This has been floated around ever since Obama took office, yet, most people probably thought “there is no way even this group of Democrats could possibly consider nationalizing individual IRA’s”. Alas, no, as the American Thinker points out
Is 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.
There is over $7.835 trillion in private retirement accounts. Money that Democrats currently cannot get access to in order to redistribute. And, really, in Liberal World, that money isn’t really yours. It’s the governments, and, if you don’t share, you’re just a big old meany. Plus, you’re probably too stupid to invest it correctly, anyhow.
Lest you think this is the American Thinker getting a bit overwrought, Forbes has this
Notice they don’t breathe the word “annuity.†The U.S. Labor Department and the U.S. Treasury Department are holding hearings today and tomorrow on how to annuitize, that is how to get a lifetime of income, from your 401(k) or IRA, entitled: “Hearing on Certain Issues Relating to Lifetime Income Options for Participants and Beneficiaries in Retirement Plans.â€
Interesting that there was basically no coverage of these extremely important hearings yesterday in the Old Media, and nothing on them today. Of course, the big stories yesterday and today are about the primaries. It’s almost like they scheduled these hearings, which are about confiscating your money and using it (and supposedly giving it back), to be below the radar. They wouldn’t do that, would they?
I would personally like to think that a small but significant percentage of that $7.835T will be put to use purchasing firearms and ammunition for the upcoming armed defense of America against “enemies domestic”.
Travesty, plain and simple.
Anyone who thinks that they can take my hard earned money, which I took less of over the years, so I could HAVE my retirement income, has absolutely no concept of the saying “world of hurt”.
You say you want a revolution, wel you know-keep this crap up & you will get one.
You say you’ll change the constitution, well you know; you can try it, but we’re not going to lie down and take this crap.
Travesty, plain and simple.
Anyone who thinks that they can take my hard earned money, which I took less of over the years, so I could HAVE my retirement income, has absolutely no concept of the saying “world of hurt”.
You say you want a revolution, wel you know-keep this crap up & you will get one.
You say you’ll change the constitution, well you know; you can try it, but we’re not going to lie down and take this crap.
what is sad, is that this was started by academics and brought to light when Dems took power under GWB. They say that it isn’t right that RICH people get the tax breaks for putting money in to 401s. It takes tax money away from the poor people – according to this pinhead academic.
the only real reason that 401s were created with tax breaks was to PUSH people in to investing which creates more of a base of money for banks and financial orgs to play with. Without the tax breaks, saving would be much less.
I think that’s precisely why they scheduled the hearings then. What a bunch of scums. Thanks to obummer & co, I don’t have any retirement money to speak of, but even if it was $50, I wouldn’t let them get their grubby cloven hoofs on it. Worse every day with these thieves, WT.