I knew 401Ks were too good to be true

A big pile of untaxed money? Yeah, that wasn’t gonna last.

In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.

The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.

Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.

In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations. (pdf)

Never, EVER trust a politician or a government promise.

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0 Responses to I knew 401Ks were too good to be true

  1. Gotta love this comment:

    ***Why would Obama want to go after 401Ks? For the same reason Pretty Boy Floyd gave in explaining his rationale for robbing banks: “’cause that’s where the money is.”***

  2. Pingback: SayUncle » 401(k) and union retirement

  3. Alan, there’s a reason I don’t read this shit.

    I’m having trouble keeping the top of my head on.

  4. Borepatch says:

    Like the Democratic Party isn’t facing a big enough disaster this November.

    This is Kabuki, a show put on for the Union membership. Nobody in the Democratic Party will dare to vote for it, but they’ll talk a little to try to keep the unions in line.

  5. Pingback: 401k Fund Becomes Social Security II? - Where Angels Fear To Tread