Posted on 11/27/2012 11:17:14 AM PST by Perseverando
NEW YORK Two years ago, as WND reported, the Obama administration was proceeding with a novel way to finance trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their retirement accounts.
Remarkably, those financial professionals specializing in private retirement savings and the U.S. citizens investing in private retirement plans now face the possibility the Obama administration and its allies on the political left will impose rules and regulations that effectively abolish the private retirement savings and investment markets.
Recent evidence suggests government officials continue to eye the multi-trillion dollar private retirement savings market, including IRAs and 401(k) plans, eyeing the opportunity to redistribute private retirement savings to less affluent Americans and to force the retirement savings out of the private market and into government-controlled programs investing in government-issued debt.
Government takeover?
An Investment Company Institute study published this month found that U.S. retirement assets totaled $18.5 trillion at the end of the second quarter 2012, of which 3.5 trillion was in IRAs and $5.1 trillion was in 401(k) plans.
Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings market.
This hearing was set up to explore why Americans are not saving as much for their retirement as they could, explained National Seniors Council National Director Robert Crone, describing a recent Treasury-Labor hearing held in the Labor Departments main auditorium.
However it is clear that his is just the first step toward a government takeover. It feels like the beginning of the debate over health care and we all know how that ended up.
(Excerpt) Read more at wnd.com ...
And the Republicans will have the House for about, approximately sort of how long?????
January 2015..
-PJ
Income streams in utilities or oil company stocks that throw off dividends.
Longer term, land. If it gets really tough, you could always live on land and grow potatoes and shoot squirrels to feed yourself.
Don’t laugh. Many who lived in the 30s would have been glad to have the access to food by this means.
Touch mine and I’ll kill you. Simple.
I predicted back in 99 or before.
I hate this piece of crap communist called Obama and the rest of the democrats.
My understanding is that you can take it out without penalty IF you’re fired or laid off, right?
I suppose if you’re on really good terms with a boss, he/she could fire you for a few weeks.
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