I told you about this in October of 2008, and again in May of this year. There is too much wealth sitting out there in private retirement accounts and the progressive statists want to get their hands on it.
I read last night that the Department of Labor is scheduling hearings on what they call “lifetime income options for retirement plans.” (Thanks to Smitty for the reminder.) What do you think they mean by that? Patrick Heller has a few ideas.
I don’t like speaking in tabloid-style terms, but the unstated agenda of these hearings, as I understand it, is to push for the US government to eventually nationalize (confiscate) all assets in private Individual Retirement Accounts (IRAs) and 401K plans!
The US government is desperate to get its hands on private assets to help cover soaring budget deficits and debts, and this is simply the largest and easiest piggy bank that could be seized. The Investment Company Institute estimates that at the end of 2008 that there were $3.613 trillion of assets in IRAs and $2.350 trillion of assets in 401K plans.
For more than the past ten years, I have warned readers that the US government was eventually going to go after private retirement accounts. I considered that as the most important reason to avoid establishing precious metals IRAs. Very few other writers (Ron Holland being one) have picked up on this issue as early as I did. In fact, the mainstream media pretty much ignored the subject even after a House Committee held hearings on the issue in October 2008.
Jane Jamison adds:
Of course, no one in the Obama administration is going to label this a “move to nationalize IRAs and 401Ks.” That would be too traumatizing, too much, too soon, and would create immediate blowback. Instead, we will be “softened up” with talk about Value-Added Tax (VAT) of 20% or more, and demonizing of predatory investment brokers who are “victimizing” pensioners. The dreaded “deficit commission” report looms in December.
Just as Argentina’s nationalization of private pensions was at least two years in coming, we have had our advance warnings. Congressman George Miller (D-Calif.) held hearings two years ago, just before President Obama was elected, to discuss removing the tax-exempt status of retirement contributions, and mandatory 5% contributions by employers ( in addition to Social Security and Medicare) for employee retirement accounts. [make sure you read the whole thing.]
Now do you see why it is so important to elect conservatives in every district? This is happening right under our noses with very little coverage. The media won’t tell you about it. Big government RINOs won’t tell you about it, let alone do anything to stop it. With Democrats controlling Congress, even if the Republicans tried to stop the takeover of our 401ks, they don’t have the power to do anything. It’s up to all of us to spread the word before the elections this November. I hate to sound like an alarmist, but I truly believe this is our last chance to stop this.