I know a great deal about this plan.
It involves setting up a mandatory retirement account, and funding it through payroll. The funds are then required to be invested in a special government backed security (investment guarantees). This security is illiquid and will have has less than market returns.
There are loopholes for individuals to avoid this scenario in the bill, but that is the direction this is headed.
Although government takeover of 401k accounts has been talked about it is not pat of the legislation. It would, however, be easy enough to force conversion of 401k accounts and IRA accounts into this system.
F-Face Clinton had Andrea Tyson in his administration and she came up with the idea to tax 401k’s as current income and a 15% retroactive tax to make up for it.
We already pay social security premiums. We're already doing that.
They want us to all pay TWICE? Once for us, and the other for some do nothing freeloading scrounge?
Screw that. People had better start learning how to live on less and what grows around them, otherwise they'll be even more enslaved than they are today.
Move off the grid, folks. Let the freeloaders starve or change. Give them a choice.
(We can survive without big governments money, but big government can't survive without ours.)
Sooo, how’s this different from Social Security?