The National Deficit, along with the lack of demand for Treasury Bonds, leaves the government with no other option! And what you don’t know can hurt you! Goldworth Financial first uncovered the early blueprint of our government’s plot to seize retirement accounts in early 2009. Since that time, we have come up with 10 Basic Questions that people have about this issue:
1. Who’s behind the plot to confiscate retirement accounts?
The government takeover of private retirement accounts is a concept first drawn up by Teresa Ghilarducci, who was funded by the White House, the Ford Foundation, and the Rockefeller Foundation. President Obama’s 2008 presidential run proposed the “Automatic IRA” which has now evolved into Ghilarducci’s “Guarantee Retirement Accounts (GRAs)” concept.
2. Why does the Government want to seize Private Retirement accounts?
They need it! China and other buyers of US Treasury (our debt) Bonds have stopped buying. The Federal Reserve reports that it is now forced to fill China’s role, and is buying over 61% of our Treasury Bonds.
3. Have there been any public hearings? If so, who’s involved?
There have been numerous hearings between the Internal Revenue Service [IRS] and the Labor and Treasury Departments. The topic discussed is known as the “Lifetime Income Option-Annuity Income Stream.” Here is the role that each is playing:
- The role of the Labor Department-To draw up the guidelines for the Labor (workers) force to direct their pay into Guaranteed Retirement Accounts (GRA’s).
- The role of the Internal Revenue Service is to write the laws that will tax/penalize you, if you don’t comply.
- The role of the Treasury Department- They have Treasury Bonds/U.S. Debt they need to sell!
4. What workers’ unions are in favor of Nationalized Retirement Accounts?
Believe it or not, the SEIC, CIO & AFL are all in favor! The proposal for this is being discussed as “Re-Imagining pensions.” These workers’ unions are all in favor of “Universal Secure and Adequate (USA)” retirement for all.
John Adler, the Retirement Security Campaign Director of the SEIU, said: “We really don’t favor individual accounts as the way to go.” He went on to say: “Instead, we favor a pooled investment approach.”
John Adler also mentioned Teresa Ghirladucci’s Guarantee Retirement Accounts (GRA). Adler said, “Ghirladucci’s recent proposal of state-sponsored plans is worthy of consideration.”
5. Okay, so unions are in favor of De-Privatizing retirement accounts. But government can’t just take our money, can they?
Yes! Unfortunately, they can! Here’s a recent snapshot of recent headlines in leading newspapers:
- May 16th, 2011-Washington Post reported: “Treasury to Tap Pensions to Fund Government.”
- January 17th, 2012-Reuters reported: “The Treasury Dips Further into Pension to Avoid Debt Limit.”
- April 12 th, 2012-NY Post reported: “Feds Eye Retirement-Fund Tax to Cut $16 Trillion-plus Deficit”
- And of course – August 16th, 2001-CNN reported : “Government Dipping into Social Security.”
If Government “borrows” money they have NO Intention of paying back, wouldn’t you call that stealing/confiscation?
6. Is Obama involved in the plot to seize retirement accounts, and if so, how will they do it?
Proof can be found in the Obama Administration’s 256-page FY 2013 Budget Proposal, the revival of his 2008 presidential run’s “Automatic IRA.” It has now evolved into two proposals: Secure Choice Pension and Government Retirement Accounts (GRA’s).
Some of the proposed “features” are:
- Government will automatically deduct 5%-6% out of your earnings. Those funds will be deposited into a pooled GRA.
- The current tax deduction will be eliminated, and replaced with a tax credit. Which can only be redeemed after retirement.
- Instead of receiving a tax refund check, part or ALL will automatically be placed into a pooled GRA.
- Worker’s un-used vacation pay will automatically be converted to income, which will be deposited into a pooled GRA.
- The funds in your current retirement account will be converted to “longevity annuities,” which typically don’t start making income payments until the investor is well into retirement, 82-85 years old.
- Guaranteed Retirement Accounts (GRA’s) will be administered by the Social Security Administration. -because they’re doing such a great job?
- Much like S.S. Accounts, the uncollected equity will become the property of the Government, once the individual dies.
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