Obama Begins Push For New National Retirement System

It may be time to take the tax hit and withdraw funds from private retirement accounts before they are forced into long term T-bonds.

The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently can’t sell to anyone but the Fed).

National Seniors Council Director Robert Crone warns: “This whole issue is moving forward very quickly. Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.”

All your retirement savings are belong to us:

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tmedlin
8 years ago

the automatic IRA bill mentioned has already died in Congress -- there was only the author and one co-sponsor (John Kerry)…imagine that!

tmedlin
8 years ago
Reply to  tmedlin

that was on the SEnate side -- I believe in 2011; in 2012 it was re-introduced in a House Committee, had 16 co-sponsores and was promptly defeated

tmedlin
8 years ago

has there been a new bill written? I can’t find anything on it.