My God. I'm just getting wind of this after listening to the MarketWatch radio show this afternoon. The linked item also discusses it. As I understand it, Obama's Treasury and Labor Departments want to implement regulations that would require people with existing IRA's and 401K plans to "invest" with (i.e. relinquish to) the goverment substantial portions of the monies already contained within those plans. Cutting right to the chase here, folks, the Obama and his minions want to seize your retirement funds so that the federal government can use them as it sees fit, and in exchange the government will pay you some unspecified monthly "steady annuity payment stream."This is outrageous. And I will not abide if this becomes law. I will not permit the federal government to tell me how I have to use and invest my retirement funds so that it can receive the full time value of my money and just pat me on the head with some monthly annuity payment. This would not be some voluntary program, folks, but would be all-the-way mandatory. Something like is purely un-American, I'm sorry. I don't much care for sounding like one of those damn republicans, but this, if it becomes law, is un-American.
So, what's to be done? Fortunately, there is time for all of us to make our voices heard, whether that be calling your federal lawmakers, making noise on the Internet, etc. Obama's plan is about to enter a public comment period before any such new regulations would be implemented. Let's make some noise, people!
http://www.taipanpublishinggroup.com/news-0129103.html
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I should add, I can't recall the name of the guy on MarketWatch, but he was also very much against this Obama plan (calling it "radical"), but he was no right-wing nut. He actually struck me as very even-keeled and independent, criticizing both dems and republicans for the disfunctionality and huge spending.
ReplyDeleteFurther note: Over the last 12 hours, my take is that this is a pretty touchy issue with the American left, which is denying that there would be anything mandatory about this plan -- it would be purely "voluntary," they claim. But it doesn't seem that way to me, as I discussed in a post on Tigerboard.com's Politics Board this morning:
ReplyDelete"This plan still seems pretty mandatory to me (links below). The ONLY one of these links that supports your "voluntary" contention is one indicating that this plan would only be mandatory for the first two years of retirement -- which is still mandatory and definitely not something that I want. Or, perhaps this thing will be voluntary at first, but do really think it would stay that way? That the only thing Obama has in mind here is to give people a voluntary option to, out of the goodness of their little hearts, turn over their retirement savings to the government in exchange for annuity payments? I first heard about this thing on MarketWatch radio yesterday, and the guy talking about it was not some right-winger. He struck me as a fairly independent guy who was very critical of both parties during his show. So, are WE ALL just making this stuff up? And can you and those on the left make the world flat if you just shout it enough times?
http://www.powerlineblog.com/archives/2010/02/025646.php
http://www.newsobserver.com/business/story/348054.html
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=521423
http://www.taipanpublishinggroup.com/news-0129103.html
http://www.pionline.com/article/20100202/DAILYREG/100209971
http://wizbangblog.com/content/2010/02/21/the-government-is-looking-to-raid-your-retirement.php "