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Your nest egg is in their cross-hairs; you know, to "protect you" from losing your own money.
Congressional heavyweights such as Rep. George Miller (D-CA) have already held hearings on "merging" 401(k)s, IRAs, and other tax-advantaged private savings programs into the failed Social Security program.
The cash-strapped Obama Administration's unofficial 401(k) nationalization czar is utopian New School for Social Research academic Teresa Ghilarducci -- who was dubbed by U.S. News and World Report as "the most dangerous woman in America" after she appeared before Congress to testify in favor of government seizing 401(k)s and other retirement assets.
Following her Congressional testimony at a 2008 hearing to begin ending 401(k) and IRA tax advantages, Ghilarducci admitted on conservative talk show host Wilbur Kirby's KVI 570 show in Seattle the truth about the left's scheme for gaining control of private retirement accounts:
"I'm just rearranging the tax breaks that are available now for the 401(k)s and spreading [here she paused briefly to consider her words] spreading the wealth..."
Have you ever felt so raped by our Progressive Socialist government?
This is not a socialist government. If this is socialist, then when they distributing the wealth, main street should get some. But, all the money go to Wall Street and Unions.
They will begin with default allocation to Treasuries, requiring an opt out procedure likely laden with massive paperwork and effort. Then as treasury demand declines following QE2, a % of all new 401(k) money will be required to be in treasuries. Then, retroactive reallocation of portfolios. Then, a maximum amount of offshore investments, say 10-20%. Excuses can be made for each one (e.g. we used to buy war bonds anyway, it's for the greater good, you're unAmerican if you don't invest in America, etc). This way they don't have to be blamed for directly confiscate retirement accounts.
This is not a socialist government. If this is socialist, then when they distributing the wealth, main street should get some. But, all the money go to Wall Street and Unions.
Good post, and I agree with you on everything except the unions. Unions and their power structure will die, look at Europe. Austerity measures are coming soon to America. Our government, banks and corporations continue looting and Americans don't say a *****ing word.
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