — no matter what the personal cost.

        Now, if only the people talking to Beck had the same patriotism and courage and sense of honor to just come out and say stuff, themselves. 😦

        • Well that’s just the thing Joe. I don’t believe Beck is anymore of an intellectual heavyweight than most commentators, or pundits out there. I think he just dedicates himself (and his team) to dig deeper in to events, and the human psyche than do most.

          • Augger,

            that’s all he’s ever claimed to be or do. It’s one of the reasons I have trouble understanding why the RIGHT takes such issue with him. I understand he hits way to close to home for the Left, but why does the right sound like a Lefty-looney when the subject of Beck comes up? Is Beck hitting too close to home for them, as well? I don’t know. Maybe they just don’t like the competition, which would actually be another form of right-wing hypocrisy, but that’s another post… :-/ ?????

            • “Maybe they just don’t like the competition”

              What they don’t like is the fact that he is correct, and Christian.

          • Beck is a regular guy. Not to be disrespectful to him but if people want to see, they can see. The left just whistles louder in hopes that it scares the ghosts away. Like Joe posted the other day, they deny reality, polishing a turd and calling it a diamond – when it is just a shiny turd.

  3. Pingback: The Great Fiction | The Rio Norte Line

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