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

* * *

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

Roy Exum: Goodbye To My Scooter

The month of August turned out to be unkind, with my dog, my favorite aunt and my magnificent mother all dying within three weeks’ time. As I finally begin to push out the three newest dents in my soul, my habit has been to write something akin to a goodbye note to those I have loved. I’m not ready for Aunt Martha and Mother yet – not by a stretch -- but I remembered Scooter with ... (click for more)

A Haven For Small Business Owners

With the latest incentive recently announced by the City of Chattanooga, the community is becoming a haven for small business owners and entrepreneurs.     The small business incentive program is a win-win for both business owners, while at the same time promoting an incentive for hiring full time employees. We all know that small businesses represent the primary ... (click for more)

Sewell Says City, EPB "Close" On Amount Owed By Utility To City On Street Light Overbilling

City Internal Auditor Stan Sewell told City Council members on Tuesday that EPB and the city are "close" on the amount owed by the utility to the city on street light overbilling. Mr. Sewell said the city computed the amount at about $1.2 million, while he said EPB's auditing firm, Mauldin and Jenkins, has it at $1.5 million for an 89-month period that was audited. Mr. Sewell ... (click for more)

City Council Votes 5-4 On New Process For Naming IDB Members

The City Council voted Tuesday night 5-4 to set up a new process for naming members to the Industrial Development Board (IDB), which currently has four vacancies. The process includes three City Council panels: A (Districts 1, 2, 3), B (Districts 4, 5, 6), and C (Districts 7, 8, 9). Group A will fill two of the vacancies and Groups B and C one each. Agreement ... (click for more)

Hixson Claims Top Spot In 6-AA With Win At Central

Hixson and Central entered their volleyball match on Tuesday tied for first place in District 6-AA as both were unbeaten in three matches. The Lady Wildcats have that top spot all to themselves after pinning a 3-1 defeat on the Lady Pounders in a match held at Brown Middle School's Carole Wilson Gymnasium. Hixson won the first set with ease by a score of 25-12 before winning ... (click for more)

Boyd-Buchanan Whips Silverdale, 3-0, In 5-A Volleyball

The effects of losing six straight matches – a league loss to Grace Baptist and five in the Tennessee Tandem tournament – were still bothering Silverdale Baptist Academy in a District 5-A volleyball match at Boyd-Buchanan. But not nearly as much as the Lady Bucs’ sterling play. Boyd-Buchanan (23-13, 5-1 District 5-A), which also lost to Grace last Thursday, gained momentum ... (click for more)