"If at age 20 you are a conservative then you have no heart. If at age 30 you are a liberal then you have no brains."
Sir Winston Churchill

Obama obviously knows very little about economics, specifically that "Society stagnates when independent productive achievers begin to be socially demonized and even punished for their accomplishments." This dilemma fogs Obama's reality. To him, accepting this truth is a "false choice", his answer to things he doesn't understand. And by the way... where is John Galt?

Wednesday, February 3, 2010

Obama Administration Targeting Private Retirement Plans

Wonder how the government is going to pay for their massive spending? Private retirement accounts is one option.

I picked this up from Atlanta libertarian talk show host Neal Boortz. Link to the official government request for information (RFI) and other commentary can be found on the link below:

I read through the government RFI myself. Here is one excerpt:"In recognition of the foregoing, the Agencies (ERISA, IRS, Dept. of Labor and Dept. of Treasury) are considering whether it would be appropriate to take future steps to facilitate access to and use of, lifetime income or other arrangements to provide a stream of income after retirement. This includes a review of exisiting regulations and guidance and consideration of whether any such steps would enhance the retirement security of participants in retirement plans . . ."
In otherwords, let's not waste this opportunity of recent downturn in our retirement investments and loss of confidence in traditional investment options. Maybe they will provide a government investment option, create a government default where your money goes should you not select an option for your retirement account, mandate a certain percentage of any tax deferred savings be placed in a government account or even more severe options. All of this in the name of security during these uneasy times.

Then, government can put this money in a "lock box" (remember Al Gore discussing Social Security) but " borrow" from it for national need (just like Social Security). The end result -- private retirement accounts used to fund our massive spending.

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