Feds Want Your 401(K) Retirement Fund!

Feds Want Your 401(K) Retirement Fund!

While the government takeover of healthcare has most Americans screaming mad, it also apparently has others close to the Obama administration inspired and wanting more.

According to an article posted on World Net Daily, a staunch labor union consultant to the White House is preparing to wave an entirely new entitlement program idea in front of the President—one that creates government-mandated retirement accounts.

Former Republican Colorado Congressman, Bob Beauprez, warns: "If you think ObamaCare was unconstitutional government intrusion, wait ’til you get a load of this next concept!"

According to Beauprez, by law, American employers and employees would be required to contribute to a socialist-style retirement fund, with lower-income workers entitled to taxpayer-funded government subsidies that would bring their retirement up in line with others who earn more money.

But then, the unfairness crosses over into tyranny when, according to the plan, these employee contributions would, in part, be forcefully invested in a government annuity, funded by purchasing Treasury debt.

In other words, private citizen investments in 401(k)s, IRAs and such would suddenly be “available” to the government for paying off its irresponsible deficit spending—a proposal that just might tempt the President to bite, as he stares at a $1.5 trillion shortfall this year alone, with virtually no takers on government bonds . . . not even the Federal Reserve anymore.

Beauprez contends it’s Congress’ habitual spending recklessness in what is now a desperate-times-desperate-measures environment, combined with the vigor of successfully bullying its healthcare bill through, that makes this outrageous scenario frighteningly conceivable.

“Private property, personal assets and individual freedom mean nothing to this man (Obama),” says Beauprez. “Seizing $3.6 trillion in retirement accounts assaults another of our individual freedoms and forces Americans to finance a couple years’ worth of his enormous federal debt—something even the Chinese are increasingly reluctant to buy.”

On top of it all, this plan does not even replace the already doomed Social Security program. And the hits just keep on coming and coming and coming.

TEA anyone?

 

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