The government wants your IRA

Do you have a tax-deferred retirement account, like an IRA or 401K? If so you might want to consider cashing it out and investing in a Roth IRA. You’ll take a tax hit but it will keep your government’s hands off of it. Neal Boortz comments here.

The government is running out of places to borrow the money it so desperately needs to finance out of control spending. The Japanese and Chinese in particular are growing concerned over the government’s ability to pay back the staggering amount of money they have loaned us by purchasing US government securities.

China has signaled that it is not in the mood to buy many more U.S. government securities. This is how we finance our debt! If investors and other nations won’t voluntary finance our debt, what does our government do? Well, our government does what governments always do. Fall back on its unique ability to use force to accomplish its goals. There’s a problem here. We aren’t going to force China to buy more Treasuries … so where is the force to be applied? YOU, that’s where.

There has been mucho profundo scheming in Washington to tap into your retirement account to fund the massive government debt. This is not something new, Bill Clinton wanted to do this too.

… there are more than $3 trillion dollars sitting out there in individual retirement, IRA and 401K plans. Politicians just cant stand the idea of this much money sitting out there in private investments … out of the grasp of politicians. So …. Something needs to be done. And sure enough, something is going to be done. The Treasury Department and the Department of Labor were going to start taking comments on ways to promote the idea converting 401(k) savings and IRAs into annuities or other steady payment streams.

Can you imagine what would happen if the government can get their hands on your retirement money? What did they do with Social Security? They plundered the system and left us holding a bunch of worthless IOUs. In a few short years Social Security will be paying out more than it takes in – which has actually already happened.

The government is talking about some form of “lifetime income distribution” and “lifetime stream of income.” (Isn’t this what Social Security was supposed to do?) But just HOW does the government provide this “lifetime” income? Simple … by FORCING you to take all or a portion of your retirement funds and invest them where China won’t go; invest them where private international investors no longer want to go; invest them in Treasury Certificates. Oh yeah … they’ll probably come up with some fancy new name for some fancy new type of T-bill … but the goal and the effect will be the same. You’ll see your money seized by government and used to finance the insane spending plans of politicians .. Democrat and Republican.

Stay alert folks. The government has wonderful ways to couch this in language that seams harmless and innocuous. It’s a money-grab. Nothing less.

A money grab and a power grab as well. Read the whole thing…

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