Question: Quincy what is your take on this???? (This was sent to us by a concerned client)
Dear Fellow Sitting Duck:
As Obama’s spending orgy sinks America deeper into financial turmoil, he is about to turn Uncle Sam’s acute funding crisis into YOUR problem. In fact, today, RIGHT NOW, Obama’s Treasury and Labor Departments are holding outrageous, executive branch hearings on nationalization of retirement accounts. Your nest egg is in their cross-hairs; you know, to “protect you” from losing your own money. Congressional heavyweights such as Rep. George Miller (D-CA) have already held hearings on “merging” 401(k)s, IRAs, and other tax-advantaged private savings programs into the failed Social Security program. That’s why it’s absolutely vital you take a quick moment today to sign the Keep Obama’s Hands Off My Retirement Account petition to Congress.
Essentially Jim this is nothing more than a political scare tactic. I am a conservative, but I really detest the use of such devices (by either party) when there are sufficient real issues to disagree on. I have a link to the real agenda items if you’re interested, but essentially the government is wanting to explore ways to encourage pension style of retirement accounts (i.e. defined benefit plans) where the employer and plan trustees take all the risks of providing the expected benefit instead of the currently more popular defined contribution plans where the employee puts the money in and whatever happens to it is what they have to retire on. With the downturn in the markets the government is concerned about how many people have lost much of what they had to retire on. It is in no way a “money grab” by the government, and it should make you realize that the writers of such drivel only have a political agenda and are not truly interested in the facts.