They Said if I Voted for Romney, They'd Come After my 401(k), and They Were Right!: Don’t be surprised when they come for your savings…
That's right kids, they government is eyeing your 401(k), IRA, or 403(b) with great envy. And, as for the title, since Stacey is talking blog shtick, I thought I'd borrow from his well, which is deep with all sorts of goodness.
But, back to the seriousness. There has been rumblings about the government taking over all private retirement accounts for some time. Apparently, the democrats just can't let a big pool of money sit there in private hands-it must be controlled, and redistributed, bythe kind hands of government. Bob Belvedere at TCOTS has more…
The Editors at Investor's Business Daily published an excellent editorial yesterday [tip of the fedora to Memeorandum] on the coming attempt by the national government to seize control of retirement accounts, like the 401(k).
President Obama's National Commission on Fiscal Responsibility and Reform, for instance, proposed lowering the cap on the amount workers could place in their 401(k)s without incurring taxes.
And nearly three years ago, Newt Gingrich and Peter Ferrara wrote on these pages about the Treasury and Labor departments "asking for public comment on 'the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.'"
"In plain English," said Gingrich and Ferrara, "the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years."
More than 60 million American workers have a 401(k) or similar — 403(b) or 457(b) — plan. 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.
Do take the time to click here and read it all [and weep].
Hmmm, let's take a look at the following a bit more closely…
"the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years."
That sounds rather familiar, doesn't it? I mean, how does money get taken from me in exchange for payments when I'm retired? Oh, that's it, Social Security. Well, I never expect to see a dime from that government ponzi scheme, which is why I have a 401(k). However, if they government does to my 401(k) what they are doing to Social Security, should ever expect a single dime of that either?
I'm thinking retirement is going to be very cold and hungry. Then again, IPAB would probably kill me off buy that time anyway.
Isn't it great to live in the "fundamentally transformed USSA?"
We’ll be showing more and more posts about this today, as it is a current issue.