Tag Archives: Obama economic illerates

Obama Wants Your 401k & IRA’s to Clean Up His $16 Trillion Dollar Deficit

You can classify this under Cha Ching!

That’s what immediately came to mind when Obama and his team of economic deconstructionists (the ones who believe YOU didn’t create that small business) learned how much retirement assets total in this country.

A 2012 study by the Investment Company Institute found that U.S. retirement assets total $18.5 trillion! The figure is comprised of $3.5 trillion in IRAs and $5.1 trillion in 401(k) plans). CHA CHING!

This target is too tempting for the administration to ignore faced with their spiraling budget deficit with talks it is approaching $20 trillion.

Ironically when these two programs were originally designed it was because it was felt that Americans did not save enough for their own retirement. These plans were put in place to supplement social security and to incentivize us to save. That was before!

Now with the big government socialists in power, current thinking is that responsible savers are denying the federal government the tax revenue it deserves! Insanity doth reigneth in Washington.

If this doesn’t scare the hell out of you, I don’t know what it will take.  According to  Townhall.com, 401k, and IRA owners are first on the Democrats’ radar and may see their plans taken away.

“House Democrats are planning on eliminating those tax breaks and converting the private plans to government-controlled retirement accounts, where they will be at risk for insolvency.”

After listening to the following video it will be clear why my advice is, you should start looking for ways to protect the saving in your IRA or 401k if you’re lucky enough to still have one.

Here’s just one opportunity.