Tuesday, October 12, 2010

US Government Prepares To Seize Private Pensions

Government Prepares To Seize Private Pensions; Paul Watson
The government is preparing to seize the private 401(k) pensions of millions of Americans while enforcing an additional 5 per cent payroll tax as part of a new bailout program that will empower the Social Security Administration to redistribute pension funds in a frightening example of big government gone wild.

Public pension plans have been so aggressively looted already by the government that cities and counties face a $574 billion funding gap, according to a CNBC report.

That black hole is set to be filled by a new proposal that will “fairly” distribute taxpayer-funded pensions to everyone, by confiscating the private wealth of millions of Americans. Its proponents express staggering arrogance in thinking that they can just steal money people have worked for decades to accrue as if it’s their own.

Not only would the government confiscate 401(k) pensions, it would also impose a mandatory 5 per cent payroll tax payable by everyone, according to a hearing chaired last week by Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee.

Read the rest of Mr. Watson's article here.


danq said...

This was going around the Democratic Congress just before Obama took office.

In fact, I was about to vote third-party for Bob Barr (both McCain and Obama are liberals) until I heard that 401(k)'s were about to be attacked.

Also suggested was to outlaw investing in oil, which would supposedly lower gas prices due to the power of speculation in the market (though as with every new law "someone"/"something" would obviously be exempted or protected).

More proof that people should abandon Media 1.0 for blogs and the Internet.

Brian said...

I have been watching England for some time as an indicator of future western governmental models and this is where I first noticed the legislative step to take pensions.

Most recently there is legislation in England being pushed in which the government will first receive the person's wage/earnings and then decide how much to dispense to the individual.

Can it happen here...you bet it can.

Anonymous said...

Harkin is one of the most virulent when it comes to attacking freedom and liberty.