What if you woke up tomorrow morning and discovered that your 401(k) or IRA only offered one investment option, and that investment option was U.S. Treasury Bonds? Think it can’t happen? Then you don’t know how desperate Obama and Geithner are to prop up the Treasury securities market.
In a short conversation this noontime that CNBC apparently has omitted from their archives (Why’s that folks?) Rick Santelli was talking about a potential to effectively force money into the Treasury market.
Where would they get this?
From your 401k and IRA accounts!
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.
There are huge amounts of money in these plans, which makes it very tempting for government to try and get at it. The government may, or may not, tax the money, but there are other ways they may get at the funds.
A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people.
She demanded the Obama administration set up a “government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation).” She proclaimed that even “private annuities are problematic.”
Such “reforms” would effectively end private retirement accounts in America, Crone warns. “These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own.
The Government could then take these trillions of dollars and redistribute it through this new national retirement system.”
With the issuance of the White House 256-page Budget Proposal for Fiscal Year 2013, the Obama administration endorsed “Automatic IRAs,” a plan introduced into Congress in 2010 by Sens. John Kerry, D-Mass, and Jeff Bingaman, D-N.M., in which private companies would be automatically enrolled into government-mandated IRAs, forcing those businesses to contribute on behalf of their employees a “default amount” equal to 3 percent of an employees pay, unless an employee specifically opts out of the plan.
Here is the PDF to the 2010 plan Obama just endorsed for 2013.
Many people have already taken the money out of their retirement plans for this reason. With the amount of debt America has, why would anyone allow the governmet to take their money and hold it in a anuity?
Just look at how SSI, Medicade and Medicare have been looted.
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