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News Link • Government Debt & Financing

Government Prepares To Seize Private Pensions


The government is preparing to seize the private 401(k) pensions of millions of Americans while enforcing an additional 5 per cent payroll tax as part of a new bailout program that will empower the Social Security Administration to redistribute pension funds in a frightening example of big government gone wild.

Public pension plans have been so aggressively looted already by the government that cities and counties face a $574 billion funding gap, according to a CNBC report.

That black hole is set to be filled by a new proposal that will “fairly” distribute taxpayer-funded pensions to everyone, by confiscating the private wealth of millions of Americans. Its proponents express staggering arrogance in thinking that they can just steal money people have worked for decades to accrue as if it’s their own.

Not only would the government confiscate 401(k) pensions, it would also impose a mandatory 5 per cent payroll tax payable by everyone, according to a hearing chaired last week by Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee.

“This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending,” writes Connie Hair.

The hearing was a platform for advocates of Guaranteed Retirement Accounts (GRAs), a program authored by Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York. Back in November 2008, Ghilarducci testified to Congress that 401(k)s and IRAs should be confiscated and converted into universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

“You don’t hold hearings on something you don’t intend to do,” points out the Market Ticker blog. “I hate it when I’m right. I hate it even more when tens of millions of Americans are going to get reamed to pay for the crimes of the handful on Wall Street, and their crony enablers in Washington DC.”

As Bloomberg reported earlier this year, pension funds are already being taken by stealth and invested in failed banks.

1 Comments in Response to

Comment by Ross Wolf
Entered on:

Pensions funds have been looted. But do you hear the word Arrest, or RICO? No, the wrongdoers intend to be bailed out by having a corrupt government seize the assets of Citizens that paid in, played by the rules, to pay other peoples pensions. If this transpires, Americans that can should take what is left of their money and leave the country. Is it coincident Obama is trying to stop Americans leaving the U.S. with their money. German Citizens that didn't read the signals to get out of  Nazi Germany with their assets not only lost their chance  procrastinating, subsequently lost their lives and property.


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