THE AMERICAN JOURNAL

Are the Democrats Coming After Your Savings?

Now, the Democrats may be poised to imitate Argentina’s theft. Investor’s Business Daily reports:

You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.

BusinessWeek reports that the Treasury and Labor departments are asking for public comment on “the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.”

In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years

Read more: Powerline Blog

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February 21, 2010 - Posted by | Uncategorized |

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