Target: 401(k)s

Human Events

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.

In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations. (pdf)

No Sheeples

As you can see, the cover of Time magazine, dated December 18, 2009 began propagandizing 401(K) plans as untenable as a prelude the White House “Annual Report on the Middle Class”.

From an article published at Human Events, we are now learning that the Obama regime is seeking to drag Americans down into poverty via economic tinkering with a plan to seize private 401(K) plans.

Individual retirement accounts, whether private or corporate, have been accumulating money which is tax free. The Triumvirate of Fearless Reader, Pelosi and Reid see this as you getting “free” money and they are slobbering to get their hands on accounts that total hundreds of billions of dollars.

In February of this year, 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. (See the embedded document below.) The idea seems to be that the government would "guarantee" some sort of retirement for all, unions and non-union workers alike, with the funds collected from the once-private retirement plans.

[...]

An executive for a large Midwestern company has said, “I would pull every dime out of my 401(K), pay the taxes and penalties and stick the cash in my mattress before I would let those (expletive deleted) have it!”

Imagine how much windfall revenue would accrue to the federal government if the American people all did that. Could that be the plan?

Slouching towards November, they are.