Now Obama Wants Your 401(k) - Treasury, Labor On Path To Nationalize Retirement
Jerome R. Corsi * WND
NEW YORK – Two years ago, as WND reported, the Obama administration was proceeding with a novel way to finance trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their retirement accounts.
Remarkably, those financial professionals specializing in private retirement savings and the U.S. citizens investing in private retirement plans now face the possibility the Obama administration and its allies on the political left will impose rules and regulations that effectively abolish the private retirement savings and investment markets.
Recent evidence suggests government officials continue to eye the multi-trillion dollar private retirement savings market, including IRAs and 401(k) plans, eyeing the opportunity to redistribute private retirement savings to less affluent Americans and to force the retirement savings out of the private market and into government-controlled programs investing in government-issued debt.
Government takeover?
An Investment Company Institute study published this month found that U.S. retirement assets totaled $18.5 trillion at the end of the second quarter 2012, of which 3.5 trillion was in IRAs and $5.1 trillion was in 401(k) plans.
Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings market.
“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explained National Seniors Council National Director Robert Crone, describing a recent Treasury-Labor hearing held in the Labor Department’s main auditorium.
“However it is clear that his is just the first step toward a government takeover. It feels like the beginning of the debate over health care and we all know how that ended up.”
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Whistler Blowers, Insiders
They definitely want the money, but I think enough people are aware of their true intentions that their excuse (to help people save more) will be understood to be a ruse. I don’t think they will be successful, if only because it seems like the financial system will go down before any legislation has any hope of passing.
Furthermore, any effort to add rules/regulations that require people to put more money into treasuries will probably generate a run on the banks. I know I’ve pulled every dime out of 401k and IRAs over the past two years, as has my wife.
Neoisolationist,
Your comment ” I don’t think they will be successful…” underestimates the enemy. Always risky.
As to your comment “I’ve pulled every dime out of 401k and IRAs over the past two years, as has my wife.” Good man. Time will tell.
We have a communist administration. Hussein was raised in the communist idealogy. Confiscation of wealth is one tenent of their laws. Restrict freedom and gov’t control of education, energy and healthcare. So many uneducated people out there!
It’s communism for us at the bottom, and facism for the top.
The last great communist infiltrated theft and the only money left to steal in America. When they came for the Jews I said I wasn’t Jewish, then they came for dissenters, I wasn’t a dissenter but when they came for me their was no one left to help defend me, ring a bell? or two? Everyone in the know already expected this last financial theft and the pensions are how they take the money pay your fair share of illegal immigrants or your prejudice. Government healthcare plan with gun laws in it and it’s mainly about deathcare that’s no care at all.
401k has already been lost, it was invested in European debt. They literally lent the money to countries that will never be able to repay the debt.
This is only a thought. ” If your 401′s are held by the bank, and he bank goes bankrupt via a economic collapse, and the government come in and saves the day by making your lost dollars good again by making it a part of the Social Security program thus guaranteeing your savings – can that happen?” Just a thought …