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!
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