It’s coming people. Obama is about to grab your hard earned savings in your 401k and IRA. For this your federal government will hand you a promise to give this all back to you in monthly installments for your retirement years. The federal government has done such a great job with Social Security, Medicare, and the Post Office that they want you to have faith they can do better with your savings than you can yourself. Because of course they will invest your money in the currently worthless Treasury Notes that need an infusion of cash to pay for all his planned goodies. But not to worry because your retirement is backed by you know who? YOU! You the tax payer or your kids or grandkids or someone else until the scam catches up and all the money is gone just as Social Security is now broke/busted/bankrupt.
This program is already started. Like all of Obama’s plans he starts with very small pieces planted in all his programs so that at some point he has all the little puzzle pieces and like magic the program is there approved by congress, set in law and all ready to go. He even has the 75000 (yes, that is seventy five thousand!) new federal employees already in their little offices sorting thru the puzzle pieces and putting them together right now.
No one knows what was in the TARP bill or the Stimulus Bill or his budget. These omnibus bills written in legalese could contain anything. O’Reilly informed us tonight that the take over of the Student Loan program is part of the Obama Health Care plan that he is pushing thru Congress and down our throats. This would make a higher education an entitlement. Free education from K thru 16+. You know I got my education right before student loans were available. My entire education from 1 thru 18 which included room and board and tuition. Books and spending money and a third hand Plymouth cost $7000. My mom kept records down to the penny but I have forgotten what the pennies were. Then the government got into the backing of student loans business and the financial world and colleges and universities cried Eureka
Earlier this year, the U.S. Treasury and Labor Departments began a public discussion on the aim to convert 401(k) saving plans and Individual Retirement Accounts (IRAs) into annuities and other forms of guaranteed income streams. Deputy Assistant Treasury Secretary Mark Iwry stated, “the question is how to encourage it, and whether the government can and should be helpful in that regard.” The supposition that the government is looking to be helpful with this proposal should automatically cause alarm.
The rationale for what would ultimately serve as a government takeover of the nation’s private pension system is of the same mold as the position Obama and Congressional Democrats have staked throughout the debate on health-care reform; “trust us, we know better than you”. Their assertion is that a weakened economy and a volatile stock market call for them to protect you and your interests, in this case your retirement money.
Last month, Newt Gingrich and Peter Ferrara editorialized on the Investor’s Business Daily website:
“The idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years. They will tell you that you are “investing” your money in U.S. Treasury bonds. But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds.”
In February, Obama unveiled his budget for fiscal year 2011 which includes a proposal to require small businesses to establish automatic IRAs for employees. With his cronies from the financial services industry by his side, the measure is being marketed as a means to create a nation of savers. But this proposal wasn’t conjured up with your interests at heart. In actuality, the president is licking his lips, with his eyes set on sweetening an already massive lottery jackpot for the government.
As of the third quarter of 2009, Americans held a combined $8 trillion in 401(k) plans and IRAs, according to the most recent retirement market report from the Washington D.C.-based Investment Company Institute. Furthermore, his proposal for health-care reform calls for an extension of the 2.9% Medicare tax to unearned income, which means those annuities and other forms of guaranteed income streams you would receive in exchange for relinquishing the freedom you currently possess over your retirement funds, would be subject to taxation. The American people consistently lose when the government desires to be helpful.