Why the Government Wants to Hijack Your 401(k)

Thats fine, info. But how about telling us how to combat this rip off.
where should we put our money now? Should we convert to roth IRA's, or what?

This subject is of extreme importance to me! I'm hoping the financial writers will warn me in enough time to evacuate my IRA before gov't confiscation. Obviously I don't want to do it because of Tax consequences unless a forced confiscation is iminent. I have been told the choice of a gov't annuity will be optional but I am skeptical of that since it wouldn't get the gov't the amount of funds desired.
PLEASE KEEP US FULLY INFORMED!!!!

Normally I agree with you, Keith. But I think there is some merit to the idea – a lot of merit. Wall Street has been jacking us around since the 401K became popular. It has given them plenty of money to play with – gambling with other people's money. I have been thinking about yanking my own 401K funds and putting them in community banks (IRA's). Investing in our own government isn't a bad idea either. It would pay interest to Americans instead of to China, Japan, and India. I realize that an excessive reduction of the flow of funds to Wall Street would hinder the economy. But the inflated PE ratios that we often see are evidence of too much money chasing too little in actual production. I believe the idea is worth investigating.

So what the heck are we suppose to do. Sell out on our 401K's?? Cash them IN???? Take a huge 40% lost to pay those taxes. If you present a problem why not a answer.

I can definitely see this happening though.

ok..so they are trying to get our 401k's…so it would be a positive if you told people to
contact their Representatives & Congressmen to tell them HELL NO !!

For a moment I thought I was reading about Argentina! The great USA seems to be going south in more ways than one.

Ken,

What does a guy like me do now? My wife and I have a combined income of 80,000. We live way below our means. Our only debt is the 52000 we owe on the house. My interest rate is 4.85%. I suggested to my financial planner that instead of sending her 20% of our money to invest that I pay off the house. I have 10yrs left on the mortgage but could pay it off in 3.5yrs. She's against it. Of course because she doesn't make as much money. I have real concerns about how the market will be in the future much less this country. I'm 45 and the job I'm in has a normal retirement age of 53. I've invested over the last 20yrs and I would have to guess my total return has averaged less than 2% per year. Not sure what to do any suggestions? The worst thing is that I'm starting to think of what country to move to after I retire. I would have never guessed in a million years that I would ever say that.

Sorry Keith for botching your name. See I'm flustered

You say that the people did not approve the increase in the fed debt???….the thing is….we DID approve it. We've been electing big spending SOB's from both parties for decades (Bush Jr is the best example to date). When was the last time you heard any significant debate on the problems caused by the national debt? Other than a few "weirdoes" like Ron Paul and the Tea Party (I don't think they are weirdo but the RNC sure does), no one talks about it because no one thinks it is a problem. To think that the American people are not responsible for what their government does is just plain stupid. I know, I know, we live in an era where no body is responsible for their actions. The concept that we don't deserve the awful government we have is just another example of that belief.

If such an idea is proposed, I foresee that many investors in retirement plans (mainly IRA's, since these aren't connected to any employer) will find a way to withdraw their accounts, pay the early-withdrawl penalty and tax, and conduct much of their investing activities outside a retirement plan. And I think this time, the people will be smart enough to take action at the drop of the proposal instead of waiting until the law is imminent.

In a democracy the debt of the government is always the choice of the people. So, yes, we did agree to this mess. The spending spree and foreign borrowing began long before Obama and escallated after 911, with the full support of the people. The need to repay and maintain good credit is critical to pulling out of economic crisis and paying for a war. Did the author think we would not have to pay this debt back? Is there an alternative? Bad decisions (in my view) like deregulating Wall Street and engaging in war led to the debt, but it was the choice of the people at the time. Now we get a choice of how we repay, so is there an alternative better way to repay other than getting this economy going?

This plan is truly scary. Having been a Postal employee, a portion of my earnings was confiscated every payday by the govenrment as part of a pension plan. Had these funds been invested instead of used as operating budget, there would be a lot more in the kitty to ensure my future.
However, don't lose sight of the fact that the previous 8 years set this deficit in motion. Obama is, in my opinion, a conscientious president, but even he is not capable of plunging our country into such an abysmal mess in the span of 12 months.
I would prefer our elected representatives discard their pig-headed political posturing and work on a viable solution together.

the marxist have grown from communist=liberal=progressives=what is next? Still around 160 years trying to do damage to a free civil society by creating poverty.

The only way I know to counteract this devastation is to put your retirement monies in a whole-life insurance policy with a guaranteed interest rate. Currently we are paying between 4.25 and 5.5 %. You can never have a loss, as the policy has a guaranteed minimum. The money grows within the policy tax-free. You may remove cash from the policy tax-free. You can anuitize the policy and receive tax-free income for life. The remaining funds upon your death would pass tax-free to your beneficiaries. It is a win-win. DON"T remind the government that this is possible!!!

This country needs good paying jobs, silver backed dollar, pay off your mortgages, stop buying on credit whenever possible and save the silver backed dollars or the metal itself until the dollar is backed by silver or gold.

I don't understand why you're all shooting the messenger. He doesn't have to provide any alternatives, he isn't the all seeing guru! Be happy he's giving you the story. Get creative and think of your own way out, that's what you have a brain for!

I do believe the people are responsible for this debt load also, although Washington is spending, Americans are too busy not missing Americans Idol over their KFC. Feeling as happy and entitled as ever. It makes me anticipate the collapse!

People have such short memories! Recall that a few years ago, Wall Street was trying to hijack Social Security funds and wanted those funds invested in the stock market? Were it not for a few smart congressmen/women who shut down this idea, these crooks on Wall Street would have had more public funds to squander and pay themselves additional amounts of massive bonuses! As for the initiative listed in Kith’s article, I have full trust and faith in our Government and have no issues with some of my retirement money invested in our own country's welfare. It is about time we stop this bickering and Government bashing. The country would be better served if instead, we get rid of the lobbyists – who at every turn are disrupting all initiatives of the Obama administration. Let us get rid of these investment banking crooks who in collusion with corporate CEO thieves are destroying our economy, our lives, our families for their short-term personal gains. The paper pushers of Wall Street together with their money creation from 'thin air' machines (CDOs and CDSs are one example) are detrimental to society as they create no value with their bare hands and labour. Get rid of them! In a recent survey of most successful American companies, most were privately owned and had no connections to Wall Street – no stocks, no dividends to report, yet they remained profitable, innovative and competitive. Also, they had the happiest employee base. So what do we need Wall Street for? They are simply there to bilk and sap billions of our 401 (k) and IRA money for their personal gains? I vote for supporting our own Government instead.

Would a possible defense be to buy long term CD's for our IRA's, and 401(k)? If I buy a 10-year CD, could I still be forced to buy these annuities?
I know, I lose either way because interest rates on cd's are almost zero. But at least I would retain my principle.

Well the government has given us the tax-exempt 401k in the ist place. If it will help the country to require a percentage to go into super-secure gov't bonds, then I think it a GOOD IDEA. BELIEVE IN AMERICA !!

They did the same to us here in chile by the end of the eighties…so I asume this recipe was learned by some chicago boys in some of your Ivy leagues Universities or is a Tesis of a PHD…The US is by far the biggest DEBTOR in the world ever…and time is running short to pay the bill

Wall Street bad, Federal Government Good. Or Wall Street good, Federal Government bad. Hmm… I kind of think they both are both good and bad. But… then again I personally don't want the Federal Government making me buy Government Bonds just like I don't want Wall Street making me buy their's either. How about if we get to choose and take personal responsibility for the outcome, good or bad!

Our government is like a bloated tick sucking off of our collective jugular, it is time to stop the flow of money completely. 545 people are ruining a country with a population of over 300 million! There is no way to work a legitimate job and not pay taxes, but what you can do is claim way more than you actually are "entitled" to. No tax revolt needed. They are going to suck this country dry if we don't do something, and calling your rep or senator will NOT help, they do not work for us anymore. I have been very politically active for some time, and I have only ever gotten 1 real result. All we would need is 10% of our country's working population of 100 million to cut payment. It has to start somewhere, we need to downsize the heck out of this monster before they stop bothering with pretenses. Ten years from now they will be trying to pass a law saying they can come in and search your house and take anything of value in the name of the state.
At the very least we need to prove our individual state sovereignty, and refuse to go along with laws like these. We as states are what gave the federal govn't power, and they are way outside their enumerated powers now, we have no requirement by our law to listen to them. They will tell you otherwise, but that is because if it were up to them the constitution wouldn't exist.

I can't believe how many of you say this is an OK idea. You are willing to give more money to fiscally irresponsible spendthrifts who have done nothiing for almost 25 years but spend more money than they can get their hands on! Now you want to let them get their hands on your personal retirement money, money you've been saving for years to cushion the blow of retirement? I am simply amazed…WAKE UP AMERICA

Wow, that is an amazing diatribe by PTS999. Anyone who doesn't do the math may forget that the first year of the Obama administration quadrupled the debt of the last year of the Bush administration. The talk of who created this mess should focus on Jimmy Carter, Bill Clinton, Barney Frank and Chris Dodd. The whole mess of sub-prime mortgages were crafted and built on their bully pulpit. Now to help clean up the incredible debt that the Obama administration is causing they want to pull an Argentina. Get your money out before they steal it!

This sounds a lot like the SS trust fund! Do you see the lock box?

Thanks Keith for bringing this issue up. It has been percolating for over a year and the government appears to be brazenly moving toward action as the reaction from the people has been muted at best. I often wonder what it will take for people to finally get energized to start demanding change and set our country back on to a stable financial path. Judging from the responses of the people who are asking for direction while others write not to bother contacting your representatives, it appears that this concept will likely come to fruition.

It is unbelievable to me that people don't know what to do. Or that someone would actually say not to bother speaking up. It is a sad state of affairs as we the people are getting exactly what we have coming to us.

Let's start with some basics. Call every representative you know. Write letters. Tell your friends and family to get their heads out of the sand as well and start being heard. Join the Tea party demonstrations. Find candidates that represent your interests. Contribute to the campaigns and groups that are trying to change what is going on. Fight! Don't just sit there!
It is this apathy that has lead us to where we are. It is our fault that we are here. You can sit there and blame the Dems or Reps or all of them, but the reality is that WE PUT THESE PEOPLE IN OFFICE! It is time to remove them.

Let us not forget that the whole stinking economic mess we are in now was caused largely by deregulation going all the way back to Reagan. Anyone remember the S & L scandal and Neil Bush? Have you also forgotten that Clinton actually reduced the deficit while the supposed "whittle down government" Republican, Bush Jr., increased the deficit and escalated the deregulation trend? The crisis was not just caused by subprime loans but by the unregulated selling of derivatives.

While I may disagree with some of the way the bailout has been carried out (with not enough conditions), I believe not bailing out the financial system would have caused a depression that would have made 1929 seem like a picnic. Most of the major economists from whatever political persuasion agree about that.

As for government, I think the issue is not whether government is good or bad. After all, I very much appreciate maintenance of roads, the provision of security and educational facilities, and the regulation of food and drugs. Corporations are by nature a profit-making entities that do not have the mission of looking out for the public good. So the question to ask about government is whose interests are being served? In this respect I agree with PST900 about the power of corporate lobbyists. When they control congress, they do not do so to help the public.

I haven't seen the wording of the proposed legislation on 401Ks so I reserve judgment.

Can you quote some pending regulations or executive order to back up what you are saying here? From what I have read, it sounds more like Obama is going to require companies to allow the use of annunities in employee 401ks. NOT, that they have to invest their money in annuities. Many company 401k plans do not include annunities, and some retirees would rather put their money in an annuity verses constantly having to manage the ups and downs of the market.

To Mark H: On any given day, I would rather have an IOU from the Government than a worthless piece of papaer IOU from Wall Street (common stock of Enron, MCI/WorldCom, Nortel, GM, Madoff, Michel Milken, Tyco etc…etc….)
To Lyle: Why does every economic issue boil down to Republican vs. Democrats. Right Vs. Left, Conservatives vs. Liberals? Our issue should be to attack the problem at its roots and resolve the problem to be able to move forward. The way I see it, it is the lobbyists and the greed of Wall Street and Corporate CEOs that are ruining our economy (in turn corrupting our politicinas and even our supreme court judges). The current administration is attempting to roue out this vermin and we should support these efforts – for the good of our country.

Malcolm Berko said that in 1995 Hillary Clinton tried an idea to tax 401(k) and IRA accounts at 15% per year. Of course you would not be able to use the retirement account to pay the tax so the first year tax charge could be huge. The idea never flew very far but it was proposed to pay for "enhanced social" programs the government would sponsor.

Reps blame Dems and Dems blame Reps and everyone blames the banks but this country is in a mess due to huge inefficient govt approved and caused by voters who are short term greedy and long term stupid.China is better off being run by a handful of intelligent people than is the U.S. by idiot voters.

SOCIAL SECURITY TRUST FUND vs CORPORATE STOCKS AND BONDS

Does anybody out there really believe their SS reserves are safer in the SS Trust Fund than in corporate securities? The SS Trust Fund is held in special-issue, non-marketable government debt. This debt has absolutely zero value. You may be disgusted with Wall Street, as am I. But it has a long record of generally preserving financial value.

In 1936, the Government was desperate for revenue. Because of the 25% unemployment rate, they couldn’t just raise taxes because of the lynchings that would have immediately followed. So they did what politicians always do when they need/want more money — which is always. They lied. Because of the emotion surrounding the Depression, Social Security CONTRIBUTIONS (they didn’t start calling them taxes until maybe twenty years ago or so) was an easy sell to a naive American public. They set up the cash flow so that the contributions would flow directly into the general budget and be secured by a special IOU which is unrelated to other Government debt instruments. Any politician with half a brain could calculate what their take would be, at least in the short run of a few years. What they probably never imagined was just how long the sting could be played. They would probably all have been surprised to find that nearly seventy years later, Social Security is still a tremendous revenue source for the Government. Thus it is one of the great American success stories in Government-revenue generation (aka, Government scams, which sounds redundant).

During its first ten years (1937 to 1946), the SS surpluses increased Federal receipts by an average of 14%. This is what the politicians of the 30s expected. What they probably didn’t expect was the long-term payoff of their new tax fraud. During the Kennedy/Johnson administration (1961 to 1973), SS surpluses reduced the national borrowing needs by 14%, and during the Clinton administration (1993 to 2001), by 5%. Bush and Obama have continued to reap a windfall of 50 to 100 billion dollars every year to further assist their Government-growth agendas. By these measures, SS has been a tremendous boon to Big Government. Thousands of politicians over the last seventy years owe a great debt of gratitude to those in the thirties who pulled off this very successful deception.

Could it have been just stupidity that Congress passed such an imbecilic, one-sided, big-money program that would swindle Americans out of a trillion dollars? And then continued to ignore the problem by refusing to make SS a funded program for over seventy years? Their contempt for their fiduciary responsibility should have put every member of Congress in prison today right next to Skilling and Madof.

Maybe this idea isn't so bad afterall…

Many successful investors preach the concept of asset-allocation. While I understand an organization like moneymorning, which enjoys success only through investor's interest in stocks is high, may suffer as more investors realize the importance of asset allocation vs. individual stock picks, this will help the average ill-informed investor. The idea that the govermnemt is demanding where we put our money in a defined contribution plan is sickening at first glance, but the idea that everyone will have more well-rounded portfolios is appealing. Furthermore, will this plan help to curb tax-increases? I'd much rather be forced to invest in government debt instead of being taxed through the roof…

Please keep us informed. The Gov't had their many chances-social security, post office, GM, bailout, wars, etc. The result has been a great failure. Why should we consider handling our heads(IRAs, 401K) to them this time.

Great article and even greater responces

Two sides to this equation.

1) Keith and his ilk would have a lot less to write about (and pitch us readers on) were it not for the roughly $15 Trillion US economy. Albeit a ponzi-type economy built almost entirely on the use of credit for over 50 years. With many in the global economy such as OPEC/Asia/Europe/Canada/South America/Mexico having used US consumption to grubsteak and exponentially build their own domestic economies in the past 50 years. As well as Wall St hoods and their bankster buddies.

2) Now its time to pay the piper (s). But the bills are staggering and reaching a point where the Feds cannot borrow enough to keep the balls in the air with conventional methods. Such as one arm printing $ madly to buy the debt from the other arm. Given those who have been buying our Bonds to finance us are starting to feel they could be stiffed. Or repaid with devalued currency of questionable worth.

Methinks long ago somewhere in the bowels, er offices of DC, they realized that when you owe your bankers mere millions its your problem. Owe them tens of trillions and its their problem.

Solution:

A) Nationalize the big banks and Wall Street tonight. Confiscate their Trillions in assets and fire all senior management tomorrow morning. Start over with a different game and new rules.

B) All foreign creditors get ready for a haircut on your bonds. You prospered from our good times – you will pony up for the bad times. Which will eventually bring us all better times again. Otherwise you get ZERO.

C) Eliminate professional bribers, er corporate lobbyists. Gonzo like the Dodo. Same for teleprompter speeches and all incumbents seeking reelection.

D) No bailouts for any company regardless of size or function. Use the $ from A above to build a new age industrial economy to manufacture and export new technologies. New plants, new jobs and new business/technology incubators here in the USA.

E) Partner up with emerging economies to build new trading blocks globally. The old lone ranger imperialistic days are gone and we all need to work together to use less, share more, build international relations, trade products/services/ideas – and STOP these insane wars.

F) Write new rules for all politicans. They are there to serve at our pleasure.

And oh – Ban baggy pants, hats worn sideways, loud music in cars, American Idol, 95% of whats on TV, overpaid showboat athletes, celebrityism, e-device overuse, most media sources, credit cards and too-big-to-fail banks, investment dealers and corporations.

Now lets roll up the sleeves and rebuild our Country.

Keith,

This is actually good news. Here's the thing–someone has to pay for all this mess. If the government confiscates 401k/IRA, then they'll most likely leave my gold alone!

A second benefit is that since the baby boomers are the ones who caused most of the problems and the majority of net worth is wrapped up in that generation, it becomes poetic justice.

Hallelujah!!

The liberals have won the day and the future. The reality of massive wealth transfers of the past (and the massive destruction of wealth creation) and the reality that most of our citizenry will not give up their entitlements (leading to more opportunity cost) can only be ignored so long. We are a democracy and our demographics are changing rapidly. Cause and Effect. Cause and Effect.

OH, ARGENTINA!

Guess what, sportsfans, Senora Cristina Fernández de Kirchner of Argentina already confiscated all private pension accounts from Argentine citizens last year and incorporated them into the government's pension system(s). Anotherwords, spent them.

So, the idea is not novel. What is new in the formally U.S.A. is how fast President Obama and Lenin's Millwrights* are moving to institute the "12 Planks of Communism". I would suggest it would be better to burn your assets (withdrawl all, with penalities) than let them fall into the Federal government's hands (enemy hands). If need be, "salt the earth" and take no prisoneers (as Rome once did to its enemies).

*Lenin's Millwrights: Nicoli Lenin once said the way to destroy the Middle Class (Bouswazee) is to "grind them between the millstones of inflation and high taxes". I suggest the proper, constitutional response to such intents might be terrorism, albeit of a domestic, native variety (Patriot).

LENIN'S MILLWRIGHTS

Guess what, sportsfans, Senora Cristina Fernández de Kirchner of Argentina already confiscated all private pension accounts from Argentine citizens last year and incorporated them into the government's pension system(s). Anotherwords, spent them.

So, the idea is not novel. What is new in the formally U.S.A. is how fast President Obama and Lenin's Millwrights* are moving to institute the "12 Planks of Communism". I would suggest it would be better to burn your assets (withdrawl all, with penalities) than let them fall into the Federal government's hands (enemy hands). If need be, "salt the earth" and take no prisoneers (as Rome once did to its enemies).

*Lenin's Millwrights: Nicoli Lenin once said the way to destroy the Middle Class (Bouswazee) is to "grind them between the millstones of inflation and high taxes". I suggest the proper, constitutional response to such intents might be terrorism, albeit of a domestic, native variety (Patriot).

LENINS MILLWRIGHTS

A!Guess what, sportsfans, Senora Cristina Fernández de Kirchner of Argentina already confiscated all private pension accounts from Argentine citizens last year and incorporated them into the government's pension system(s). Anotherwords, spent them.

So, the idea is not novel. What is new in the formally U.S.A. is how fast President Obama and Lenin's Millwrights* are moving to institute the "12 Planks of Communism". I would suggest it would be better to burn your assets (withdrawl all, with penalities) than let them fall into the Federal government's hands (enemy hands). If need be, "salt the earth" and take no prisoneers (as Rome once did to its enemies).

*Lenin's Millwrights: Nicoli Lenin once said the way to destroy the Middle Class (Bouswazee) is to "grind them between the millstones of inflation and high taxes". I suggest the proper, constitutional response to such intents might be terrorism, albeit of a domestic, native variety (Patriot).

Buy silver, prices are dipping now, should be a good investment. I do like annuities, fixed rate annutties have one thing going for them, they compund interest monthly,or quarterly. Fixed rate annuties at least increase in value each year. One annutiy I have compounded great over the last 13 years, compared to the 2 big stock market crashes this past decade. There is no free lunch in the stock market, as they say asset allocation, that includes annuities.

To all of you posing the questions and posting commentary above, how many of you have REALLY been paying any attention to the Money Masters who pull the strings and our elites that they own lock, stock and barrel especially since this incredible forum known as the blogosphere restored our freedom of speech (something the American people have not had for at least 100 years because it's all owned and controlled by a remarkable oligarchy of six of the Money Masters' ethnic brethren? How many of you even KNOW this or have ever even cared that the entire Western media apparatus in concentrated in six, hard-core Zionist hands? How many of you sought to find out anything about the positions of the truly honorable Rep. Ron Paul during the 2008 elections and question what was all this "blathering" of his about the "unconstitutional, private banking cartel" better known as "The Federal Reserve", which this same media cabal, operating in concert, banned him from the staged debates and ensured he got ZILCH coverage as a Presidential candidate? And how many of you donated one penny much less a hundred bucks or so to his (freedom forum) internet-fueled candidacy? How many of you have been keeping these cretins/incumbents (the man who helped murder America, Ted Kennedy, was kept entrenched in power for 43 fucking years, you despicable Massachusetts' morons) in power for decades even as they steadily disempowered, dispossessed and disenfranchised you through insane immigration policies, Marxist "free-trade" treaties, and raped and pillaged the country merrily on their way towards their own posh, best-retirement-taxpayers'-money can buy? How many of you have ever taken any time to investigate the countless excellent videos your more concerned, alert, enlightened, and intelligent betters have been desperately creating with their technical expertise, posting everywhere on the internet and doing everything in their limited power to awaken their fellow brainwashed, slumbering, willfully stupid fellow Americans up to this vast criminal enterprise, the Federal Reserve? How many of you, over your lifetimes, have read important books or more importantly spend time reading books online since for the first time ever, book publishing is outside the purview of their mind-boggling, bone-chilling control? How many of you know that a provision of our very own Constitution, contains a provision (Article V) for overthrowing this whole, rotten, thieving, utterly corrupt federal Leviathan that makes us so miserable? You'd better believe the legal eagles and Vampires infesting our behemoth government know it and shudder at the thought that enough of its constituents might one day put it in motion.

And a few of you have the gall to castigate this exemplary writer for putting together a powerful analysis identifying the last remaining plunder left to the Vampires and THEIR president/puppet elites' in Congress for not proffering forth any viable solutions. We (well, some of us…), the spat-upon American people, haven't been paying attention to this unspeakable, unfathomable treason for a long, long time. As the deliberately destroyed U.S. continues her imminent collapse and her long-suffering people breathe their last collective gasps, please go look in the mirror, my fellow beleaguered citizens: The problem is staring right back at you.

Federal Reserve Notes (FRNs), erroneously called dollars, are not Federal, not Reserve, and not Notes. They are accepted by the U.S. government for tax purposes and are otherwise only (broken) promises to pay, written on scraps of paper. When they double the number of FRNs in circulation, without doubling the wealth of this country, the value of each FRN is again cut in half, a.k.a. hyperinflation. Get out of FRNs! Hold tangible assets, including lots of consumeables (food, medicine, good whiskey, fuel, ammo) which will soon grow scarce and pricey.
1. Remove wealth from FRN investment accounts (IRAs, 401ks, etc.)
2. Buy REAL precious metals (not certificates) with proceeds. Gold is $1100/oz. Hide gold in small places.
3. Pay the tax penalty on April 15th, 2011 ON A LOW FIXED INTEREST 5 YEAR IRS PAYBACK PLAN that costs you less than two ounces of gold/year, i.e. using future, cheaper dollars. Gold will be $1650/oz. on 4/1/2011, and exponentially heading for $5000/oz and beyond.
4. Do not pay off fixed rate loans early. Invest funds today in gold, silver, etc., then make loan payments in the future with much cheaper dollars from sale of pricier metals.
5. Empty Safe Deposit boxes today. They're next on insanity list.
6. Become totally self-sufficient.

Does anyone have the email addresses for Mark Irwin at Treasury and Phyllis Borzi at Dept of Labor? Would like to start a letter writing campaign now before the government proposal even comes out.

PTS999 and don king etc, are probably plants or maybe just socialistic.
For those interested Ms. Alicia Munell who worked for Clinton in 1993 came up with a 15% seizure plan. Govt. to seize outright 15% of all retirement plans and 15% of all profits from these plans forever. Seized from the "fortunate" that had these plans to give to the "less furtunate" who had no plans. Clinton lost the congress in 94 and this was shelved.
Now we have Teresa Ghilarducci picking up the ball. Her ideas are even worse.
There is an excellent article today on "Lew Rockwell.com" Entitled "The coming Obama retirement trap" by Ron Holland. It is a must read.

In the state of Florida there is an easy way to avoid worrying about the Feds taking your 401(k) or IRA…1-888-687-7511…

Everyone should email their Congressman and Senator with this link and tell them to oppose this robbery. And they sould say that if they do not oppose this, you will work to defeat them in November.

While it is true that people don't get to vote on this, it is NOT true that voters are not responsible. We the voters put these people in charge over ourselves and ELECTIONS HAVE CONSEQUENCES !!!!! It's high time that the people of this country take voting seriously, get informed on the issues (and not just by the liberal main stream media), and vote on the issues that are important to this country's survival because the survival of this country as a free nation depends on it.