Now that the push has started to go after gun-owners, with legislation working its way through Congress, Obama isn’t wasting any time in making his next grab. Now he has your retirement money in his site! With the long-awaited release of his budget, the ugly specifics are emerging.
We knew that he was going to include more spending, (which we can’t afford), and we knew that he would insist on the “rich” paying their fair share, which they already do many times over. No, now he wants to go after retirement accounts, and that will affect the middle class who have worked years to build up a nest egg for their golden years.
Obama is right on track in pushing his Marxist agenda. He has succeeded in getting the poverty level up with more people on food stamps than ever before. He has succeeded in driving the unemployment stats through the roof with more people out of work or leaving the work force than ever before, and he has succeeded in hooking Americans on the dependency drug of entitlements that will eventually bankrupt this country.
I can just imagine the conversation with Obama and Jack Lew, his new Treasury Secretary. “Bernanke isn’t printing fast enough, we need more money. Where can we get it?” Aha! Look no further than that luscious stash of cash that is just sitting there in people’s retirement accounts!
So now he has decided that he knows just how much money YOU will need when YOU retire and anything over that amount he will just take. In other words, the Obama budget proposal will lower the amounts Americans can put away in retirement accounts without a tax penalty. You make contributions in pre-tax dollars thus lowering your taxable income. Capping the contributions will raise your taxes and cut into the dollars available for retirement.
Ok, some may say. That’s a lot of money, but not so fast. First of all, it will be taxed at whatever rate is set, inflation will be eating into its value and who knows what kind of costs people might be looking at in the future relating to health care and such. After taking all of that into consideration, how much is really left?
This is just more redistributionist nonsense. An appalling statement came out of the White House last week that stated, “Under current law, some wealthy individuals can amass substantially more than is needed to fund reasonable levels of retirement savings”. Excuse me??? So now the government has decided that it has the moral authority to decide what the reasonable level of YOUR retirement savings should be. This should scare the wits out of everyone who is reading this.
It is out and out theft. How long are we going to play this game with these maniacs? How many times are we going to watch the bank account seizures in Cyprus, shrug and say it could never happen here? Well, news flash…it’s happening here.
In a great article from Bull Market Thinking, Quantum Fund manager Jim Rogers was interviewed and he spoke with amazing foresight. He didn’t anticipate Obama’s out and out theft plan, but when asked what the governments can take after the Cyprus event, he said; ”401k plans, IRA’s, andpensions plans which the government knows about [may be next]… They know where all the pension plans are because we have to report it, so they’re easily accessible by governments. They know where they are, what they are, and they’ll be able to snatch them away. Who knows what they’ll do, but they’ll certainly find some way to take our money when things get worse, they always have.”
This is where we are headed folks, so start making plans now.