It’s your money, and they want it NOW!

Here’s one way for the government to pay off the national debt: seize your 401k, IRA, and other retirement funds.

I’ve written about this twice, first in January 2011, and again on February 4th, 2013. When Bloomberg News reports the government is “weighing” a role in “helping Americans manage” their 401(k)s and when that government arm, The US Consumer Financial Protection Bureau, says it is “exploring and are interested in terms of whether and what authority we have,” it’s reason to pay attention. The following is from Rush Limbaugh today, and following his statement are other confirming information and links:

…from Bloomberg News: “The US Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments. ‘That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,’ bureau director Richard Cordray said in an interview.

“He didn’t provide additional details. The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion…

This Consumer Bureau set up by Dodd-Frank wants to claim jurisdiction over 401(k)s. “The bureau could claim jurisdiction through its Office for Older Americans…” There actually is a bureaucracy called that, the Office for Older Americans, “which was established by Dodd-Frank with a mandate to improve financial literacy. It is run by Hubert H. Humphrey III,” ranking member of the ruling class, “the former attorney general of Minnesota,” and the son of the former Democrat presidential candidate. Source: Rush Limbaugh

The approximate value of all retirement assets was $16 trillion in 2011.  The total value of the national debt: $16.7 trillion as of the date of this post.

Viola! Budget problem solved! No more partisan bickering over the budget! No more national debt! Well, $700 billion leftover as debt but a VAT tax and death panels will take care of that.

Economist and New York Times columnist Paul Krugman says the only way the U.S. will get its debt crisis under control is by the use of “death panels” and a national sales tax.

The national sales tax, referred to as value-added tax (VAT), which governments across Europe use widely, will help cut the U.S deficit, Krugman argues.

***

“Some years down the pike, we’re going to get the real solution, which is going to be a combination of death panels and sales taxes. It’s going to be that we’re actually going to take Medicare under control, and we’re going to have to get some additional revenue, probably from a VAT.”

This plan to confiscate convert your 401K and IRA accounts to Government Retirement Accounts has been in the works since at least 2007.  The government is going to claim that people aren’t saving enough for retirement, so the feds will ‘help you out’ by taking control of YOUR retirement funds.  The Feds will take control of the money in the account and ‘invest’ it in government debt (Treasury bonds, T-bills, etc.)

This is just another cash grab by government.  The Feds will set up GRAs and tax you allow force you to contribute 5% of your income to “your” account.  When you die, half of the balance in the account will be taxed away left to Uncle Sam as a reward for letting him help you.

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Categories: Government Shenanigans, Stupid People

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  1. Govt Claims 401(k)s Through “Office of Older Americans?” – Senate Hearings Already Held: National Retirement Accounts | Maggie's Notebook

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