I agree that the posting was poorly written, scare mongering though? I think I might give a pass on that because of the poor writing. My way of looking at this is simple, the pattern being followed is familiar, first you float a trial balloon, if it busts then ignore it for some time. Then try again later on after tuning it and see what happens.
Eventually they get what they were after in this case they are after the 401k’s and IRA’s. Not so much I think because of what’s immediately in them but because working people have developed the “habit” of putting money aside for the purpose of providing for themselves in retirement. What I think the Feds want is the Bi-weekly “contributions” that currently are invested in Stock, bonds and money market accounts. I believe that they want that money to go into special T-bills to keep on funding their vast spending spree.
So I look at this as not so much scare-mongering as saying; “Hey People! Look over here at this, I think this is important for you to know about!”
Would the lefties in congress like to take your savings, your guns, your gold, your real estate, and take over running your life? Of course they would! They are closet communists who see themselves as the ruling elite who know what is best for everyone else and especially what would be good for them personally. I live in fear of all these things but I cannot run and hide from every possible boogeyman. I try to deal with the things that are actually happening in real life.
I don’t believe that congress will directly steal personal retirement savings because they have a very effective and secretive way to steal EVERYONE’S savings. They will simply continue to print money until the debt is gone and your savings are gone. Your entire lifetime savings, carefully packed away in your 401k or IRA account, can virtually disappear and become meaningless through steady inflation. The US doesn’t even need to experience hyperinflation (inflation over 50% per month) for this to become true. Look at the situation right now: huge monetary inflation but low velocity of money has held inflation on goods and services down around 10% per year while the government laughably claims inflation is less than 2%. Of course, they cannot admit to the actual inflation because many of their expenses (TIPS bonds, social security payments, etc.) are indexed to the official inflation rate. What interest can you get on a standard savings account? Roughly 0%. Even modest 10% inflation will remove half of your savings in 7 years. Why bother with a huge political fight to directly steal everyone’s savings accounts when you can simply remove its value and nobody seems to notice or care?