Dems eyeing your money

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Much to their disappointment, President Obama and Democrats are not going to convince Republicans to agree to a tax increase on the upper middle class. Soon after the 2014 election, whether Democrats win the House or not, they will be looking for ways to “increase revenue.” There are several trillion dollars just laying around in 401(k)s and IRAs. One estimate I saw was more than $10 trillion.

A while back, Bloomberg Businessweek reported: “The Treasury and Labor departments are asking for public comment on the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.” The idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.

In other words, the government will allow you the “opportunity” to give Washington your savings; in return, the government will give you unmarketable T-bills or other unreliable promises to pay some rate of return. The program likely will be voluntary to begin with, but that makes no sense – you can buy T-bills in your retirement account any time you want. So the only possible way it will work is to make the exchange mandatory. The government steals your savings in exchange for an IOU.

I can hear Obama now: “While the stock market is unstable and millions of people have lost their life savings, these government bonds are safe and secure and will draw a high rate of interest.” Or, “The monthly payments are guaranteed and are transferable to one’s spouse.”

Stealing our retirement funds, along with repeal of the 22nd Amendment, will be the top two Democratic programs after the 2014 election.

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carcraft
25876
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carcraft 02/20/13 - 06:45 am
8
3
The clowns in Washington

The clowns in Washington spent ALL of the revenue form the last tax increase. 60 billion dollar, in one hugh porkulus bill to aid Hurrican Sandy victims plus what ever favorite give away they could dream up. Giving these folks in DC more money is like giving my ex wife a new credit card!

nofanofobama
6825
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nofanofobama 02/20/13 - 08:17 am
9
4
all you obumler supporters on

all you obumler supporters on this sequster nonesense..ask your self this..he gets to propose cuts if sequester goes through...1st when are firefightes, teachers and policeman part of the federal budget..2nd the 10th time or so he says he is focusd like a lazer on job creation..3rd..the only place he says he can cuts are jobs...85 billion in cuts in baseline budgeting in a 3.8 trillion dollar budget and i use that term loosely is a big sad joke. its NOTHING...all he wants is more money of ours to spend on his cronies..no real hurt will occur if obumler doesnt want it to...cut part of foreign aids to countries thaT hate us instead of starving our OWN troops..under law he can make such cuts...quit spendinG tax dollars on studies for such things as shampoo for pets, cow burping, golfer imagination to increase putting prowness, robo squriells etc the list goes on and on.and the dollars wasted goes on and on...senator colburn says 2 trillion of duplication programs can be saved in 10 years by their elimnation..obumler himself told us obamacare would be partly paid for by elimnating waste and fraud...the republican congress passed a bill that specfied cuts without harming programs its simple in a 3.80 trillion budget..the dims didnt let it see the light of day thanks to ried...its only obumler that wants to cause harm and hardship by the measly 85 billion cut and he can!!! obumler supporters where is your outrage at the harm he is causing to the very people he professes to love and support..just to hopefully make brownie points in the public arena...where is your shame to support a prez who absolutely cares nothing but about himself..

Gary Ross
3346
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Gary Ross 02/20/13 - 08:22 am
8
3
A promise?

Excuse me, but the words "trust" and "government" do not belong in the same sentance together.

Why would a natural born US citizen say such a thing?

Bizkit
31462
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Bizkit 02/20/13 - 08:52 am
8
2
What is bizarre is Obama sets

What is bizarre is Obama sets up the terms of this sequester and even threatened to veto any circumvention of it because of the pressure needed to get things done. Now he blames the sequester all on the Rep and demogogues it will put police, firefighters out of work and other blatant lies trying to move the emotions of the ignorant masses who eat up everything he says all in his efforts to destroy the GOP. The best thing for America is to let the sequester happen. Most economist say short term it will be problematic but long term will benefit us.

Bizkit
31462
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Bizkit 02/20/13 - 08:59 am
6
3
I like the GOP strategy to

I like the GOP strategy to grow Americans out of poverty and the middle class into wealth. Studies show low socioeconomic groups who move up the chain move to the Rep party. That's a problem for Obama so his plan is to destroy the wealthy and to establish a permanent middle class and poverty class to ensure his voting base. He obviously will establish this large middle class that then he will have to increase their taxes because they need to be patriotic and don't want to be hypocrites. Watch him turn it on the middle class-he already is increasing the financial burden to the middle class just he is clever enough to disguise it so it isn't a 'tax'. Why should we have faith in a Prez who policies are ineffective-economy is slowest recovery in history, Obamacare has not stopped the increase in health care (they just say it is less than what it would have been without it-how do you know that crap?),of course they said the same thing about the stimulus (yet economist are undecided or divided on that one).

deestafford
27672
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deestafford 02/20/13 - 09:20 am
6
3
Don't forget who and what

Obama is in his soul. He is an anti-colonialist who thinks America got what it got by stealing from other countries and now is the time to make it give back to the countries who were colonized such as Brazil, Mexico, and Columbia. He actions also indicate that he does not believe America should be a superpower, let alone the only superpower. He titled his bood "Dreams FROM my father". In essence, he was/is taking the anticolonialist, anti-British, Marxist views of his father as shown in his father's writings and trying to implement them as president. One of his father's views was that the rich should be taxed at 100% because all they got was stolen. It's not that Obama hates America. It's that he believes it and other colonial countries do not deserve what they have and he is trying to level the playing field not only from country to country but from one class to another here in the USA.

Jon Lester
2302
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Jon Lester 02/20/13 - 09:26 am
2
4
Should any American be pro-colonialist?

Seriously, you should think about these terms that get thrown at you by "wingnut welfare" recipients like Ramesh Ponnuru.

Humble Angela
41338
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Humble Angela 02/20/13 - 09:52 am
6
2
"Should any American be
Unpublished

"Should any American be pro-colonialist?"

Well....seeing as this country was founded as a foreign colony, I would say yes.

dichotomy
32976
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dichotomy 02/20/13 - 09:55 am
9
2
Obama has been like a ping

Obama has been like a ping pong ball on the sequester issue. It was his idea. Then, when the Republicans said it wasn't a good idea and tried to find a way around it, Obama said he would veto any attempt to do away with it. Now that it is about to come into effect, Obama says it is a disaster and wants Congress to cave in to more tax increases. You have to get up every morning and wonder which wall Obama is bouncing off of today. It's all another tax grab scheme and I hope the Republicans say screw it and let sequestration go into effect. Let Obama squirm on where to make the cuts. It's all his idea. The Republicans gave him what he wanted when he proposed this deal, and they the Republicans gave him what he wanted on the "tax the rich" deal. Now it's time for Obama to do what he promised and cut some spending.

RMSHEFF
16001
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RMSHEFF 02/20/13 - 10:30 am
7
1
I am amazed that many voter

I am amazed that many voter cant see through Obama's scare tactics. He does the same horse and pony show with each new crisis. It is like a broadway production as he surrounds himself with props and tells us that our lives will change forever if we don't allow him to spend more money. For most in Washington DC, spending money is an addiction not unlike drugs for a drug addict. They will go to any links and tell any lie to get the next high.

allhans
23651
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allhans 02/20/13 - 10:33 am
4
1
Anything to divert what he is

Anything to divert attention from what he is actually up to. Distractions...a new one every day.

What happened to good breeding?

dahreese
4717
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dahreese 02/20/13 - 10:56 am
1
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Whereas the title above "Dems
Unpublished

Whereas the title above "Dems eyeing your money" is the usual one-eyed slant found daily on here about bad federal government, I encourage all anti-Democrat commentors to look in your own back yard, especially if you are a state employee or retired state employee.

For example, writing laws that allow the Georgia state government to dip into retired Georgiai state employees retirement funds and funnel them to some "good ole boys" to use those funds for risky investments called "Venture Capital."

And, 'no questions allowed.'

I "suggest" also, that you "read" this Senate Bill that was passed last year and ask youself the question, just what is secrretly going on here?

"Senate Bill 80; "To amend Artiicle 7 of Chapter 20 of Title 47 of the Official Code of Georgia Annota ted, the "Public Retirement Systems Investment Authority Law," so as to defne certain terms; to provide that certain public retirement systems may invest retirement system assets in certain types of alternative investments, private placements, and other private investments; to provide that such investments may be made up to a certain amount; to shield information related to such investment from public scrutiny; to provide for a code of ethics; to amend Code Section 50-18-72 of the Official Code of Georgia Annotated, relating to when public disclosure of records is not required and disclosure exempting legal authority, so as to exempt certain public records from public inspection; to repeal conflicting laws; and for other purposes."
-----------------------------------------------------------------------

"Venture Capital", high risk investments, haven't made any money in the past twelve years.

Unfortunately, most of you are more concerned about medicare, public housing, Wall Street protestors, blaming Democrats only, and who wins the Georgia football games.

And if these "investments" fail, or fall below expectation, what will happen to the retirement funds of Georgia state employees?

How will the state make up the promised difference to the retirees?

Will this require an increase in state taxes in order to meet the promised retirements (meaning, will you be required to make up the difference) or will the state default on the retirements.

(And the good ole boys who are doing this, will be long gone).

Think about it.................

Humble Angela
41338
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Humble Angela 02/20/13 - 11:08 am
3
1
ultrarnr
910
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ultrarnr 02/20/13 - 11:19 am
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Wildest theory yet
Unpublished

This letter is by far the wildest conspiracy theory yet. It beats any alien from outer space plot that I have come across. thank you for making my day.

dahreese
4717
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dahreese 02/20/13 - 12:09 pm
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5
If you want to question that
Unpublished

If you want to question that number designation, that is the number given to the bill either last year or the year before when the issue was before the state Senate.

However, the quote is taken entirely from the bill itself. And it seems to me that an intelligent person will be, at this moment, more concerned about the content of the bill and the questions I have raised about the bill than the number of the bill.

justthefacts
21876
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justthefacts 02/20/13 - 12:52 pm
5
1
Thinking about it

Dahreese, why did all but one of the 57 states (Ga.) allow this? BTW, only 5% can be invested. Even if the investments go wrong, it would hardly break the bank.

Humble Angela
41338
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Humble Angela 02/20/13 - 01:09 pm
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An intelligent person will be
Unpublished

An intelligent person will be skeptical whether someone knows what they are talking about when they quote a food safety bill as if it were about investing retirement funds. A good example is when someone says ""Venture Capital", high risk investments, haven't made any money in the past twelve years."

Oh really?

http://dealbook.nytimes.com/

dahreese
4717
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dahreese 02/20/13 - 01:35 pm
1
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"Dahreese, why did all but
Unpublished

"Dahreese, why did all but one of the 57 states (Ga.) allow this? BTW, only 5% can be invested. Even if the investments go wrong, it would hardly break the bank."

You are correct that this is limited to 5% of the retiree funds. And that, as I understand it, will be a draw out over a five year period.

And apparently you've read/know about this since I mentioned nothing about 5%.

5% doesn't sound like very much. However, 5% is a huge amount of money when one looks at the reserve funds safely/presently available for state retiree pensions.

"As of Jan/13, the Employees Retirement System had in it $12,065,365,481." (This is just one of the retirement funds).

Also, look at the "conditions" of these shinanagans;

to shield information related to such investment from public scrutiny;

to amend Code Section 50-18-72 of the Official Code of Georgia Annotated, relating to when public disclosure of records is not required and disclosure exempting legal authority,

so as to exempt certain public records from public inspection; to repeal conflicting laws; and for other purposes."

You ask/point out "why did all but one of the 57 states (Ga.) allow this?"

That's not true at all. It was a selling gimick to legislators to get this bill passed. (And you might want to question this and I could answer it successfully as I have a good bit of research and material about it, but that will require more time than I have at present).

If a startup business of one sort or another is such a good idea, let the lending institutions make such loans. And if the lending institutions will not take the risk, why should the pension funds of state employees be risked instead?

That money does not belong to the state or the state legislature, it does not belong to the governor.

It belongs to the empployees, both active and retired, who put it there and whose investments are being well managed as they presently are. These investments are providing all the retirement benefits promised, and those conservatively invested funds are not in need of "risky investments."

What is not being told by those advocating such risky investments are just how many of these investments have failed. And they are failing all over the nation.

According to Dan Primack writing in CNN Money, February 16, 2011, "The median net return to Venture Capital fund investors has not been positive or any vintage year since 1998."

And so I raise again the questions; If state employes pension funds are going to be used for risky investments and those investments fail, is it the intent of the governor to raise taxes on the citizens of Georgia in order topay the promised retirement benefits to state employees?

Or will the governor and the legislators just walk away and say "It's not my problem?"

dahreese
4717
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dahreese 02/20/13 - 01:50 pm
1
6
@Humble Angela
Unpublished

"An intelligent person will be skeptical whether someone knows what they are talking about when they quote a food safety bill as if it were about investing retirement funds. A good example is when someone says ""Venture Capital", high risk investments, haven't made any money in the past twelve years."

Oh really?
------------------------------------------------------------
Yes, really.

The Senate Bill was introduced by Senators Hill of the 32nd, Thompson of the 5th, Hudgins of the 47th (a good ole boy if there ever was one) Heath of the 31st, Hill of the 4th and others.

"To amend Article 7 of Chapter 20 of Title 47 of he Official Code of Georgia Annotated, the "Public Retirement Systems Investment Authority Law."

Darby
25683
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Darby 02/20/13 - 01:59 pm
6
1
There has always been a huge...

dichotomy between what Democrats promise and swear to, and the reality. Their agenda is and will always be....

promise anything, say anything, just get the bill passed... we'll deal with the consequences later.

You can question their morality and tactics, but you can't deny their success.

Humble Angela
41338
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Humble Angela 02/20/13 - 03:42 pm
6
1
"That money does not belong
Unpublished

"That money does not belong to the state or the state legislature, it does not belong to the governor. It belongs to the empployees, both active and retired, who put it there and whose investments are being well managed as they presently are."

The SCOTUS determined that when money is taken from you in the form of tax, it no longer belongs to you......so Wrong again.

As for your "yes really" I was indicating that your statement that "Venture Capital", high risk investments, haven't made any money in the past twelve years." is simply an incorrect statement. So why would we not be skeptical of what you say if you were that wrong about THAT?

dahreese
4717
Points
dahreese 02/20/13 - 04:27 pm
1
6
@Humble Angela
Unpublished

"The SCOTUS determined that when money is taken from you in the form of tax, it no longer belongs to you......so Wrong again"

You seem to know as much about retirements as you do about politics or religeon.

Retirement money deducted from an employe's salary is not a tax.

From his or her salary money is deducted in the form of an individual's contribution to his and her own retirement, and is invested, along with the state's contribution, as a part of the total compensation package. to/for the employe.

"As for your "yes really" I was indicating that your statement that "Venture Capital", high risk investments, haven't made any money in the past twelve years." is simply an incorrect statement."

Really?

Well, if you know where this is happening you can make me and a lot of others happy letting us in on your little secret.

"So why would we not be skeptical of what you say if you were that wrong about THAT?"

You're skepticism is anything but hidden.

In the meantime if these Venture Investments you are so knowledgable of fail, or you willing to have your taxes raised in order to provide the promised retirements to state employees, or will you too, say to the retiree, "tough luck!"

And the only person(s) who can say that are those who are relying on the retirements, or money, of others.

dahreese
4717
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dahreese 02/21/13 - 10:31 am
2
1
@Humble Angela
Unpublished

Apparently someone has taken "offense" to my posts today with you and thus they have been pulled.

My, my, how thin skinned some people are.

Humble Angela
41338
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Humble Angela 02/21/13 - 11:33 am
2
0
Since mine were pulled as
Unpublished

Since mine were pulled as well, you might want to re-evaluate who you think it was that was offended.

dahreese
4717
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dahreese 02/21/13 - 11:38 am
1
1
@Humble Angela
Unpublished

Naw.... I know it wasn't you.

Just somebody who's having a little fun.

dahreese
4717
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dahreese 02/21/13 - 09:59 pm
1
0
@Humble Angela
Unpublished

The Senate Bill 80 that you were looking at was for the year 2009.

The Senate Bill 80 that I am referring to was for the year 2012.

Additionally, I offer this one referrence to the failure of Venture Capital investments, although there are many others that I could offer.

www.dailymail.com/Business/201109154103

Now, let's see if this gets flagged as well.

chascushman
6653
Points
chascushman 02/22/13 - 04:41 pm
1
1
dahreese, for everyone you
Unpublished

dahreese, for everyone you can name that fail I can find you 10 that were successful. Companies that make bad investment go out business. The only place failure is rewarded is politics. Look at Obama if he was running a business he would have been fired because he is running the country in the ground.

dahreese
4717
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dahreese 02/22/13 - 10:36 pm
2
1
@chaschushman
Unpublished

Not in the past twelve years, you won't, Charles.

I'm not an expert finance person, but I've done enough reading and looking at the past twelve years, and Venture Capital, except for a little here and there, has been a disaster.

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