Midknight Review -- new and revised: Obama is thinking about confiscating your 401k . . . . . or is he ??

Last December (2009), Fox News carried a story discussing the rumor of a 401k government takeover of private sector retirement funds. In the report, the Democrat Congressman interviewed denied the rumor. In fact, he ridiculed the rumor as right wing trash talk. Well, today, during the 3:00 pm hour, FoxNews brought this "rumor" back into the lime light. The "Willis Report" will discuss this strategy on Monday. Midknight Review will keep you informed. In the mean time, here are some comments detailing who is behind this proposal and the "reasoning" for its [potential] implementation from accounting web. We give you their thoughts on the matter :

As I pointed out in my blog post about Entitlement Spending, the Social Security and Medicare trust fund has over $100 trillion in unfunded liabilities. How will Washington pay for this or make up the shortfall? Tax increases are an obvious solution, reducing benefits will have to be part of the equation. What other options exist?

One option would be to take the suggestion of the Service Employees International Union (SEIU) that wants to centralize all retirement plans for American workers, including private 401(k) plans, under one new retirement system for the United States. They will call it Retirement USA and they actually have a website.

The SEIU suggests this plan would provide universal security and adequate income for future retirees. This pool of assets – yours, mine, everyone else’s, and the unfunded liability of social security would be professionally managed. . . . . READ MORE >>>

Editor's notes: understand that the information in that last paragraph, presenting the union's tripe concerning reasons for taking over private retirement funds, is an utter lie. What will actually happen to existing 401k funds? Our Marxist redistributive government will put these private funds into the General Fund and, at the time of your retirement, tell you what you have coming. Hint: it will be the same amount as Social Security !! THAT is the little discussed secret. This is nothing more than the Socialists taking your money and giving it to the unions. Period.

Our recommendation: pay attention to this particular strategy. If it appears that it will happen, take your money out of these programs and go elsewhere with your retirement investments.

The Stated Nonsense from the Left now includes these Progressive goals:

July 2, 2008, Obama had this to say: "We cannot continue to rely only on our military in order to achieve the national security objectives that we've set. We've got to have a civilian national security force that's just as powerful, just as strong, just as well-funded."

MICHELLE OBAMA: "Barack knows that we are going to have to make sacrifices; we are going to have to change our conversation; we're going to have to change our traditions, our history; we're going to have to move into a different place as a nation."

“ . . . . . . they have become a generation of activists possessed with that most American of ideas – that people who love their country can change it.” -- Obama the Radical

On September 30, Van Jones told MSNBC "I think everybody should hold onto your seats. October is going to be the turning point when it comes to the progressive fight back."

Midknight Review -- new and revised

Obama is thinking about confiscating your 401k . . . . . or is he ??

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