Your PRIVATE Retirement Funds WILL Go Away
If "Clown Prince" obama and his minions have their way, the federal government will CONFiSCATE your IRAs, 401ks, 403bs, and other private monies you and I were smart enough to invest for the future!! This has been in the planning stages AT LEAST since "Clown Prince" obama's 2008 'Campaign of Fluff;' thusfar, no one has had the balls to attempt it.
The most recently proposed government Ponzi Scheme, the "GRA" system, I can find is dated October 8, 2010:
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.
Just the day before [10/07/2010], Ross Eisenbrey successfully proved that the folks working in some think-tanks are just as incompetent as the "Clown Prince" they seek to impress through equality of ineptness!!
Mr Eisenbrey testified before the equally incompetent U.S. Senate:
"I have three main points to make in this testimony today:
1. Congress has made matters worse by focusing retirement policy on high-income households and neglecting low-income workers;
2. Congress and the Obama Administration will make matters even worse if they raise the Social Security retirement age; and
3. There are potential solutions to the retirement crisis, but tweaks and small changes at the margins won’t be enough."
This has to be the largest pile of bullshit to keep resurfacing every cuppla' years. I was involved in a corporate 401k when I was in the manufacturing sector, then involved in IRAs as a self-employed carpenter-cabinetmaker; then as a truck driver. I have yet to encounter the bullshit the aforementioned articles say are the multitude of problems associated with both programs. The 'GRA system' is just another Social Security-esque Ponzi Scheme to be freely raided as GRA funds are deposited in the 'general fund.'
"Clown Prince" obama should not bear the entire brunt of this scheme to legally--once the Congress writes the law, slanted toward confiscation--steal the commoners' private retirement funds. This has been going on in some form since "Slick-Willie" Clinton, and possibly before. Therein lies the kerfuffle: can anyone point to a government agency; a government department, a quasi-government organization that's run at a break-even point, and is fraud-free?!? I think not!
Take for instance, the U.S. Postal Service. The Post Office recorded recent losses of $15.9 Billion (2012), $5.1 Billion (2011) and $5.8 Billion (2010). It's been forecasted to have annual losses of $18.5Billion by 2015 if Congress doesn't address the important issues. Remember the federal government--ultimately the Congress--runs Freddie Mac , Fannie Mae and Sally Mae. See how efficiently they're run, right?!? Can we expect the Congress to put the confiscated private retirement funds in a 'lock-box' for preservation? I'm sure they will, much like the Social Security revenues. The funds will stay in the 'lock-box' until the Congress--again, like the Social Security funds--finds some place to piss 'em away!!
The aforementioned GRA confiscation plans will likely take place during the second "Clown Prince" obama Regime, as directed by The Bilderberg Group. Both are finally realizing the unlikelyhood of the national debt EVER BEING REPAID. The national debt (currently-$16.301 TRILLION) debacle will--and does--directly affect the country's credit rating, hence the Congressional borrowing power. The Executive Branch--as demanded by The Bilderberg Group--will order private retirement funds seizure to preclude their socio-fascist form of government collapsing in upon itself. The prevention of said inward collapse will allow the Congress to continue to borrow form outside sources; China, Russia, India, et al!!
Remember: Socialism works really, really well until the Congress runs out of OUR MONEY!!
[Thank Margaret Thatcher (former British Prime Minister) for that adapted sentiment]
The Bilderberg Group; George Soros view: