On the heels of our recent post Pay attention: Cyprus gov’t raids 60% of private accounts, we have even more alarming news much closer to home. There is a concerted effort playing out within the Obama administration to separate Americans from their hard-earned savings
This May 2010 article in Human Events titled Republicans Sound Alarm on Administration Plan to Seize 401(k)s, provides important background, including a letter sent to the secretaries of the U.S. Treasury and the Department of Labor by over a dozen Republican members of Congress, including House Speaker John Boehner, expressing “our strong opposition to any proposal to eliminate or federalize private-sector defined contribution pension plans, such as 401(k)s, or impose burdensome new requirements upon the businesses, large and small, who choose to offer these plans to their employees.”
Author Connie Hair writes, “Now the backdoor bulls-eye is on your 401(k) plan and the trillions of dollars the government would control through seizure, regulation and federal disbursement of mandatory retirement accounts. Boehner and the group are sounding the alarm, warning bureaucrats to keep their hands off of America’s private retirement plans.”
January 2013 even Bloomberg reported that the U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings.
Government thieves masquerading as nannies are knocking loudly on our doors reminding us of Ronald Reagan’s legendary maxim: “The nine most terrifying words in the English language are, I’m from the government and I’m here to help.”
This article, The Feds Want Your Retirement Accounts, written by John White was published just last month in American Thinker. It begins with these unsettling words, “Quietly, behind the scenes, the groundwork is being laid for federal government confiscation of tax-deferred retirement accounts such as IRAs.”
The world has just witnessed the outrageous actions of the government of Cyprus as it seized the bank accounts of its citizens in order to fund their massive debt. As we stated yesterday, “Think it can’t happen here? We are seeing the future in Europe. Obama has been laying the groundwork for such a power grab as he demonizes the wealthy and encourages class warfare — while continuing to spend over $11 billion a day and saddling Americans with nearly $17 trillion in debt, with no end in sight.”
We urge you to read the linked articles in Human Events, American Thinker and the Bloomberg report. You owe it to yourself and your family.
Knowledge is power.
H/T Commenter euby