From the Boortz:
ARE YOU STARTING TO BELIEVE ME NOW?
By Neal Boortz @ May 5, 2010 9:04 AM Permalink | Comments (47) | TrackBacks (0)
I've been warning you since the mid-1990s that if the voters of this country were ever stupid enough to put Democrats back in charge in Washington, the Democrats would make a move to seize all or a portion of their pension plans. Judging from some of the emails and Tweets I've been receiving the past few days, people are starting to believe that I just might have something here.
There are a few things driving this move. First we have labor unions. Union pension plans are dangerously underfunded. Union members are nervous, and the Obama folks are listening. One solution unions seem to be pushing is some sort of a government takeover - seizure, if you will - of private 401K retirement plans out there and the redistribution of those funds to shore up union retirement plans. The idea seems to be that the government would "guarantee" some sort of retirement for all, unions and non-union workers alike, with the funds collected from the once-private retirement plans.
A story in this week's edition of Human Events details a request by the Obama Administration to the Departments of Labor and Treasury to provide information regarding the "annuitization" of private 401K plans through something the Obama crowd calls "lifetime income options." Yeah ... lifetime income options paid by and controlled by the government. The Republicans are prepared to fight .. but until next year they don't have the numbers.
The second scenario in which the government could seize our 401K or IRA plans isn't really getting all that much attention ... yet. Maybe I just dreamed it up. Here's the scenario: Obama and the Democrats, with no small amount of help from the Republicans, continue to spend America into bankruptcy. The deficit grows and our national debt grows even more hideously. Finally China, facing some economic problems of its own, decides it owns enough U.S. debt. Treasury tries to auction some more debt instruments, and China shows no interest. Suddenly the Imperial Federal Government is faced with a problem ... who is going to buy U.S. Treasuries? Just how much interest are we going to have to pay? Answer? Why, we'll make our own citizens buy them! The next thing you know the Democrats are rushing to pass legislation mandating that all outstanding funds in 401K and IRA plans be immediately used to purchase a special issue of Treasury Bills! If you want to maintain the tax advantages of these retirement instruments you'll have to invest the money in low-yield Treasuries and hold "your fair share" of American debt. Good bye to making your own investment decisions and good bye to any decent rate of return on your retirement savings.
Well ... at any rate, glad some of you are paying attention now. With this anti-capitalist in office and his dog washers controlling the congress you have to remain vigilant.
Related Link: http://www.humanevents.com/article.php?id=36823
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... Considering that the SEIU president is the man most seen at the White House, its most frequent visitor... this should cause concern for anybody who is hoping to save for retirement.
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