Home > GOVERNMENT, United States > US government will soon seize your retirement account

US government will soon seize your retirement account

May 17, 2011


NaturalNews) – When it comes to your retirement account, you probably keep an eye on Wall Street and the financial markets because when they lose value, your account loses value. Little did you know you are going to have to keep an eye on Uncle Sam as well, because he’s eyeing your retirement too, and he could soon take what he will claim is his fair share of it.

If you think that sounds absurd, think again. In fact, it’s a concept that is already being used by some governments, the most recent of which is Ireland.

In a bid to finance a “jobs” program, the Irish government, which is heavily in debt, is set to impose a new levy – read “tax” – on private retirement accounts. The accounts of government workers will be exempt.

“It’s truly disgusting logic to force private workers to pay for years of political incompetence while absolving government employees,” writes Simon Black, entrepreneur and founder of SovereignMan.com, a Web site about financial and practical independence.

Black says the idea of robbing private pension funds by broke governments to pay for existing or expanding government programs is an idea that is catching on. “Pension funds are attractive targets for politicians who have wide eyes and the most carnal thoughts at the site of any large pool of cash,” he says, noting that the French government last year adopted laws “allowing politicians to steal retirement funds from the public in order to pay off other debts.”

It’s an idea that is catching on in the United States too, mostly because there are trillions of dollars in private retirement accounts, and the federal government is trillions of dollars in debt – with trillions more promised in benefits like Social Security, Medicare and now a massive new health care law.

Black says it’s likely any attempt by the U.S. government to seize private retirement accounts would be preceded by a cataclysmic economic event similar to the 2008 financial crisis, only worse. This time, lawmakers will respond by changing investment law that may force retirement account holders to invest a portion of their savings in, say, 30-year Treasury notes.

Some lawmakers are onto this, however. Rep. Michele Bachmann, R-Minn., has recently criticized such efforts in a letter to the Obama administration warning against attempts to confiscate Americans’ retirement accounts.

  1. Rwolf
    November 24, 2012 at 12:59 pm

    If Obama will confiscate your retirement it is problematic Obama Next will want to confiscate Americans’ other property for the 51% that voted for him; seize Americans’ real estate and homes even if that means evicting the owners? You may recall the communists in Poland not long ago were able to rapidly organize support for a communist government by offering Poland’s downtrodden and criminals the property of well-off Polish Citizens; communist looters could keep whatever they confiscated. Homeowners were found dead hanging from their dinning room chandeliers; their homes stripped of everything valuable. Communist supporters attacked Poles cutoff the fingers of supposed well-off people to steel their jewelry. Increasingly in the U.S. there are reports of mobs taking over stores, stating, “We own this place” while taking the merchandise.
    Wake up America! Obama’s ilk won’t stop with taking your retirement account; Obama Reds want everything you have.

  2. laura m.
    June 3, 2011 at 2:28 pm

    Husband will draw out his 401k in 6 mo. He’s been retired 7 years. He was a federal worker. We are already 100% in US treasuries for safety. Does any one know if the gov. can grab retirement accounts of those already drawing down on them, keeping it in us treasuries?? If not the case, we need to start drawing down now. Anyone please answer. And if so, what is the thing to do now? Buy a fixed annuity?

  3. sterling anderson
    May 17, 2011 at 10:15 pm

    This is not suprising, America has long since lost it base in morality and ethics. This is just another sign of how low into the slime pit of coruption and valuelessness we have fallen. The concept of the Biblical God and most important the values He represtnts has been for the most part dismissed by those who have the power to direct America’s future.
    Sin, right and wrong has been replaced by situational ethics. Hold on to your seat belts because we are decending into a bottomless pit.

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