3/7/10 The Government Has Eyes On Your 401(k)

Precious Metals Market Analysis, By Michael Pennington (Copyright 2010 Pennco Coins)

I brought this topic up several weeks ago on these pages. I think many thought I was overreacting, but believe me this is becoming more real each week. The government is broke and will be looking for every way to raise funds as their revenue drops. The Obama administration has asked the U.S. Treasury and Labor Departments to acquire public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort…

There is “a tremendous amount of interest in the White House” in retirement-security initiatives, Borzi, who heads the Labor Department’s Employee Benefits Security Administration, said in an interview.

Whenever the government steals from the public, whether it’s our freedoms, our money or our land, you can be sure they will find a way to explain that it’s in our own best interest.

They will tell you that you are “investing” your money in U.S. Treasury bonds (because China will stop buying them)… But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds. Where’s Al Gore and his “lock box”?

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