EvilBlackGun
Master
Just when we thought that it could not get worse:
"[A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private accounts including IRA’s and 401k plans.
The hearing 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 is ending up."
A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people, and demanded the Obama administration set up a "government-sponsored program administered by the PBGC (Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."
Such "reforms" would effectively end Individual Retirement Accounts in America. Too many people want the government to require that ultimately all Americans buy government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system." ]"
"[A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private accounts including IRA’s and 401k plans.
The hearing 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 is ending up."
A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people, and demanded the Obama administration set up a "government-sponsored program administered by the PBGC (Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."
Such "reforms" would effectively end Individual Retirement Accounts in America. Too many people want the government to require that ultimately all Americans buy government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system." ]"
