November 16th, 2012
Obama Begins Push for New National Retirement System
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration?s effort to nationalize the nation?s pension system and to eliminate private retirement accounts including IRA?s and 401k plans, NSC is warning?
?Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administration?s point man on this issue.
??This whole issue is moving forward very quickly,? warns Crone. ?Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee?s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.?
Link to full article:
http://www.nationalseniorscouncil.org/index.php?option=com_content&view=article&id=89:obama-begins-push-for-new-national-retirement-system&catid=34:social-security&Itemid=62
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Source: http://investmentwatchblog.com/obama-going-after-your-401ks-and-iras/
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