Another government takeover in the works. First, it was healthcare and now it’s your IRA.
From Businessweek on Jan. 8: “The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.”
Almost every American today has some form of 401k or IRA, after all you can’t depend that Social Security will be around in a few years, the U.S Government has borrowed and borrowed from it, so it’s almost broke.
Last summer, House Speaker Nancy Pelosi broached the possibility of a government takeover of IRAs and public outcry shut it down. So now they try the back door.
These steady payment streams are U.S. Treasury bills, I would bet, and unlike what they will want you to believe, is just another way for them to finance the growing mountain of U.S. debt and the uncontrolled spending coming out of Washington today.
With healthcare just about to pass, State constitutional amendments (three pre-filed for the current Georgia legislative session) and of all people, lawyers, are our last line of defense to prevent a government takeover of healthcare.
If everything that is going on in Washington has you upset, you are not alone. In the planning stages is our second Tax Day Tea Party, mark your calendar, Saturday, April 17 at Veterans Park.
If you are interested in helping, please join us for a lunch planning session Saturday, January 16 at 1:30 p.m. at Riverfront Barbecue in Albany. We will be brain-storming on the challenging year ahead of us. RSVP Mike Sabot at 846-5521.
Written by Mike Sabot, Leesburg, Georgia.