Keep Both Eyes On Your Retirement Funds As Fiscal Cliff Nears
November 21, 2012 by Bob Livingston
Americans hold about $17.9 trillion in retirement assets. These are found in the form of 401(k)s, individual retirement accounts and pension funds.
That money is not your own. If it were, you would be able to access it without penalty. But that is not the case. Taxes and onerous fees are tacked on if you take the money when you need it as opposed to when your “benevolent” government masters believe you should have it.
Congress established retirement programs like IRAs and 401(k)s in order to prop up the stock markets for the big banksters and make themselves look good. Americans have been fooled into equating a rising stock market with improving economic conditions. But when it’s propped up under false pretenses (by driving money into the market that would ordinarily be used elsewhere or through massive infusions of fiat currency via bailouts), it is like fool’s gold.
And now some are eyeing those funds as a big piggy bank to rob in order to pay off the “national debt.” Never mind that U.S. debt is a world-class delusion, as I have told you many times.
This actually began long ago. I first wrote about it here in 2009. That’s when Congressional Democrats were holding hearings to discuss the possibility that those funds could be confiscated and placed into universal guaranteed retirement accounts managed by the Social Security Administration. Their belief is that if the money is put into Treasuries, it would undo much of the money-printing damage done by the Alan Greenspan/Ben Bernanke Feds.
More hearings on this subject were held in 2010. They were presided over by J. Mark Iwry, senior adviser to the Secretary of the Treasury and deputy assistant secretary for retirement and health policy. Irwy believes 401(k)s and IRAs are unfair because they benefit the rich. But the plan to “nationalize” retirement plans was put on hold following the 2010 election. Unions are big advocates of a nationalized retirement system.
Now the topic is back on the table. As Congress searches for creative ways to feed the ever-growing Federal leviathan, that $17.9 trillion becomes an enticing option. America’s national debt stands at $16.3 trillion. The fiscal cliff, comprised of a huge year-end tax increase and $110 billion in cuts to Federal spending, is dead ahead; and the 1 percent (the sociopaths in government) is looking for ways to avoid the cliff that don’t involve making significant cuts to Federal spending.
There is precedence for government confiscating the retirement funds of its citizens, so keep your eye on upcoming Congressional negotiations. A $17.9 trillion piggy bank plus $16.3 trillion debt equals a marriage that could be consummated in hell — or Congress, which is almost the same thing.