Is the government making plans to confiscate your retirement money? The Obama administration is certainly exploring the idea.

By Peter Raymond at American Thinker

EXCERPTS:

‘The public shakedown always employs a two step tactic to repeatedly dupe the malleable electorate.  First, the statists fabricate and incessantly excoriate a contrived crisis of social injustice that is victimizing helpless and unknowing Americans.’

‘Patrick Heller warns:

“Expect to see terms such as “retirement income protection” thrown around. It is highly likely that such a program would be implemented in steps to help overcome public opposition. The US government plan is to eventually take ownership of all assets in IRAs and 401K accounts and replace them with US government “Treasury Retirement Bonds.” In the October 2008 hearings, it was proposed that these bonds pay a 3% interest rate. Another major change is that, upon retirement, the individual’s retirement account would be converted into an annuity. Once the individual is deceased, the individual’s heirs would not inherit anything.”‘

‘In February, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), in collaboration with the Department of Treasury, announced a “request for information” to study the Lifetime Income Options for Retirement Plans and asked “for ideas on how to help reduce the chances that workers will run out of funds during their retirement years.” ‘

‘In other words, the government intends to convince Americans that the abrupt seizure of trillions of dollars in defined contribution retirement accounts in exchange for token government payments is for their own protection and benefit. ‘

FULL STORY

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