Obama: To Steal Your Ira’s And 401 k’s

The Confiscation of your independent retirement funds, in trade for ‘Government Annuities’ are Being Promoted by the Obama regime

By de Andréa

Good bye Capitalistic Republic, hello Socialistic Tyranny
The new Social Communist Government of the United States wants your money, all 3.6 trillion of it. It doesn’t need it, it just wants it. The Government can borrow or just print all the money it needs as they have been doing. This is just part of the continuing Obama socialistic scheme to put you on the road to total dependence. The Communist liberal Socialists can’t stand the idea that even though they have all but destroyed your independent capitalistic economy you still cling to your independent personal capital investments. In other words you still continue to cling to the old outdated philosophy of freedom of choice, Americanism and independence. Shame on you!!! No! Shame on Congress and the Supreme Court for allowing this poor excuse for an American President to trash our Constitutional Republic.

We are in deep trouble
The government is now looking at ways to promote this mandatory conversion or confiscation of your 401(k)s and IRAs into the Federal Treasury, in exchange for a Government guaranteed steady income stream. Something like Social Security does now…until the money runs out anyway, then, they’ll find something else to steal from you.

The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the confiscation of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.

In other words Obama wants to socialize your personal retirement investment savings. This would generally mean that the treasury Dept. would confiscate your 401k and Ira’s and put them into the failing Social Security system in order to bail out the already bankrupt fund.

The ammunition supporting the propaganda being used to promote this Social Communist pillaging of the rest of your hard earned money is that the average personal 401(k) fund balance dropped 31 percent from $69,200 at the end of 2007 to $47,500 at the end of March 2009, according to a Fidelity Investments review of 11 million accounts it manages. The Standard & Poors 500 Index tumbled 46 percent in that period. The average balance of the Fidelity accounts recovered to $60,700 as of last Sept. 30 as the stock market rebounded. This is of course to show that capital investments don’t work. Try telling that to Warren Buffett.

There is "a tremendous amount of interest in the White House" in retirement-security initiatives, Borzi, who heads the Labor Department's Employee Benefits Security Administration, said in an interview.

In addition to annuities, the inquiry will cover other approaches to guaranteeing income, including longevity insurance that would provide an income stream for retirees living beyond a certain age, she said.

"There's been a fair amount of discussion in the literature taking the view that perhaps there ought to be more lifetime income. The question is how to encourage it, and whether the government can and should be helpful in that regard," said Iwry said in an interview, to a senior adviser to Treasury Secretary Timothy Geithner.

THE BOTTOM LINE: This Government has become the enemy of America…There isn’t a word --- to describe my anger at this administration for the destruction that they are wielding on my country. It isn’t enough that the Government has changed itself from a Federalist State to a National State, doing an end run around the Constitution. And then nationalizing the banking system, and nationalizing the counties largest corporations, but now, they want to make it against the law to even make your own investments and take care of your own well being and retirement. If this isn’t definitive Tyrannical Communist Socialism, then the definition needs to be redefined.

I am going to be honest…if I see this inevitability coming down the road; I will draw all of my retirement investment out of the market and bury it in the ground. At least the enemy won’t get it. Is there really anything else left that the government can take away from us.

Truly the American Revolutionary War was launched for less. Wasn’t it something about a tax on tea???

Well at least it was about our DECLARATION OF INDEPENDENCE…

Maybe we need another one, the 'Declaration' has become just a 'Decoration'.

A really angry de Andréa