Several months ago I mentioned that Pelosi has a bill ready to go (as soon as the next convenient crisis) that will eliminate employee's 401k retirement and other plans. At the time, I couldn't see what strategy they would use, but I was sure that they wanted to transfer all retirement monies into social security, and give workers a tiny bit more in benefits when they retired.
These annunities would pay interest of 3% over their lifetime.
The kicker is of course, that once the money is in the government coffers, it will be mixed with other government monies, just like social security funds are.
These annunities will be nothing more than entries on a balance sheet... call it fuzzy money... it's there, but not really. All workers will be required to participate in this annunity ploy or else pay a tax, because in socialism everyone is treated the same, everyone participates, either voluntarily or forced.
Well, it turns out that the way they plan to steal these 401k's is to "transfer" your funds (read 'redistribute' the wealth) into a government "annuity".
Tuesday, January 19, 2010
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