Now Obama is after your IRA and 401K
Posted in the Dayton Forum
Comment: The unions must work out of Obama's White House.
Obama Begins Push for New National Retirement System..401K at risk?
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administrationís effort to nationalize the nationís pension system and to eliminate private retirement accounts including IRAís and 401k plans, NSC is warning.
The hearing, held in the Labor Departmentís main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.
"This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."
A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governmentsí Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic!
Nah, you're Chief.
Nobody else on here uses AOL. Only retards like you.
The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently canít sell to anyone but the Fed).
National Seniors Council Director Robert Crone warns:ďThis whole issue is moving forward very quickly.¬ Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employees paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.ď
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