Pay Close Attention If You Have A Private Retirement Plan - And Response (3)

Thursday, November 22, 2012

For those of you concerned, Obama and his cronies are looking squarely at looting private retirement plans. If you have IRA's, 401(k)'s, or any other similar plan, they are openly discussing taking over all these plans for a Government Plan. If you have noticed how well our politicians have managed the money that comes in for the Social Security System, just beware. Pay very close attention.

Brian Foley

* * *

After reading about the "shocking news" delivered here by Mr.

Foley, I naturally went to Google to find out more about this devious plan. All I found was a slew of conspiratorial minded websites with dire warnings of a government takeover of our private retirement accounts dating anywhere from last week to 2009.

The crux of their argument seems to be that there is no demand for U.S Treasury notes, and we need to generate more purchases of them by converting private accounts to annuities backed by treasury bills. This is false logic. Interest rates are historically low rates because of the brisk demand from around the world. Despite our troubles, we are still considered a safe harbor.

Many of these websites point to a tax levied by Ireland on private retirement accounts in response to its debt crisis. That is a tax, not a takeover...and the USA is not Ireland. Nothing is going to happen in this country without a change in the law. Even if the demand for Treasury notes slackens, I don't see a drastic solution like this seeing the light of day. Wild proposals are one thing, but implementation is entirely different.

Newsbusters, a website that seeks to "expose and combat liberal media bias" slams Obama for easing restrictions on including annuities in 401(K) and IRAs. Its article on the subject states that the new regulations are a good thing--and proposed as far back as 1998--therefore Obama deserves no credit for this "fix." Wow, can you really have it both ways?

(http://newsbusters.org/blogs/tom-blumer/2012/02/12/cnn-money-reporter-says-obama-put-place-automatic-401k-enrollment-provis)

If the two political parties can't agree on a budget or anything else for that matter, I hardly see how the monumental trickery alleged by Mr. Foley could actually get past the gatekeepers that won't so much as pass a balanced budget. Folks, Obama is one man, and one man cannot do this alone. Stop attributing him with power he doesn't have.

Kelly Martin
Ooltewah

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Brian, that's not true. But I'll leave it up to you to do your own research. You can start with Factcheck, Snopes and any list of other sources and organizations that check 'rumors.' And just like dude in those old Kunfu episodes advised "little grasshopper" to seek his own truths, you should also first research and seek the 'truth' before running with and regurgitating falsehoods.

Brenda Washington

 * * *

To quote Kelly Martin, "Obama is one man, and one man cannot do this alone. Stop attributing him with power he doesn't have."

Perhaps Obama, Democrats and Liberals should take heed and stop blaming George Bush for all that ails America today.

Dwayne Cales
Hixson

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