It sounds crazy, doesn't it? The very thought that the government may be quietly laying the groundwork to seize your retirement assets is enough to make you shudder and think, "no way! This can't be happening. Not in America. My IRA and 401k are safe."
REMEMBER that we talking about the Obama Administration and the IRS.
This is the same administration who:
--used the recent economic chaos to seize control of the American mortgage market,
--used loans to GM and Chrysler to take control of those companies. Initially they secured those loans with preferred stocks, which they quickly converted to Common Stocks so they could gain a controlling vote.
--has recently taken over the student loan business
--has appointed radical leftist "Czars" to oversee and transform ever-larger portions of our economy against the will of the people and their representatives in Congress
--has presided over a quadrupling of the budget deficit in the course of 1 year
In short, they haven't "wasted a good crisis" since taking office.
The list of Obama Administration trespasses against our freedom-based way of life is long indeed. Given their track record, is there any reason to think that they wouldn't try to get their hands on 3 TRILLION dollar$ of our retirement funds? Do you think they would be opposed to this heist on principle? REALLY?!
The following opinion piece, THE GOVERNMENT WANTS YOUR RETIREMENT, is from Neal Boortz. As you read this it's important to remember that Neal didn't pull this "possibility" from his nether regions. He read an IRS document contained at zerohedge.com.
Boortz: "I've been telling you about this for a while now. This, to me, is one of the most dangerous schemes currently slithering through the crevices and dark spots of the Imperial Federal Government in Washington. What am I talking about? What I believe to be plans by the Obama administration to, in effect, seize your retirement funds and use them to finance their deficit spending. Remember ... there are more than $3 trillion dollars sitting out there in individual retirement, IRA and 401K plans. Politicians just cant stand the idea of this much money sitting out there in private investments ... out of the grasp of politicians. So .... Something needs to be done. And sure enough, something is going to be done. The Treasury Department and the Department of Labor were going to start taking comments on ways to promote the idea converting 401(k) savings and IRAs into annuities or other steady payment streams. Well you can finally take a look at this document for yourself:
Here, I'll post a little to get you started: (from the IRS document)
The Department of Labor and the Department of the Treasury (the "Agencies") are currently reviewing the rules under the Employee Retirement Income Security Act (ERISA) and the plan qualification rules under the Internal Revenue Code (Code) to determine whether, and, if so, how, the Agencies could or should enhance, by regulation or otherwise, the retirement security of participants in employer-sponsored retirement plans and in individual retirement arrangements (IRAs) by facilitating access to, and use of, lifetime income or other arrangements designed to provide a lifetime stream of income after retirement. The purpose of this request for information is to solicit views, suggestions and comments from plan participants, employers and other plan sponsors, plan service providers, and members of the financial community, as well as the general public, on this important issue.
Boortz: "That's a lot of government-speak. Can you read between the lines? What is the real plan here? Behind this nonsense about "lifetime stream of income after retirement" language is a lovely little plan to force you to finance the Democrat's deficit spending. The plan is to play into the current economic fears. "Never let a good crisis go to waste." Remember the words of Rahm? The Democrats want you to question whether or not Wall Street is the right place to invest your money. Wouldn't you be safer if the government kept it for you? The government wants you to believe that it can do a better job of investing and managing your retirement than you can. And for a lot of people who believe that government is the answer, they may fine with this. (click link to continue)