Best of the Week
Most Popular
1. Trumponomics Stock Market 2018 - The Manchurian President (1/2) - Nadeem_Walayat
2.Yield Curve Inversion a Remarkably Accurate Warning Indicator For Economic & Market Peril - Dan_Amerman
3.China is Now Officially at War With the US and Japan - Graham_Summers
4.Markets Pay Attention Moment - China’s Bubble Economy Ripe for Bursting - 16th Jul 18 - Plunger
5.Stock Market Longer-Term Charts Show Incredible Potential - Chris_Vermeulen
6.U.S. Stock Market Cycles Update - Jim_Curry
7.Another Stock Market Drop Next Week? - Brad_Gudgeon
8.The Death of the US Real Estate Dream - Harry_Dent
9.Gold Market Signal vs. Noise - Jordan_Roy_Byrne
10.The Fonzie–Ponzi Theory of Government Debt: An Update - F_F_Wiley
Last 7 days
SPX Losing Gains - 17th Aug 18
What Gold Is Not - 17th Aug 18
Dollargeddon - Gold Price to Soar Above $6,000 - 16th Aug 18
Stock Market Higher Again, Correction Over? - 16th Aug 18
Up Your Forex Trading Game - 16th Aug 18
Large Caps Underperformance vs. Small Caps is Bullish for Stocks - 16th Aug 18
“The Big Grab” - Failing Pension and Retirement System - 16th Aug 18
How US Indo-Pacific Vision Forgot Asian Development - 16th Aug 18
Impulse Moves in the Currencies - 15th Aug 19
Best Merlin UK Theme Park Summer Holiday 2018 - Thorpe, Alton Towers, LegoLand or Chessington? - 15th Aug 18
The Essence of Writing an Essay that Must be Understood - 15th Aug 19
Is Solar Energy Rising From The Ashes Again? - 15th Aug 18
A Bullish Bond Argument That Hides in Plain Sight - 15th Aug 18
Jim Rogers on Gold, Silver, Bitcoin and Blockchain’s “Spectacular Future” - 15th Aug 19
A Depressed Economy And A Silver Boom - 15th Aug 19
Moving Averages Help You Define Market Trend – Here’s How - 14th Aug 18
It's Time for A New Economic Strategy in Turkey - 14th Aug 18
Gold Price to Plunge Below $1000 - Key Factors for Gold & Silver Investors - 14th Aug 18
Dow Stock Market Trend Forecast 2018 - Video - 13th Aug 18
Stock Market Downtrend to Continue? - 13th Aug 18
More Signs That the Stock Market Will Rally Until 2019 - 13th Aug 18
New Stock Market Correction Underway - 13th Aug 18
Talk Cold Turkey Economic Crisis - 13th Aug 18
Which UK Best Theme Park - Alton Towers vs Thorpe Park vs Lego Land vs Chessington World - 12th Aug 18
USD is Rising. What this Means for Currencies and Stocks - 12th Aug 18
Hardest US Housing Market Places to Live - Look Out Middle Class - 12th Aug 18
America’s Suburbs Are Making a Comeback - 12th Aug 18
Stock Market US Presidential Cycle, Seasonal Analysis and Economy - Video - 12th Aug 18
Yield Curve Inversion and the Stock Market - Video - 11th Aug 18
Land Rover Discovery Sport 1st Dealer Oil Change Service - What to Expect - 11th Aug 18
How to Setup Webinars and Use Them to Overcome the Barriers in E-Learning - 11th Aug 18
Big US Stocks’ Q2’18 Fundamentals - 11th Aug 18
Dow Stock Market Trend Forecast 2018 - 10th Aug 18
SPX Testing Its First Support Level - 10th Aug 18
Dreaming of a "Comfortable Retirement" on a Public Pension? - 10th Aug 18
The Forrest Gump of All Future Democrat Election Losses - 10th Aug 18
More Uncertainty as Stocks Got Closer to January Record High - 10th Aug 18

Market Oracle FREE Newsletter

Trading Any Market

The New Auto IRA Is Just Highway Robbery

Politics / Pensions & Retirement Aug 21, 2010 - 08:24 AM GMT

By: Ron_Holland

Politics

First They Destroy Private Healthcare in America – Yes, the socialist Democrats won their first battle to destroy the private healthcare system in the US but the automatic IRA bill now in Congress is their next attack to also control, confiscate and destroy the private retirement system. Ultimately, nationalizing healthcare is designed to create a major new government revenue stream by replacing private health insurance with a nationalized, mandatory, government program and their goal is identical with your retirement plan.


Washington will decide the annual forced healthcare premiums on all Americans with the middle and upper wage earners paying far higher premiums than the subsidized voting constituencies who will be the primary beneficiaries of the program. Their goal is to allow Washington to steal much of the annual health premiums (taxes) for current revenue needs and to bailout and subsidize with your premiums the health programs for the voting blocks of poor and underemployed, illegals, unions and the millions of city, county, state and federal government employees. Eventually there will be no private competition available except for the very wealthy and Washington will constantly increase premiums just as they raise taxes today.

Next They Steal Your Private Retirement Benefits – Just as with the Obama Administration plans eventual nationalization of healthcare, the tremendous amount of funds in private retirement plans and IRA accounts are also being targeted to meet future revenue needs. Bills have just been introduced in both the House and Senate to create the new Auto IRA accounts which will at first be voluntary but later will become mandatory like Social Security and I expect the early 3% employee after tax contribution levels to eventually rise to 10 to 15% of compensation rising even more than Social Security has increased over the years. Read this August 17th article in Investment News at for more information.

Just Robbery Pure & Simple – The Auto IRA is the first step to grab and control your retirement assets and replace our private system with a forced, government controlled Social Security type program. In addition they will force much of your retirement funds into buying junk treasury bonds along with the Federal Reserve when the dollar/national debt crisis hits as billions of retirement funds become the buyer of last resort when the rest of the world are dumping dollars and treasury securities. Americans with substantial private retirement benefits will also likely be "means tested" out of their promised Social Security benefits and discover their private retirement benefits will be subject to confiscatory levels of taxes and penalties which will even target previously taxed Roth IRA accounts.

Bipartisan Theft – But don’t think a GOP victory in the fall elections or 2012 will safeguard your retirement assets as Washington’s need for new wealth is a bipartisan effort by both political parties. Note that the leading "Washington based" conservative think tank disagrees with my analysis of the threat to your retirement assets. I take exception to the views of David John, The Heritage Foundation's leading analyst on issues relating to pensions, financial institutions, asset building, and Social Security reform but read his The Automatic IRAs: A Conservative Way to Build Retirement Security and you will see how even some traditional conservatives are supporting the latest Washington retirement wealth and power grab.

Read More About the Retirement Threat & Protection Solutions – I have already covered the proposals in detail in two lengthy online reports: Get Ready For the Obama Retirement Trap at published on 1/28/2010 and The 10 Step Countdown To Retirement Plan Nationalization at published on 3/22/2010.

Please take the time to review both reports in detail which covered the threats when the Obama Administration first proposed this new program back in January 2010 and also read David John’s glowing support for the new Washington retirement scheme. Then decide for yourself if Washington is here to help you for a change or out to steal you blind as usual. Together, the reports above provide a confiscation timeline and actions you can take now to defend your retirement security and benefits.

Ron Holland [send him mail], a retirement consultant, works in Zurich and is a co-editor of the Swiss Mountain Vision Newsletter. He is the author of the special report, "Get Ready To Escape the Obama Retirement Trap" and you can email him for the complete report.

    http://www.lewrockwell.com

    © 2010 Copyright LewRockwell.com - All Rights Reserved
    Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules