Nothing is safe with these people running the show. I warned you back in October of 2008 that the Democrats wanted to do away with 401k accounts, to be replaced by “guaranteed retirement accounts.” Well, they’ve been busy wrecking the economy, passing trillion dollar health care bills and exploding the national debt. That doesn’t mean they’ve given up on their wish list. And it looks like our 401k accounts are right there at the top of that list.
Human Events: In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.
The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.
Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.
In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations. (pdf)
What Big Labor wants, Big Labor gets with Obama in the White House. Our taxes aren’t enough to feed that pig, so now they’re coming after our retirement accounts. The Republicans are fighting this, but they better get really loud and vocal about it.
I don’t think we could have come up with a more corrupt government if we tried.