They’ve already taken over the health care industry, why not nationalize our retirement savings as well?
President Barack Obama in a recent State of the Union address, tried his best to convince Americans to “loan” their retirement savings to the indebted U.S. government. This is what Obama calls the “MyRA” program. And the aim is simply to dupe unwitting Americans to hand over their retirement savings, money they worked their entire lives for, into the greedy hands of the Obama administration. With government debt and spending out of control, the U.S. government is pushing U.S. citizens to take on this debt within their retirement plans by selling them US Treasuries (i.e., an I owe you by the government) Unfortunately the government is flat broke and the debt in climbing. According to the Government Accountability Office (GAO), the United States is on a fiscally unsustainable path because of projected future increases in Medicare and Social Security spending, and that politicians and the electorate have been unwilling to change this path. Higher debt levels imply higher interest payments, which create costs for future taxpayers (e.g., higher taxes, lower government benefits, higher inflation, or increased risk of fiscal crisis). As the U.S. Government continues to run deficits as projected by the Congressional Budget Office (CBO) and the U.S. Office of Management and Budget (OMB) for the forceable future, it has to issue Treasury Bills and Bonds (i.e., debt held by the public) to pay for the projected shortfall in the Social Security program. This will result in debt held by the public replacing intergovernmental debt. The MyRA program intends to replace citizen’s hard earned wealth in their retirement accounts with Treasuries/government debt.
Today roughly 20 trillion dollars are sitting in retirement accounts. Those 20 trillion dollars are currently invested in U.S markets such as bonds, mutual funds, stocks and the like.
If Congress were to leverage the peoples private retirement accounts, that would be enough to pay off the 20 trillion dollar united states deficit.
They need YOUR money. And this MyRA program is the critical first step to corralling your hard earned retirement funds. Jim Rogers nailed this right on the head when he and Ron Paul warned the public that the government would try to take your retirement funds:
As former Congressman Ron Paul notes, the government will stop at nothing.
“They’ll use force and they’ll use intimidation and they’ll use guns, because you can’t challenge the State and you can’t challenge the State’s so-called right to control the money,” warns Paul. “It’s already indicated that they will confiscate funds and they will confiscate pension funds.”
This didn’t just happen over night. The move to make this reality has been going on for quite some time. The first time it was mentioned publicly in any official capacity was at a 2010 Congressional hearing:
Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more “fairly” distribute taxpayer-funded pensions to everyone.
Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous “Guaranteed Retirement Account” (GRA) authored by Theresa Guilarducci.
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.
You’d think that such an idea would be immediately dismissed by the American public, but it has only gained steam since, as evidenced by a 2013 hearing held at the U.S. Labor Department:
The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.
“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explains National Seniors Council National Director Robert Crone, “However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up.”
…Such “reforms” would effectively end private retirement accounts in America, Crone warns.
A few years ago the government of the United States of America nationalized nearly 1/6th of our economy when they took over the health care system with forced mandates. In the process they essentially took control of $1.6 trillion in yearly industry revenues. But that’s nothing compared to private savings. The total amount of retirement assets in America, including 401k, IRA and savings accounts is around $21 trillion. With our national debt coincidentally approaching the same, the government sees big money and potentially a way out of our country’s fiscal disaster. This will start voluntarily with the MyRA and other state-sponsored programs. But when not enough Americans are making it their patriotic duty to turn over their funds to their government, they’ll mandate compliance with the stroke of a pen just as they did with the Patient Affordable Care Act. And just like Obamacare it will be enforced by the barrel of a gun. Failure to comply will mean confiscation without recourse.
All they need now is a trigger.
And that trigger will likely come in the form of another stock market collapse. Wipe out Americans’ in a stock market crash and scare the heck out of them with more economic bad news, and millions of our countrymen will be all too willing to hand it over to Uncle Sam. Panic is a powerful motivator and what better way to get people on board than by threatening them with squalor and destitution in their old age if they don’t go along with it?
Government officials have been actively working to make this a reality for years. The Europeans are doing the same. You can put your head in the sand or cover your ears and pretend this is not happening, but that won’t change the outcome. They will take everything they can get their hands on.
The good news is you can protect your retirement plans from a corrupt government by investing your IRA or 401k into a tax sheltered IRA with tangible precious metals. Precious metals have proven to show great stability in maintaining value and even tremendous growth in times of great economic uncertainty such as these.
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