What is going to happen to our 401 (k) accounts and IRA’s after January 1? Will the retirement accounts for which many Americans have sacrificed so much to accumulate be rolled over into federally issued and guaranteed bonds in order to prop up notoriously under-funded, union pension funds across the country? Getting an answer will prove to be daunting, especially as media attention seems focused on little but the impending “fiscal cliff.”
A source in Montana said the feds are hoping to turn 401 (k) and social security funds into federally administered bonds, thereby dumping even more privately-held dollars into the D.C. money pit. Another source thinks that such a fund may be used to bail out Obama’s union pets, namely the failed pension plans of big labor throughout the United States.
A 2010 letter sent by congressional Republicans to the Secretaries of Labor and the Treasury says: “We write today to express our opposition in the strongest terms to any effort to NATIONALIZE the private 401 (k) system, or any proposal that would dismantle or disfavor the private 401 (k) system in favor of a government-run retirement security regime!”
A 2010 administration report on the Middle Class cites Vice President Joe Biden, who “floated [an] idea called Guaranteed Retirement Accounts’ (GRAs).” Of course, Big Labor is clearly behind these proposed GRAs, which would include a “bailout of critically under-funded, union pension plans through retirement security options.”
At the end of 2010, there was an estimated 17.5 trillion dollars in United States retirement assets, including 3.1 trillion in 401k’s and 4.7 trillion in IRA’s. The idea that those who thrive on money and power would permit such an alluring trove to go untapped is laughable.
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Latest posts by Wayne Dupree (see all)
Don't they have any facts? "A source" - who? A letter sent by congressional republicans - no link? What the republicans would not post a copy? A 2010 administration report on the middle class - no title or link? This is the internet. Links can be created that lead to the documents mentioned so that people can read and understand what is being proposed. Are you afraid for the readers to look at the "evidence?" I understand the name "News Ninja" now. Facts and evidence are elusive and can disappear into thin air on this "news" site.
If my 401k goes to pay pension plans if union thugs, then I expect to get an identical union pension. Otherwise, f-off. I think it's about time to empty my 401k and take the penalty hit
Bend over and get ready. Obama's about to steal your 401k retirement assets, replacing them with worthless government bonds! After all, it's not fair that some have a retirement nest egg while others don't.