Is the Obama Regime About to Confiscate Your Savings?
Is the Obama Regime About to Confiscate Your Savings?
A Commentary by J. D. Longstreet
There is no question but that The Obama Regime has plans for your savings. Obama’s Treasury Department and even the Labor Department are already investigating “the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.”
Ok, let me see if I can break it down for you. What Obama is planning to do is: Take you savings, the money you have squirreled away for your retirement in 401-K’s and IRA’s, and hand you an IOU with which they will promise to pay you a small annuity each month of your retirement.
Got your attention yet?
I am not making this up! Businessweek magazine is reporting on it.
Don’t think they can do it? Does the government raiding the social security trust fund ring any bells? They took every dime of that money and left an IOU in its place.
Oh, they’re going a take your money. Make no mistake about that — and they intend to spend it, almost immediately, to try to offset the trillion dollar plus deficits, which will, of course, leave the government coffers empty again. So, then, YOU and I will be broke right along with our pathetic, hapless, government.
Now, they are not going to tell you that. In fact, they will probably tell you they will be investing your money in Treasury bonds, or some such.
There is some thought that the process will begin by the Treasury Department making it optional for you to purchase Treasury bonds with your retirement money. (Aren’t we free to buy Treasury bonds any time we want today?)
As I said above, I am not making this up! The House Education and Labor Committee met last fall and they focused on “redirecting (IRA and 401k) tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute,”
It surely appears the Obama Regime is going to war against seniors in America. Why do I say THAT? Well, seniors have accumulated the most wealth in America, when you average it out, simply because they have been around the longest. When the left speaks of their attacks on the rich, they really mean attacks on the seniors of America.
What we are seeing, dear reader, is socialism in action. We have been telling you for months now that the current US Government IS a socialist government. Maybe you’ll believe it when your 401k and/or your IRA account is wiped out by the socialist Obama Regime.
Look, the democrat/socialist/Marxist/Progressive government of the US is looking for money anywhere they can find it. They know there are, very likely, multi-billions of dollars in 401k and IRA accounts owned by the citizens of the US. Do not kid yourself for one moment. They are going to seize that money.
“Oh, but they can’t do that,” you say. “That’s MY money. It is private property!” Well, normally, you would be right. That is to say, IF we had a government that recognized the US Constitution as anything but an outdated bunch of suggestions, you’d be right. Unfortunately, that is not the reality we live in today in America.
The democrats’ inspiration for this theft (call it anything you like, but it IS THEFT!) comes from the South American nation of Argentina. You see, back in 2008 Argentina nationalized the private retirement funds of their citizens on the grounds that “the private system never achieved what was needed.”
Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, is reported to have said the following: ” … the savings rate isn’t going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should.”
Again, simply put – the US government is going to take our retirement money and make us a worthless promise to pay us some sort of monthly payment during our retirement years.
“House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created “guaranteed retirement accounts” for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return.” You may read the entire article HERE.
There are some among us, even conservatives, who believe that confiscating the retirement money of America’s seniors is beyond the pale — even for the Obama Regime. I am not among them. I’d have to ask, if they were not considering it — then why do what they have already done? I refer you to a paragraph above in which we reported the following: “The House Education and Labor Committee met last fall and they focused on “redirecting (IRA and 401k) tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute,” See what I mean? The Obama Regime is certainly exploring the possibility of doing just what we are warning you about today.
How serious is this possibility. Well, it is serious enough that we are hearing unconfirmed reports that some Americans have already stopped acquiring money in their 401k’s and IRA’s and are buying, instead, precious metals such as gold and silver. You see, precious metals are tangibles. You can touch them, and see them, and feel them — and, better yet, they are untraceable by the Obama Regime.
Kim Priestap writes, at wizbangblog.com, the following: “Ever since Barack Obama was elected, we’ve seen larger and larger chunks of American life being gobbled up by government. Today’s Democrats are nothing more than thug socialists who can’t stand that there are still large swaths of the American people still living independently from government largesse and control. Now they are using what remaining power they have in Congress to change that. If the government takes over health care, college student loans, and retirement savings then no one, no matter how wealthy, can escape the thumb of big government.”(You may read the entire article HERE.)
In a little over a year, the Obama Regime has taken America from a glorious constitutional “representative” republic, to a “Banana Republic.” This is socialism, dear reader.
As we have warned until we are blue in the face, socialism rots a nation’s soul. In the past few months under the Obama Regime American has become a hollowed-out husk of its former self
As the Mid Term Election approaches Americans need to “suck it up” and go to the polls determined to save America from the socialist/Marxist/Progressive/democrats now transforming our precious country into a socialist dung heap.
J. D. Longstreet