Retirement Fund Trillions Lure Government Grabbers
By Peter RaymondIs the government making plans to confiscate your retirement money? The Obama administration is certainly exploring the idea.
This question no longer seems far-fetched when the group-thinkers in Washington unabashedly promote a doctrine of wealth redistribution and central planning. These Keynesian socialists know they will need vast new sources of revenues to fund their relentless spending binges to "transform" this nation. A logical next step would be to legitimize the confiscation of private retirement assets; an idea that was contemplated in the recent past by the Clinton administration.
According to the Investment Company Institute, there was $7.835 trillion in IRA, 401K, 457, and 403b accounts in 2009. That is certainly too large a sum to be ignored by the big spending social engineers in Washington. Bureaucrats and politicians have been hard at work formulating a social justice excuse to legislate an historic seizure of private assets. This would not be the first time the statists extorted wealth from US citizens on a massive scale.
The public shakedown always employs a two step tactic to repeatedly dupe the malleable electorate. First, the statists fabricate and incessantly excoriate a contrived crisis of social injustice that is victimizing helpless and unknowing Americans. Next, they "craft"; a term Pelosi uses again and again, insidious legislation disguised as a necessary and compassionate solution that makes participation and universal funding compulsory by force of the law.
It is a simple and effective strategy that continues to trip up even the staunchest conservatives who ultimately succumb to the throng of propagandized constituents demanding protection from the newly revealed threat.
Patrick Heller warns:
"Expect to see terms such as "retirement income protection" thrown around. It is highly likely that such a program would be implemented in steps to help overcome public opposition. The US government plan is to eventually take ownership of all assets in IRAs and 401K accounts and replace them with US government "Treasury Retirement Bonds." In the October 2008 hearings, it was proposed that these bonds pay a 3% interest rate. Another major change is that, upon retirement, the individual's retirement account would be converted into an annuity. Once the individual is deceased, the individual's heirs would not inherit anything."
Has personal responsibility and self-reliance been transformed into a perceived disadvantage? Our benevolent government seems to think so.
The rest of the story.........
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Tommy T
Lucifer James
GunGuy45
crazypants
Jonathan Wolfman
American Heretic
Salon.com
Comments
Let's see if you can use Google to examine a story as a logical adult might do before he posted it as proof he is easily suckered.
God help you if the Nigerians ever get your e-mail address.
You can't prove the lie. Now go back to your basement.
If you had a brain you'd write your own posts.
You don't write your own posts.
http://www.factcheck.org/askfactcheck/print_are_congressional_democrats_talking_about_confiscating_ira.html
You will deny the facts, but that's not my point--it's yours.
PS--Fact Check isn't exactly American "Thinker," as the people who write it still have most of their teeth and no serious psychological illnesses.
It's not an American Thinker story. They merely provided the facts which you so easily ignore.
I won't get in the gutter with you by calling you a liar.
Get a clue before you insert your foot in your mouth next time.
Just how does that foot taste?
I must thank GunGoy for commenting, or I would have missed your either deceitful or wilfully ignorant response.
Your American Stinker article flat out says, as you quote:
"The US government plan is to eventually take ownership of all assets in IRAs and 401K accounts and replace them with US government "Treasury Retirement Bonds."
The headline on the FactCheck.org article says:
Question: "Are congressional Democrats talking about confiscating IRA and 401(k) investment accounts?"
Answer: "No. There's no plan to seize these accounts. One House witness at a committee hearing proposed to allow some people to trade their old accounts for a new type that would be less risky."
This was spelled out in bold type, so I can't imagine you had difficulty reading it, just in believing a solid, well documented source that runs contrary to what you have been Told To Think.
I'm not calling you a liar, although denying bold face type surely invites the charge. I'm more than implying you are an easily misled sucker. As punishment for your crime of trying to argue above your pay grade, I'm sending the Nigerians a link to your blog. I will suggest they spam-sell you 200 Obama's Official Kenyan birth certificates rather than that dead-relative-has-inheritance scam they usually use. You'll live out your days in penury and despair, but at least you'll have Proof! that Obama is a furriner!