I asked this question on January 13th 2010 and updated the initial post on April 15, 2011. I believe our government eyes the almost $20 trillion in retirement plan as a fix to our budget problems. The idea has always been to force your plans into U.S. Treasuries.
I didn’t anticipate this new argument from the Obama regime. It isn’t fair that some retirees have a fat program while others have little or none.
A hearing that was “…held in the Labor Departmentâ€™s main auditorium, was monitored by (National Seniors Council) 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.”
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. She demanded the Obama administration set up a “government-sponsored program administered by the PBGC (the governmentsâ€™ Pension Benefit Guarantee Corporation).” She proclaimed that even “private annuities are problematic.”
Ms Davis would like the government to confiscate all retirement assets and redistribute the assets in a fair way.
Is this what you voted for? If so, shame on you!