Understand, they’ll promise you they will give you a guaranteed return on your “investment” into government security. A good one to! I’ve heard 3%. In return for that paper IOU (ominously similar to the Social Security IOU and Medicare IOU) all you have to do is give them your real cash.
There are trillions of dollars in savings and retirement plans in America, an immediate infusion of real cash into and ever growing and always ravenous government bureaucracy.
An Investment Company Institute study published this month found that U.S. retirement assets totaled $18.5 trillion at the end of the second quarter 2012, of which 3.5 trillion was in IRAs and $5.1 trillion was in 401(k) plans.
Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings market.
This hearing was set up to explore why Americans are not saving as much for their retirement as they could, explained National Seniors Council National Director Robert Crone, describing a recent Treasury-Labor hearing held in the Labor Departments main auditorium.
However it is clear that his is just the first step toward a government takeover. It feels like the beginning of the debate over health care and we all know how that ended up.
Folks they are coming, they are coming after the cash in the medical field and the cash in your retirement account and all of it being replaced by paper promises that cannot be kept.Yikes! is an understatement.