A presentation on the 401K, IRA and mandatory saving plan elements of the Fiscal Reform Commission empaneled by presidential executive order 13531 issued on February 18, 2010.
The order requires the commission to report its recommendations for solving the federal government's debt and deficit crisis by December 1st. The intention is to force a "fiscal reform" bill through Congress during the upcoming lame duck session. Co-Chair Erskine Bowles (former Clinton Chief of Staff and current Morgan Stanley board member) stated that the president has instructed the commission to keep all options on the table. These include, conversion of part or all of 401Ks and IRA holdings to US Treasury bonds, institution of a 15-20% national sales tax (VAT), raising the social security age and cutting benefits, a new mandatory savings plan that would take 2-4% out of every workers paycheck to be deposited into "savings" plans managed by investment firms like Goldman Sachs and Morgan Stanley, and various assorted tax increases.
This fiscal reform effort is actually a greater threat to your personal freedom and well being than health care reform. This is why Mr. Bowles' co-chair Senator Alan Simpson has said that is would be "total cremation" if they issued their report BEFORE the election.
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Who Will Buy US Treasuries? You Will!
1. Who will buy US Treasuries?
you will!
The Push for 401K Changes and Mandatory Savings
2. US Treasuries
Bank and
Pension Fund
CMO’s
i’m full of garbage!
FANNIE &
FREDDIE Unlimited Credit Line
From US Treasury
since December 2010
3. would you buy debt from these guys?
US Treasuries
Hat tip: marketoracle.co.uk
4. feed me!
The U.S. Treasury and Labor Departments
will ask for public comment as soon as
next week on ways to promote the
conversion of 401(k) savings and
Individual Retirement Accounts into
annuities or other steady payment
streams, according to Assistant Labor
Secretary Phyllis C. Borzi and Deputy
Assistant Treasury Secretary Mark Iwry,
who are spearheading the effort.
January 8, 2010 - Businessweek
5. When the smart money stops buying potentially
worthless US treasury debt who will?
suckers
the american public!
6. Saving our Future
Requires
Tough Choices Today
Town Hall Meeting, hosted by Congressman Jim Moran
Alexandria, VA
July 28, 2008
David M. Walker
President and CEO
The Peter G. Peterson Foundation
and
Former Comptroller General of the United States
www.pgpf.org
7. Possible Way Forward
on Social Security Reform
Make little or no changes to those who are
near retirement or already retired, and make a
number of adjustments that would affect
younger workers: MANDATORY
...
Increase the taxable wage base, if necessary
Address selected equity and other considerations
Consider mandatory supplemental individual savings accounts on a payroll
deduction basis (e.g., a minimum 2 percent payroll contribution and a
program designed much like the Federal Thrift Savings Plan with a real trust
fund and real investments)
27
8. I.O.U.S.A.
Premiering August 21
with an unprecedented
national media event
Coming to 10 cities on
August 22
Features Warren Buffett,
Alan Greenspan, Robert
Rubin, Paul O’Neill
Debuted at the Sundance
Film Festival
media event: “create fiscal commission!”
45
9.
10.
11.
12. 7927
Federal Register Presidential Documents
Vol. 75, No. 35
Tuesday, February 23, 2010
Title 3— Executive Order 13531 of February 18, 2010
The President National Commission on Fiscal Responsibility and Reform
By the authority vested in me as President by the Constitution and the
laws of the United States of America, it is hereby ordered as follows:
Section 1. Establishment. There is established within the Executive Office
of the President the National Commission on Fiscal Responsibility and Re-
form (Commission).
Sec. 2. Membership. The Commission shall be composed of 18 members
who shall be selected as follows:
(a) six members appointed by the President, not more than four of whom
shall be from the same political party;
EXECUTIVE ORDER (b) three members selected by the Majority Leader of the Senate, all
of whom shall be current Members of the Senate;
13531
(c) three members selected by the Speaker of the House of Representatives,
all of whom shall be current Members of the House of Representatives;
(d) three members selected by the Minority Leader of the Senate, all
of whom shall be current Members of the Senate; and
(e) three members selected by the Minority Leader of the House of Rep-
resentatives, all of whom shall be current Members of the House of Represent-
atives.
Sec. 3. Co-Chairs. From among his appointees, the President shall designate
two members, who shall not be of the same political party, to serve as
Co-Chairs of the Commission.
Sec. 4. Mission. The Commission is charged with identifying policies to
improve the fiscal situation in the medium term and to achieve fiscal sustain-
ability over the long run. Specifically, the Commission shall propose rec-
ommendations designed to balance the budget, excluding interest payments
on the debt, by 2015. This result is projected to stabilize the debt-to-GDP
ratio at an acceptable level once the economy recovers. The magnitude
and timing of the policy measures necessary to achieve this goal are subject
to considerable uncertainty and will depend on the evolution of the economy.
In addition, the Commission shall propose recommendations that meaning-
Final report due
fully improve the long-run fiscal outlook, including changes to address
the growth of entitlement spending and the gap between the projected reve-
nues and expenditures of the Federal Government.
no later than December 1, 2010 Sec. 5. Reports. (a) No later than December 1, 2010, the Commission shall
vote on the approval of a final report containing a set of recommendations
to achieve the mission set forth in section 4 of this order.
(b) The issuance of a final report of the Commission shall require the
mstockstill on DSKH9S0YB1PROD with PRESDOCE0
approval of not less than 14 of the 18 members of the Commission.
Sec. 6. Administration. (a) Members of the Commission shall serve without
any additional compensation, but shall be allowed travel expenses, including
per diem in lieu of subsistence, as authorized by law for persons serving
intermittently in Government service (5 U.S.C. 5701–5707), consistent with
the availability of funds.
(b) The Commission shall have a staff headed by an Executive Director.
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13. National Commission on Fiscal Responsibility and Reform
meet my co-chariman
the president told us,
“everything is on the table.”
Former Senator Former Everything
Alan Simpson Erskine Bowles
14. NPR interview 2-18-10
“There are a lot of
bitchers and whiners and
snorters out there and we
intend to listen to them all
and then crush them.”
I didn't mean that.
Must have been a sick
thing...
15. Will voters have some sense of the panel’s
proposals before the November midterm
elections?
We don’t dare put out a
report before Election
Day or it’ll be total
cremation...
Bloomberg interview 2-20-10
16. meet my other friends
Peter Peterson (Lehman/Blackstone/FTS/CFR)
Hank Greenberg (AIG/CFR)
David Walker (Arthur Anderson-Enron/GAO)
18. An act of Congress...
“The 111th Congress restricts itself from enacting
any legislation related to tax increases, entitlement
program cuts, and retirement savings plans changes
after November 2, 2010”