Kiss Your 401(k) Goodbye, A Casualty of Social Justice
Will you let the Feds raid your 401(k)?
WASHINGTON: There is no end to the dishonesty and thievery in Congress. For some time now union pension plans have been projecting losses due to union management treating these accounts as slush funds, as if these accounts were their own personal piggy banks. Hey, how is that any different from every Federal administration that has raided the Social Security trust fund, leaving behind only a trail of IOUs?
Now these guys are teaming up and have their eyes set on your money. It is just plain not fair that you should have saved money to retire on in a 401(k), while the rest of the illegal immigrants, unemployed, etc. only have Social Security. What we need is some social justice. Of course Congress is exempted from Social Security as they have their own Cadillac plans, but where does that leave all their loyal voters who have depended on their handouts all these years? If Congress leaves them out in the cold, good-bye votes.
The problem is easily solved, they’ll just seize your 401(k) and use it to fund their handouts to their loyal voters.
In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.
The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.
Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report. Connie Hair, Human Events
This idea has been floated time and time again by the Democrats. Now that they own Congress and the White House some version of this is likely to happen. It’s time for hard working Americans to wake up and realize that they need to support limited government and throw these people out of office.
