Full steam ahead on Obama’s theft of IRA’s and 401k’s

December 11, 2012 @ 9 Comments

What is going to happen to our 401 (k) accounts and IRA’s after January 1?  Will the retirement accounts for which many Americans have sacrificed so much to accumulate be rolled over into federally issued and guaranteed bonds in order to prop up notoriously under-funded, union pension funds across the country?  Getting an answer will prove to be daunting, especially as media attention seems focused on little but the impending “fiscal cliff.”

Listening to a poignant, impromptu speech given by Linda from St. Lucie County during the Allen West recount makes clear just how hard she worked to raise three daughters on her own. It’s a story that certainly puts a tear in the eye and an ounce of worry into the heart of many listeners.  ”I worked hard to save that money. We went without,” she said, getting more emotional with each word. ”Now, what’s going to happen to 401 (k’s)?” she asked.

My daughter is wondering the same thing as she and her husband will have four boys in college next year. And she sacrificed to save for her retirement when she was a bank employee.  She had a gun put to her head during two separate robberies!

Linda and my daughter both want to know what the Obama administration intends to do after January 1. Is the national media so distracted by fiscal cliff hype that news concerning the potential federal theft of countless trillions from American citizens will not be forthcoming prior to January 1st?

A source in Montana said the feds are hoping to turn 401 (k) and social security funds into federally administered bonds, thereby dumping even more privately-held dollars into the D.C. money pit.  Another source thinks that such a fund may be used to bail out Obama’s union pets, namely the failed pension plans of big labor throughout the United States.

Read More at Western Journalism . By Suzanne Eovaldi.

9 Comments → “Full steam ahead on Obama’s theft of IRA’s and 401k’s”

  1. Granny

    1 year ago

    I think that everyone should cash out their 401K’s and IRA’s have the taxes taken out and put it somewhere the Thief-in-Chief can’t get his thieving hands on it. It is not his right to take the hard earned money of Americans for any reason.

  2. Mike McConeghey

    1 year ago

    Yes, but when you have “money” then he defrauds you with inflation. Buy gold or silver or land, etc which will keep value while the dollar’s value collapses from the Federal Reserve’s (criminal) activities.

  3. newmorning

    1 year ago

    I’ve heard speculation for a couple years on this topic. I’m not ready to do anything stupid as the penalties are high. I think it’ll be known when something is about to happen and we should not panic. Calls to your congressman and senators voicing your concerns might set the record straight. Oh hell what am I thinking!!! It’s not like we can trust anyone down there in the district of corruption. I don’t wonder why Jim DeMint is leaving. Getting worse by the minute down there. Pray that God forgives us for allowing our country to turn our backs on our Saviour. I do believe that we as the people turned a blind eye and said nothing when we knew that is was Wrong to allow prayer to be taken out of school. (eventurally replaced with why Jane has 2 mommies) The Pledge of Alligence no longer recited – history credits cut in half. We knew it was wrong when we had a republican pres. and both houses with republicans in conrol to not stand up to the ultra liberal assaults against the constitution and start to fight for a reversal on the issues. No we turned a blind eye and now perhaps God has turned a blind eye on us. Pray people pray and may God Bless America with her ignorant and complacent citizenry.

  4. Don G

    1 year ago

    First, Medicare which is funded with our money deducted from our paychecks is referred to as an “Entitlement” in the same class as welfare, medicaid, and other funds paid for by people other than the beneficiaries of the funds. Then Social Security is defined in the same vein.

    Now Obama wants to do us a “favor” and lump our 401K’s and IRA’s as if it were his to dispose of, not ours. This has been a “creeping socialism” requiring the theft and appropriation of our money to which he has no right, and all we are going to do is whine? We should be filing sits and criminal charges of theft and embezzlement against Obama.

    Our taxes were supposed to be used for the common good of the people. They have become Obama’s slush fund to be awarded to his favorites and supporters. Our taxes have become the same sort of tribute for a tyrant, dictator, or king, who has such a voracious appetite for our wealth that taxes alone cannot satisfy his needs, and he is coming after our wealth because he believes he is entitled to what is ours. Time for us to wake up.

  5. Ed R

    1 year ago

    I hope what we are hearing is all fodder.Everyone seems to have a stump to expound from so you really don’t know what to believe. With the current congress, I guess Obama could do what he wants – legal or not. He seems to circumvent the Constitution and no one has the brass to confront him on it or make an outcry through the press about what he is doing. My wife and I worked hard and made sacrifices to be able to invest a little in the stock market. Not a lot but enough to make sure that we could look after ourselves in our older days. I would hate to think anyone could legally or illegally take that and issue worthless paper for it. It would be a travesty.

  6. Dallas Orf

    1 year ago

    Nothing surprises me anymore with his administration. things we thought would be utterly IMPOSSIBLE for him to con America on have come to pass. can no one out there see how his charisma could convince the low information voters that our 401K’s were stolen from the ‘poor” and that for the “good of the people” we should enjoin it all into one fund and redistribute it “fairly”? Pray for DIVINE PROVIDENCE and INTERVENTION!


    1 year ago

    I have been terrified of this illegal snatch ever since i read over three years ago, of this so-called professor Teresa Ghilarducci’s proposal to take over the running of these funds. Those I have asked about this say it is ‘impossible” There would be a riot. others say it would apply ONLY to the ones who are currently starting an Ira==but who would be fool enough to do so?
    I am thinking of turning part into a gold IRA and also an annuity. I have worked for fifty years for my retirement and not to pay this despot’s next vacation for Moocherelle
    There would be more money available if Congress stopped all their pensions after 2years???? or even four??? And reduced THEIR SALARIES. HOW ABOUT THEM TIGHTENING THEIR OWN BELTS FIRST and not strangling us with their excessive demands.
    I agree with above comments by the way!

  8. mrrzk

    1 year ago

    This is theft at its lowest from the highest office in America. Has Obama NO SHAME? you see elderly folks going back to work because their savings have been wiped out. REALLY?
    I am sure the time left on this earth for us elderly is minimal. It would be nice if the government would let us spend the rest of our lives in a comfortable and non-threatening manner. We ask for nothing more. Just let us live or livs without interference

  9. Rustytruck

    1 year ago

    Well here’s a thought for all you guys who have this issue to worry about. Take the hit from your retirement holder, pay out the penalty and then remove all the rest of it completely and put it somewhere Obama can’t touch. This lying, stealing, lowlife will stop at nothing to break us all so don’t give him the opportunity, remove your funds, change them into something else he can’t play with. I know your argument, you’ll lose too much, the penalty is too high, but is it as high as Obama’s? Hell no, he’s going to take it all so think, some of it is better than none of it. I personally have no funds anywhere of any kind so Obama can look at anything he wants to, I got nothing, right? Right! Can you imagine the impact this would have on the financial industry? The banks would go insane trying to keep your money but screw them too, they let Obama get into this position so they’re just the same as he is, they can all go bite each other.

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