Matt Hawes Comments on Possible Government Takeover of 401(k) Accounts


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Not content merely to socialize our banking system and spend hundreds of billions of your tax money to bail out Wall Street, big government-legislators are considering taking over your 401(k) accounts as well and replacing them with government-sponsored accounts.  These would be known as “Guaranteed Retirement Accounts.”

Under this system, the government would contribute $600 annually to these accounts (indexed for inflation) and workers would put in 5% of their yearly pay, with government paying a 3% rate of return in interest.

Once again, big government proponents are acting on their belief that they know how to handle your money better than you do.  They’ve already robbed the Social Security Trust Fund to pay for their endeavors, so it makes sense that they would make a play for the rest of your retirement.

Just last night, Don Rasmussen informed me about recent events in Argentina, where President Cristina Fernandez signed a bill earlier this week to nationalize the country’s private pension funds.  We mentioned in passing that the U.S. was probably just a few steps away from such a move, but I never imagined I would be doing a blog post less than 24 hours later on Congress considering something so similar.

Read the original US News article on this here.

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