Now Obama Wants Your 401(K)

Barack Obama between flags SC Now Obama Wants Your 401(K)

NEW YORK – Two years ago, as WND reported, the Obama administration was proceeding with a novel way to finance trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their retirement accounts.

Remarkably, those financial professionals specializing in private retirement savings and the U.S. citizens investing in private retirement plans now face the possibility the Obama administration and its allies on the political left will impose rules and regulations that effectively abolish the private retirement savings and investment markets.

Recent evidence suggests government officials continue to eye the multi-trillion dollar private retirement savings market, including IRAs and 401(k) plans, eyeing the opportunity to redistribute private retirement savings to less affluent Americans and to force the retirement savings out of the private market and into government-controlled programs investing in government-issued debt.

Government takeover?

An Investment Company Institute study published this month found that U.S. retirement assets totaled $18.5 trillion at the end of the second quarter 2012, of which 3.5 trillion was in IRAs and $5.1 trillion was in 401(k) plans.

Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings market.

Read More at WND . By Jerome R. Corsi.

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Comments

  1. I have been warning everyone for a couple of years now to keep their ears to the ground listening for hoofbeats and get their money out of their 401Ks while they can. When he decides to take the money, you won't have any time to get it out. And with the setup of the 401K it is not easy to withdraw without a really good reason…hardship being the number one and retirement age being number 2. This is not unprecedented, Argentina did it a few years ago to generate cash for a cash strapped country. He just must have more money to spend…but don't think for a second that the poor will get it….it will pay off HIS debts….and you'll be left with worthless TBills.

  2. How does he want his brains blown out?
    Hollow point .45"s , .357's , IED's?

  3. Edwardkoziol says:

    He'll get it because the democrats believe in distribution of wealth and the republicans will talk tough then cave like they usually do.

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