You'd think that Obama's plan to take over health care (and run it as efficiently as the IRS or Postal system...) was enough to scare the you-know-what out of me...
Add that to TARP, Stimulus Sr., and son of Stimulus yet to come, Cap & Tax, infiltrating our schools to further brainwash our children with climate change, my mommy is a daddy, let me take your pencils and give them to needy kids, etc., etc., (the list is long). and our current day Obamian world has the makings of "1984" on steroids.
Now they're thinking about taking our pensions, our IRAs, our 401k plans...
Ya know folks, you better shake your neighbors, get them to look beyond taking the kiddies to school or growing that beautiful garden. If this guy and his minions have their way, we are going to be someday living in a world where the government controls everything right down to what we're allowed to grow in our tiny gov't-issued plot.
Are the Democrats Coming After Your Savings?
Beginning around 40 years ago, the federal government implemented one of the wisest domestic policy initiatives of modern times. In an effort to equalize the tax treatment of employees and self-employed individuals, a series of statutes permitted self-employed persons to save pre-tax money for retirement and to accumulate funds in retirement accounts that are not taxed until money is withdrawn post-retirement. Those programs have been broadened over the years to include employees, as well as the self-employed, in 401K accounts....
...Now, the Democrats may be poised to imitate Argentina's theft. Investor's Business Daily reports:
You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.
BusinessWeek reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."
In plain English, 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 other words, the government will allow you the "opportunity" to give Washington your savings, in return for which the government will give you unmarketable T-bills or other unreliable promises to pay some minimal rate of return...