Obama's Buddies in the SEIU Want to Seize Your 401k

In return, they want to give you a nice "goobermint" government pension. If you think this could never happen, please remember who the top visitor to the White House was last year. It was SEIU President Andrew Stern. Apparently, the SEIU is very concerned something could happen to your 401k and you would be better off if it were rolled into a new government controlled pension plan. Undoubtedly, the government could issue you some worthless IOU's for your money. The SEIU is also concerned about the 7 of 10 workers who don't have a 401k. Perhaps they would be willing to share yours with these unfortunate individuals.

Money News reported:

One of the nation's largest labor unions, the Service Employees International Union (SEIU), is promoting a plan that will centralize all retirement plans for American workers, including private 401(k) plans, under one new "retirement system" for the United States.

In effect, government pensions for everyone, not unlike the European system and regardless of personal choice.

...Three in 10 have only a 401(k) or similar savings plan, and the rest of us are totally out of luck," said Eisenbrey.

Obama and Democrats Plan to Take Your 401k?

This sounds like a joke, but you just can't make this kind of stuff up. Desperate for money to continue their spending spree, President Obama and Democrats are are investigating the possibility of forcing you to invest your tax deferred 401k in 'goobermint' paper like U.S. Treasury bonds. The Chinese aren't going to keep financing our record deficits, so Team Obama has to have a Plan B. Your private retirement money is at the top of their list. Of course, we would already be buying U.S. Treasury bonds if it wasn't for low returns and concerns the skyrocketing deficit might cause the the government to default on them.

IBD reportes the story:

Democrats plot to seize our 401k's.

Carolina Journal Exclusives
Dems Target Private Retirement Accounts
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

By Karen McMahan

November 04, 2008

RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

http://www.carolinajournal.com/articles/display_story.html?id=5081