IRA / 401k Merger to Social Security Looms
Independent Living posts that Rep. Peter Fazio and Congress are pushing legistlation allowing the federal government to merge private 401Ks and IRA into the Social Security system, calling them Guaranteed Retirement Accounts (GRA), making mandatory to contribute to these thus effectively increasing the SS tax, and at the same time taking away the tax benefits of IRA/401K. Of course, this does not include government pensions, federal, state, county, city, etc.
Other sources indicate that the hard reality is U.S. voters have run into the arms of Barack Obama's "spread the wealth" brand of socialism, which means productive people need to stay calm -- but think proactively and act resolutely to defend what belongs to the people.
Congressional committees are already holding hearings on how the government can "tap" millions of 401(k) retirement funds to stave off the Social Security system's emerging insolvency crisis.
The radical-dominated House Education and Labor Committee is already floating plans to "merge" privately-owned 401(k)s with the Social Security system (which former U.S. Comptroller David Walker has been warning is little more than a vault of government IOUs).
In such a "merger" -- spearheaded by House committee chairman Rep. George Miller (a Marxist hailing from California's Berkeley area) -- your tax-sheltered personal investments would be liquidated, dumped into government bonds, and linked up with the cash-desperate Social Security "retirement" system (i.e. as government bureaucrats "spread the wealth," and you are reduced to standing in line, hat in hand, hoping you get some portion of your life savings back)."