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IPFS News Link • Currencies

Obama announces details to seize your retirement account (“Retirement Annuity Act “(RAA))

Reuters: President O announced details of his new initative to pass the “Retirement Annuity Act “(RAA). The president said the taxpayer does not have the necessary sophisticated financial knowledge (no inside information, no lobbyists to ensure laws are written in their favor, etc.) to compete against banks and hedge funds. Mutual Funds have failed miserably.
1. All workers will contribute 10% of their after tax salary to their RAA account. Employers will match with 15%.
2. Funds will be invested in 10, 20, and 30 year TIPS. (Govt will continue to calculate the inflation rate so that it will never exceed 2.25%)
3. The worker on retirement at age 72 ½ will draw an annuity until death. The President said this is a win - win for taxpayers and Govt. The cash collected weekly will pay for Govt liabilities (similar to Social Security) and the taxpayer will have their investment in rock solid backed Govt TIPS. Reuters has since killed the link...but WND has picked it up