Obama eyeing your retirement account
By Chief Pistol Packin' Mama on March 9, 2010 in Indicators of need for prepsHe noted the Obama administrations needs to sell $1.5 trillion in new U.S. Treasury debt in 2010 just to keep the government operating under the federal budget deficit projected for this year.
“With the Federal Reserve scheduled to phase out its direct purchases of Treasury debt, the Obama administration is anxious to find another market upon which to unload hundreds of billions of dollars of Treasury bonds carrying yields much lower than would be required to sell the same hundreds of billions of dollars of Treasury bonds in the open market,” Corsi explained.
He said the Obama administration is contemplating implementation of a so-called “automatic IRA,” packaged as a program designed to guarantee all workers have access to a retirement plan through their place of employment, even if the employer does not currently offer a pension or other tax-favored retirement plan.
“What the ‘automatic IRA’ ends up being is a government mandate that every employee must have a portion of their compensation direct-deposited into a government-mandated IRA,” Corsi wrote, “perhaps whether the employee wants to participate or not.”
To learn more about ‘Automatic IRAs’ and 401(k) account restructuring into what could become U.S. Treasury debt-backed government annuities, read Jerome Corsi’s Red Alert, the premium, online intelligence news source by the WND staff writer, columnist and author of the New York Times No. 1 best-seller, “The Obama Nation.”
