Thursday, February 18, 2010

Will Obama Nationalize U.S. Pensions?

Excerpt: President Obama has proposed what one of our experts sees as the "first step in stealth nationalization and forced investment of our retirement benefits."

The bad news comes as part of a tax package said to be aimed at middle-income Americans that was revealed in Obama’s State of the Union speech, as reported by Business Week magazine.

Obama’s stealth proposal is billed by him as an "effort to increase retirement savings by requiring all businesses to offer automatic IRA accounts,”

"If you read it closely you will see the heart of the proposal is the requirement to keep 10 percent of the funds in U.S. Treasuries. At the stroke of a pen the president has found a way to bolster the declining demand for Treasuries. I believe forcing retirement plans into U.S. government control is the next step."

Read it here.

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