Is There Nothing That Obama Can't Do?

-Of course, in Secretary Geithner's encouraging words: "Each of these actions has been taken in the past by my predecessors during previous debt limit impasses. By law, the CSRDF and G Funds will be made whole once the debt limit is increased."

"If civil service pension funds can be molested, what about IRAs? Some have suggested that the government is already eyeing our private retirement accounts, to see what might be gotten out of them."

The people who voted for and trust Obama should give his government immediate access to their private IRAs.
What could go wrong, eh Lefties?

This is simple. Tax at 50% and cut payments by 50%. Case solved.

https://webmail.shaw.ca/en/mail.html?lang=en&laurel%3Don%26cal%3D0

A history of defaults from the Mises Inst.

It's kind of enjoyable watching Obama trying desperately to make the Republican House the villain of this piece. Krauthammer and a few others figure they should call his bluff, leave him with the responsibility for those "bounced" SS cheques.

This may be the issue that Obama finally can't sidestep, if the Republicans have the gumption to call him on it.

Did you realize that the Liberals took 30 billion out of Canadian civil servants pension money in 1999 to balance the books? The issue is at the Supreme Court. So next time Sun News or someone else bashes civil servants pensions remember that. For small and large c conservatives poo-pooing that, how about the gub-mint arbitrarily pulls cash out of your RSP? And it IS the same in that my RSP room is SEVERLY curtailed with a civil service pension, so you don't have much choice. At least with full RSP room, no one could go into my account. And yes I'm actually a C(c)onservative.

"So next time Sun News or someone else bashes civil servants pensions remember that. For small and large c conservatives poo-pooing that, how about the gub-mint arbitrarily pulls cash out of your RSP? And it IS the same in that my RSP room is SEVERLY curtailed with a civil service pension, so you don't have much choice. At least with full RSP room, no one could go into my account". Kriilin Namek.

Cry me a river! Self-employed persons don't have an employer shovelling money into their pension plan, or CPP, for that matter!
Not bad enough, a small entrepreneur needing to hire help, gets to pay the lion's share of the CPP premium on behalf of his workers, and also kick in to the pension plan, if one exists.

I think you meant this link, dmorris:

http://mises.org/daily/5463/A-Short-History-of-US-Credit-Defaults

Kriilin Namek at 8:13 PM

try working for a living at a real job

File that one under "No Shit Sherlock!" ..... governments have been pilaging pensions directly and indirectly for the better part of 60 years.

There was a good chance at one time (in Canada) that the members of certain large private plans in the transportation and communications industries would get legal redress ... until a government friendly court quashed the efforts to protect defined benefit plans from employer fraud.

The reason? Government obligations to these defined benefit plans would have been subject to the same controls and limitations.

By the time most people find out that their pensions are nothing but a con game and a crap shoot ....they are f@cked.

Oz.

If I recall correctly. They have already raided retirement accounts in Europe.

If America wanted to be like Europe? 1776 wouldn't have happened.

What frightening times to live in. One doesn't know if he can retire at all or if his kids will have jobs that can pay off the debts.

This "borrowing" scam is just that.

Thieves, the lot of them!

snagglepuss:

Government employees contribute approximately 9% off their salary into the pension plan. If you did the same for 30 years, you might have a reasonable pension, too.

Kriilin Namek-
Suck it up buttercup, rely on your own private savings plan like the rest of us do.
Government has been dumping my CPP payments into general revenue to pay your salary since forever.

If government raids my RRSP that'll be the last penny I ever publically invest and all my money will go 'under the mattress and under the counter' from here till I see eternity.
And if government says "You didn't pay your taxes, I'll tell'em Yeah I did when you raided my retirement sayings, punk."

Iberia- Yeah, Only difference is the money going into my plan is all MY money, nobody else paying half the shot!

Snagglepuss,

Well actually, unless you are a government employee, you (as a taxpayer) are paying 100% of any government employee's pension.

Half of what you pay + half of what you pay = what you pay. Of course, that's well before what you pay for your own pension.

Snaggle, your employer pays half of your CPP contribution.

Can't help it......How's the hope and change thingy work'n Mr. President??????

Half of what you pay + half of what you pay = what you pay. Of course, that's well before what you pay for your own pension.

Posted by: ∞² at July 15, 2011 11:52 PM

Wages and benefits are paid for services provided. The people who go to Afghanistan and the people who will be wiping your ass when you're older aren't going to do it for free.

"Snaggle, your employer pays half of your CPP contribution". allan.

Get with the program here.

Self employed don't have an 'employer'! Thus their CPP contributions are the sum of both, that they have to pay.

The people who go to Afghanistan and the people who will be wiping your ass when you're older aren't going to do it for free.
~lberia

Afghanistan has what to do with this topic except to once more illustrate that the people who created the need for NATO to be in Afghanistan were allowed to come here by our government and still are?
About the butt wiping part, who did it for people before we were all forced into the CDN healthcare system and how much were they paid?

Snaggle, your employer pays half of your CPP contribution.
~allan

Unless you're self employed and own your own business like I do in which case all of your CPP contribution is paid by...

In 2008 an Economist (UBC) testified before the Canadian Senate; She said that the Coal miners
Pension should be used to fund the green Energy electrical generation in the Maritines...She said the Miners caused the problem..(AGW) That is the thinking of hard core Socialists

Republicans must pass a bill to set the priority of the spending..Debt,SS,Defense, Etc. The Man-child may still do his worst, but they at least should try to do the right thing.

It's better to face the Soup Kitchens NOW (short term recovery after Obama is gone) than continue the Socialist farce resulting in UI getting to 40% and then the time to a recovery will be unknown...

Obama will be the First President to default the US dollar...He is the Democrats problem and they will be go into the ashcan of History

I'm ready to let my CPC contributions go.
I know that they've already been spent and that the if I ever collected it would be someone else's money not mine.

The other part of reality is this, because my CPP contribution money was spent as though it was income tax revenue, I need never pay a penny in Federal income tax ever again.

The Republicans raised the debt ceiling 19 times under Bush. But now it's a big deal to do it for Obama?
When the default comes, I'm looking forward to seeing martial law declared and all Republicans responsible for this situation being arrested for sedition.

But now it's a big deal to do it for Obama?

You may have missed the election last November, but the Democrat majority House of Congress(111th Congress) was massively changed to a Republican majority and it was the Tea Party that was mainly responsible for the change.
In case you don't know yet, the T.E.A. part stands for Taxed Enough Already and the Republicans are doing what they were sent to Washington to do.
The American voters have spoken and the new Republican Congress(112th Congress) knows they had better listen.

lberia at 3:33 AM

you realy ain't that stupid are you???

because someone else did it????

Bush was just a little less of a dissaster

Next thing Iberia will say is that it's because Barry is black...Just like this:

http://thehill.com/blogs/floor-action/house/171807-sheila-jackson-lee-suggests-congress-complicating-debt-ceiling-because-obama-is-black

Again we are all missing the point concerning the democrats desire for debt increase.

Bambi knows if he can get a 2 trillion dollar increase from the debt limit,
he and George Soros will be in a position of power when Europe collapses..

Its not about our future, its all about his..

But I personally believe it will be much easier pushing stacks of dollars in their wheelbarrows to buy bread, instead of pushing those stupid heavy euro coins.

Stop feeding the trolls. They are repetetive and boring.

As to governments seizing retirement plans, this is already happening in Europe and South America. Socialists view this as a perfectly reasonable option, so get ready to see it popping up all over the place.

By the way, here in Kanuckistan the groundwork is already done. You have no PROPERTY RIGHTS according to the Supreme Court of Canada, what you own is not -yours-. Thank Mr. Chretien for that one, he siezed the money owed to the families of war veterans and the Blackbirds said it was A-Ok with them.

Y'all aint going to be getting an old age pension, private or public. Just how its going to be friends.

@ GYM I've been working since I was 12, and in private industry for 15 years after that, so don't tell me about working for a living punk. So do soldiers need to get a real job?

A default will only occur if Obama chooses to do so. Less than 10% of current revenue is required to service the debt. The choice of where to cut falls largely on the Administration if/when the debt limit is reached. FICA taxes cover current SS payments so any decision to not pay Granny her check is Obama's. There exists not one adult bone in Obama's body that prefers leadership over politics (or his deranged narcissism). Backmann is one of a hand full of tough Republicans prepared to call his bluff rather than bend to Obama's Palace Guard media eunuchs and continue the enabling.

If we don't undertake the tough medicine sooner rather than later, the pre-revolutionary conditions, including global wealth destruction will only strengthen. And speaking of revolution, if the average grunt in the military knew it was their Thrift Plan being looted by this administration, it wouldn't be a stretch to figure out which side they would be on.

All great stuff on the debt ceiling never being reached, by raiding the pension plans, but you need to realize that government is a PARASITE on wealth creation not the originator.

http://www.powerlineblog.com/archives/2011/07/spring-rice-never-met-barack-obama.php

Moreover, Reagan never stormed petulantly out of his meetings with Hill Democrats, though they had several blunt and acrimonious. One of my favorite lines was Reagan saying to Tip O’Neill (after O’Neill had tried to get Reagan to relent on the last year of his tax cut in exchange for larger domestic spending cuts), “You can get me to crap a pineapple, but you can’t get me to crap a cactus.”

The Obama-Nation(tm) is clearly in 'crap a cactus' country.

Cheers

Hans Rupprecht, C in C

1st St. Nicolaas Army
Army Group “True North"

Watching America self destruct is like rememberng our own Nation being destroyed by the Liberals with the dogma of Marx drummed up by Trudeau. Its painful to watch a Country I have admired for a lifetime being eaten up from the inside. By its own electors.
An emtitled Elite class of greedy buzzards who can never be satisfied until they consume all like locusts.
Leaving a desert with the work of centeries in ruins.
Once they take your savings it game over.
I now know why banks used to give out free TV's & such. After accounts where raided & peoples savings where stolen by banks in the deppresion.
Folks will like the Peasents of old hide anything of value.
It will be a boon for archeologists, as this is not the first culture that its elites ate to death.
God Help America

'Bambi knows if he can get a 2 trillion dollar increase from the debt limit,
he and George Soros will be in a position of power when Europe collapses..'

What an interesting comment, Fearless Leader. I have been wondering what 'game plan' Obamba is following and your comment made the light bulb flash! There are RINOS involved else they would not be considering raising the debt. Some Republicans are not reminding the American people that the debt was first incurred under a Demo congress/senate under President Bush.

Bolsheviks are infiltrating the Conservative Party in USA and Canada. This was and is the Master-plan of the human hating One World Government thugs; the freedom loving citizens of the world are fighting on three fronts.

Why did Glen Beck clear out of Fox News? Things that make me go hummm? Glen Beck gave all of us an education and armed us with knowledge, he gave free people power and Fox would not allow him to continue...why? It certainly was not ratings - I bet they Glen Beck 5 o'clock spot has tanked since Glen left..

Silver up 4 bucks in a week, gold $35.

Get in your storm cellers.