Your Retirement Belongs To Us
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].
You can read Rush Limbaugh’s take on this here, which includes background on the Left’s history of wanting to steal private retirement plan monies.
The thing to understand about this particular power grab by the Left is that they don’t really give a damn about raising revenues — that is not their real concern in seeking to confiscate our savings, our wealth.
For the Left, this is about further enslaving you to the state by making you dependent upon their good will. They will control whether you can retire because they will get to decide if you can get back the monies you saved so that you could retire. In a sense, the national government will become your Sugar Daddy and that means you’ll be expected to do as they say. They will decide whether you have any money in your pocket. They will own you financially, just as they now own your body via Obamacare [and, in the future, via Obamacare II: Single Payer System].
The Left will be successful in this because, ultimately, they face no opposition. The Republicans are not a shadow government, but, rather, a shadow of their former selves. The GOP will allow this to happen because all they care about is being allowed to sit at the table [even though it's the kid's table].
If you can, cash-out of your retirement plan and convert what monies you get to things that are beyond the government’s reach, such as precious metals and ammo and anything that can be bartered.
Jeff Goldstein points to another reason why the national government wants to gain this control:
It’s another “nudge” to get servicing industries out of the business, leaving a void to be filled by the feds, who will likely propose an annuity plan in exchange for controlling “your” retirement money.
Luckily, that makes it easier for them to bill you for your “free health care” once you are into retirement and the piper’s fee comes due.
Power And Control: It’s The New Normal.
As my late, beloved Grand Aunt would say: ‘Fascista!’