When I read this I was like WHAT THE HECK! Is it true? Could it be? Seizure of 401k accounts may be a reality soon? Mark Salvo from shtfplan.com seems to think so when he wrote:
"The push to bailout union pensions and give more control of individual wealth to the U.S. government is underway."
Reports over the last couple years have suggested that the U.S. government would move to seize traditional 401k and IRA retirement accounts by rolling them into a government managedGuaranteed Retirement Account, or GRA. For the most part, save in alternative media circles, the reports have been dismissed as nothing more than an “idea” floating around.
But the bill has reportedly already been written and last Thursday, October 7, 2010, Congress held a recess hearing on the matter.
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.
(You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).
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 sister 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.
source: Human Events
This is just the tip of the article-ice berg. Click HERE to read the entire story complete with links to the sources for the information. I didn't want to adhere to that worn "socialist agenda" rhetoric, but after reading THIS STORY, I am now convinced that there is a real and dangerous transfer of wealth going on in this country and it is to our detriment in my opinion. I can't wait to read your comments.