Corsi reports the administration is doing so under the guise of making workplace retirement savings accounts available to all Americans and ensuring that existing retirement savings accounts pay lifetime income.
He 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."
They will simply take our money?
ReplyDeleteOh, that's right, they care about us.
Silly me. I forgot that part.
Jerome Corsi was the original birther, who even went so far as to visit Kenya looking for "evidence" to prove Obama was born there. Don't blame people for not believing anything else that freak has to say.
ReplyDeleteI believe Obama and the progressives want to take over and own all of us !
ReplyDeleteIf that SOB messes with our retirement , then he will start a revolution. I will be the first to act on this theft of my money.
ReplyDeleteAnd they wonder why I'm a racist!
This is why my grandfathers kept their hard earn monies in the mattress. And, not once did they lose monies in a house fire. The U. S. government has been corrupt way before Obamanomics. Always remember, American Greed, poor leadership, and poor government occurred before this President. He prevented a great depression. Now he's cleaning up a least 60 years of bad government.
ReplyDeleteROFLMAO!!!!!!!@4:26pm....."prevented a great depression???? YOU flippin idiot! They created it! and now they are clamping the CHAINS around our legs!
ReplyDeleteHealth care - immigration - 401 k- keep it comin! Then comes our Lord!
ReplyDelete