Will The Government Steal Your Savings? It’s More Likely Than You Think? I also ran across the planned thievery of the Spendulous Maximus…
This has been a recurrent theme for several years. It’s been simmering on the back burner, so to speak, but it continues to get some attention from time to time. The issue is savings. Whether it be your 401k, or your IRA, or even a savings account; the democrats has been eying them like a crackhead views their pipe. Big government has wasted trillions on making more poor people, creating dependency, paying off contributors, punishing enemies, arming those that kill Christians, and trying to prop up their union buddies. Now, after building up an unsustainable debt, they need another fix, and your savings is becoming mighty attractive to them. Remember the old cartoons where two characters are starving? remember how one character would look at another, and see a sandwich? It’s kinda like that. Doug Ross has the latest developments…
This didn’t just happen over night. The move to make this reality has been going on for quite some time. The first time it was mentioned publicly in any official capacity was at a 2010 Congressional hearing:
Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more “fairly” distribute taxpayer-funded pensions to everyone.
Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous “Guaranteed Retirement Account” (GRA) authored by Theresa Guilarducci.
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. 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.
You’d think that such an idea would be immediately dismissed by the American public, but it has only gained steam since, as evidenced by a 2012 hearing held at the U.S. Labor Department:
The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.
“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explains National Seniors Council National Director Robert Crone, “However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up.”
…Such “reforms” would effectively end private retirement accounts in America, Crone warns.
A few years ago the government of the United States of America nationalized nearly 1/6th of our economy when they took over the health care system with forced mandates. In the process they essentially took control of $1.6 trillion in yearly industry revenues.
But that’s nothing compared to private savings. The total amount of retirement assets in America, including 401k, IRA and savings accounts is around $21 trillion. With our national debt coincidentally approaching the same, the government sees big money and potentially a way out of our country’s fiscal disaster.
This will start voluntarily with the MyRA and other state-sponsored programs. But when not enough Americans are making it their patriotic duty to turn over their funds to their government, they’ll mandate compliance with the stroke of a pen just as they did with the Patient Affordable Care Act.
This is spot on. And, by the way, the excerpt is a small part of a much larger post. I’d advise you to go over there to read the rest.
As you look at the MyRA scam. Think of these…
1. The Income Tax was only going to be on the rich, and at a small percentage. Look at your next pay-stub, and see how true that is.
2. Social Security funds were going to be kept separate from all other government funds? Just remember that what you pay in to SS goes right out to fund the government, and interest on the debt. As for the “lock box?” It’s full of worthless government IOU’s.
Anything the government offers now will be changed in order to rip you off. They’ll say some thing to get you to buy in, like, “if you like your plan…” Then, once they have the power, and your savings, they’ll do whatever they want with it, and you’ll be left will a meaningless IOU. Then, when you retire, you’ll find that you get nothing, because some democrat constituent group needed your hard earned savings more than you do.
And, then, you’ll regret your votes for democrats.