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News Link • Federal Reserve

Nationalized retirement accounts: The coming confiscation of the retirement savings of the middle cl

• The PPJ Gazette
Having spent the last ten years, minimally, spending without conscience or concern, the federal government has hit the wall; no one wants to buy our Treasury bonds used to finance the national debt. As one bill after another comes out of congress giving the government and its corporate buddies control of everything from our water and land to our food and health, it comes as no surprise that the final act of redistribution of wealth to the already wealthy, is, the forced conversion of private retirement investments into nationalized retirement accounts which are nothing less than the confiscation of wealth from the middle class to pay the debt run up by one congress and president after another. Obama Administration begins the “grab” for retirement accounts S 3760, introduced August 5 by Jeff Bingaman (D-N.M.) and John Kerry (D-Mass.) would require that employers of workers currently not covered by any retirement program pay 3% of compensation into mandatory, automatic IRA account

1 Comments in Response to

Comment by Ross Wolf
Entered on:

Let U.S. Government steal your Retirement, Government Will Take Everything Else From You.

Whatever retirement accounts U.S. Government seizes, they will blow that money then what? The Obama Government appears intended to confiscate Citizens’ retirement to pay for government relentless borrowing and spending Congress just approved $26 Billion more to pay State, Local Federal Employees—“to save their jobs” not yours! In contrast millions of Americans face the prospect of unemployment, homelessness and soup-lines.

53% of Federal, State and Local Employees are unionized. Many paid twice that of Americans working similar positions in the private sector. In part due to powerful union influence, the federal government is moving the direction that collapsed the USSR—huge unaffordable bureaucracies; imploding numbers of government employees. Despite the horrific recession Federal and State employees continue to receive unsustainable salaries, benefits; and large pensions that will bleed U.S. taxpayers for decades. This situation will become reprehensible if government confiscates Citizens' retirement plans.

Some Unions appear intended to dump on U.S. Taxpayers with Obama’s help their obligation to pay its members promised benefits. Could that have anything to do with the Obama government wanting to seize Citizens’ retirement plans?

Meanwhile unions think nothing of spending millions on political campaigns. Perhaps taxpayers should demand independent deep audits of certain unions. Both unionized and not-union Government employee salaries and benefits need to be sharply trimmed, brought in line with private sector workers. Federal and State Legislation should be introduced to cut back or eliminate unaffordable pension and salary packages that hold hostage state and federal taxpayers, especially with deficit spending out of control.

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