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Tuesday, January 12, 2010

Prepare Now To Escape Obama’s Retirement Trap

Retiree Annuities May be Promoted by Obama Aids - In Other Words, There's No One Left To Buy Treasuries and Fund Our Deficit Except You - Stephanie Jasky

As the United States moves into a new decade of military overreach abroad and national bankruptcy at home, Washington is in a desperate search for more revenue and a solution to the future financing of the trillions in national debt obligations currently held by foreign central banks and investors. Economists, politicians and smart investors know the dollar's days as the world reserve currency are numbered as is our ability to finance the national debt.

Although the historical government solution to unsustainable government debt loads has always been the destruction of the debts by currency depreciation and eventual hyperinflation, there is always an intermediate step used to buy more time for the politicians in power. This action, usually sidestepped and downplayed by the establishment historians paid to hide the real facts of history is wealth confiscation. Napoleon had it right when he stated, "History is a state of lies agreed upon."

The largest source of liquid private wealth remaining in the United States are the $15 trillion in private retirement funds and the ultimate ownership, control and future of these funds have already been compromised and exchanged for the favorable tax treatment of private retirement plans. Congress writes the laws, so they can tax, penalize, hold your funds hostage and although they'd never use the word, "confiscate" your assets at their discretion.

The retirement trap I'm writing about is only a proposal at the present time and since it may well begin in the latter years of the Obama Administration assuming the Democrats can somehow maintain their majorities in Congress, I'm calling it the "Obama Retirement Trap". But make no mistake, the government need for current revenue and their frenzied search for a short-term fix to fund a backstop of liquidity to buy future government debt obligations when no credible investors will buy them is an unspoken quest of both political parties. The establishments of both political parties will do anything to stay in power and this will include raiding and pillaging your retirement funds.


Washington Proposals For A Mandatory Guaranteed Retirement Annuity

The government is getting ready to use that power and in a remarkably cunning way.

The prototype for their plan was devised in 1991 by Alicia H. Munnell, then Director of Research for the Federal Reserve Bank of Boston. She presented the idea in a paper entitled “Current Taxation of Qualified Pension Plans: Has the Time Come?” Later she was promoted to Assistant Treasury Secretary, and along with Robert Reich, Henry Cisneros and Hillary Clinton, she began to plot a raid on retirement funds. One element of the scheme was to create a Mandatory Pension System and fund it with a one-time 15% tax on retirement assets and a recurring 15% tax on retirement plan income.

I warned about this in my 1994 book, “Escape the Pension Trap”. Fortunately, the GOP election victory that same year derailed the Mandatory Pension System.

Guess what? It’s back... and nicely repackaged. It’s back because, due to slumping tax collection, Washington is on a desperate search for a new revenue stream. And this time they don’t want to just tax your retirement assets, they’re out to take them.

By Ron Holland

Read more: http://www.countercurrents.org/holland110110.htm


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