Obama's 401(k)s and IRAs

The Obama Administration's Secret Plan to Hijack Your 401(k)s and IRAs

by ☆astac☆ Posted December 02, 2012

The solution to the government’s financial woes, as certain powerful politicians see it, is not to have Washington live within its means. No, the solution is to “raise revenue” by any means necessary borrowing it, printing it, and, yes, even stealing it.
When governments get desperate for money, they scheme to change the incentives and rules to milk more money of out of private wealth holders. Sometimes, in a financial “crisis,” they move with deliberate speed to seize assets outright.

As the government’s finances continue to deteriorate, cash-desperate federal officials are engineering a scheme to herd and ultimately force 40l(k) and IRA holders to “merge” into a government-managed retirement system. Retirement account de-privatization is being advanced by the powerful Ford and Rockefeller Foundations, key Congressional leaders, influential leftwing think tanks, and Vice President Joe Biden’s White House Middle Class Task Force. The 40l(k)/IRA de-privatization plan is the brain-child of one of the left’s rising stars, the bright and inventive leftwing academic Teresa Ghilarducci. 

While Ghilarducci insists 40l(k)s will still
be “legal” under her plan, the thrust of her idea was revealed on a 2008 radio interview in which she said, “I’m just rearranging the tax breaks that are available now for 40l(k)s and spreading – spreading the wealth...”
 
Ghilarducci is hardly an isolated left-wing crank with a bad idea. She cut her political teeth in the Clinton Administration as an advisory board member of the now-insolvent Pension Benefit Guaranty Board. Tellingly, Ghilarducci is also a “public trustee“ to the health care plan for UAW retirees of General Motors. Or put another way, Ghilarducci was in the thick of the battle when “Team Obama” ripped off GM’s private investors by turning over their shares to the United Auto Workers union bosses.

http://www.calwatchdog.com/2012/11/30/the-govt-wants-your-401...
The government now wants your private 401(k) retirement plan. ”As Washington debates what to do about the fiscal cliff that it foolishly created, many potential sources of new revenue will be thrown on the table. One of them is likely to be 401(k) plans,” Investor’s Business Daily reported Thursday.

“Retirement is an American’s reasonable expectation. We put money into investment plans so that our work today funds our hard-earned leisure of tomorrow. But many in Washington see our investment accounts not as the expressions of well-planned, disciplined decisions but as untapped reservoirs of wealth they can drain to fix the problems that they caused.”
There’s a great deal of money saved by private sector employees in 401(k) plans. But liberals in government say that these retirement accounts aren’t fair, and that they are the retirement plans of the wealthy.

More than 60 million American workers have a 401(k), 403(b) or 457(b) plans. But taxing these accounts or lowering the amount that can be contributed to them tax-free would do little to close the deficit and cut the debt, IBD said.

“Total assets in 401(k)s are roughly $3 trillion. So even if they were seized in their entirety, they would merely retire less than 19% of Washington’s $16.3 trillion debt.”

Since first election Barack Obama, his government liberals have been saying that our 401(k) exist on the backs of the poor, as if they had all the money and it was stolen by the rest of us.
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