A Treasury and Labor Department sponsored hearing marks the beginning of the Obama Administration’s effort to nationalize private pensions and eliminate IRA and 401k retirement accounts.
Rebecca Davis from the Pension Rights Center testified that “private annuities are problematic.” Davis said the government needs to get involved because 401k plans and IRAs are unfair to poor people. She called on the Obama administration set up a “government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation).”
“[I]t is clear that this [hearing] is the first step towards a government takeover. … These people want the government to require that … all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system.”— Robert Crone, National Seniors Council National Director
Such reforms would end private retirement accounts in America.
The un-American asshats who voted for Barack Obama, voted third party, or sat out the election have inflicted this redistribution insanity on the rest of us; in fact they are now accountable for everything this administration does from here on out.
I warned my readers in 2010 and 2011 that Obama and the Democrats were going to come after private retirement accounts. See “DEMOCRATS PLAN TO SEIZE YOUR 401(K)S AND IRAS” and “COMING TO A 401K NEAR YOU.”
Thanks for the gumball, asshats.
For more on the government takeover of private retirement accounts see, “Obama Begins Push for New National Retirement System.”