401k’s In The Government’s Crosshairs

If they can’t outright tax money out of your pocket, they’re going to try and con it out of you.

Apparently, Barack Obama’s Cloward-Piven nightmare is just not moving fast enough. In an effort to not only collapse the economy, but to take your lifetime savings with it, the U.S. Treasury and Labor Departments are the fronts for a scheme to have your 401k converted into a treasury backed annuity. So what does this mean? Annuity-a steady payment stream, correct? Yes, but this annuity will be backed by government treasuries, currently earning a microscopic interest rate, if anything at all.

Your 401k is visible though. $3 trillion plus of it. Obama wants that money in order to continue his reckless spending spree. There was a time when most Americans would feel secure that their annuity was backed by the full faith of the United States government. But this government has run up a $13 trillion debt, and there is no longer a guarantee that they can cover your proposed annuity, or pay back $13 t’s for that matter. China will tell you. So will international banks that are unloading dollars at an alarming rate. Nobody in their right mind would have their life savings tied up in treasuries at this point. Way too risky.

The question is, will they have to con that money out of your life savings, or will they just take it? Folks, this is basically what happened to social security. The money went in for future payments (in theory), but was spent on other things instead. Now, we don’t know if there will be social security in the future. This is what Obama wants to do with your 401k. Take the money now, and promise that it will be there when you retire. Remember the $13 trillion number I threw out earlier. There’s no way the money will be put back before you retire. Not only that, you are not the primary creditor of the feds. In other words, you won’t be the first to get paid with what money the fed does have. Got it, Obama takes the money, and then you have to get in line behind those who have a much bigger piece of the federal deficit, like China. If this goes through, if we are forced to convert our 401k’s, we’ve lost our money. With millions of baby boomers slated to retire in the next several years, the timing of this scheme says more about the agenda of the Obama regime than a federal funding plan. The government is broke. You’ll be broke. Everybody will be broke. What happened to the money? Somebody has it. We won’t see it though. That money will most likely be leaving the country. After all, China is very uncomfortable with the amount of debt accumulated in the United States, and 2 or 3 trillion dollars might assuage their concerns.

Yes, they’re coming after the one thing that for many Americans, is all they have left. The good news is, I can’t see this happening without some kind of legislation. In other words, this doesn’t happen after November. The bad news is, it’s not November yet.