Retirement Fund Trillions Lure Government Grabbers
According to the Investment Company Institute, there was $7.835 trillion in IRA, 401K, 457, and 403b accounts in 2009. That is certainly too large a sum to be ignored by the big spending social engineers in Washington. Bureaucrats and politicians have been hard at work formulating a social justice excuse to legislate an historic seizure of private assets. This would not be the first time the statists extorted wealth from U.S. citizens on a massive scale.
Patrick Heller warns:
Expect to see terms such as "retirement income protection" thrown around. It is highly likely that such a program would be implemented in steps to help overcome public opposition. The US government plan is to eventually take ownership of all assets in IRAs and 401K accounts and replace them with US government "Treasury Retirement Bonds." In the October 2008 hearings, it was proposed that these bonds pay a 3% interest rate. Another major change is that, upon retirement, the individual's retirement account would be converted into an annuity. Once the individual is deceased, the individual's heirs would not inherit anything.
Has personal responsibility and self-reliance been transformed into a perceived disadvantage? Our benevolent government seems to think so.
If liberals remain in control of government, you can kiss your retirement nest egg good-bye. The libs are nothing but a bunch of socialists that want to redistribute wealth from the producers to the lazy.