Thursday, May 06, 2010

The Progressives' scheme to seize your retirement savings

Guaranteed retirement accounts: Toward retirement income security

As already noted, the Obama administration is planning on seizing private sector retirement plan savings and converting those plans to something called 'guaranteed retirement accounts', a form of guaranteed income annuity. The kicker is the government will "invest and manage the pooled savings." This handling of the funds is similar to social security. And, we all know what happened to that fund: Congress spent it all! We can reasonably assume the same will happen to our retirement savings. This scheme must be vigorously opposed.

The above link goes to the Shared Prosperity site that originated the idea.

6 comments:

TRESTIN MEACHAM said...

They are going to just go crazy with their scams these next few months. I'm thinking gold hidden away may be the only option we have left.

hbl said...

Gold is good. Provided it was bought 10 years ago before the present bubble formed. November cannot come too soon.

Ron Russell said...

And you can bet on one thing, the politicians will not be able to keep their greedy paws off those funds and spend them at will!

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The Sanity Inspector said...

Aw, you'd probably just blow your retirement fund on golf, motor-homes, maybe a second wife, junk like that. Think about all the NEA artists who can't afford Starbucks more than once a day...

hbl said...

Not to mention all the underfunded union pension funds that stand to benefit.