What is going to happen to our 401 (k) accounts and IRA’s after January 1? Will the retirement accounts for which many Americans have sacrificed so much to accumulate be rolled over into federally issued and guaranteed bonds in order to prop up notoriously under-funded, union pension funds across the country? Getting an answer will prove to be daunting, especially as media attention seems focused on little but the impending “fiscal cliff.”
Listening to a poignant, impromptu speech given by Linda from St. Lucie County during the Allen West recount makes clear just how hard she worked to raise three daughters on her own. It’s a story that certainly puts a tear in the eye and an ounce of worry into the heart of many listeners. ”I worked hard to save that money. We went without,” she said, getting more emotional with each word. ”Now, what’s going to happen to 401 (k’s)?” she asked.
My daughter is wondering the same thing as she and her husband will have four boys in college next year. And she sacrificed to save for her retirement when she was a bank employee. She had a gun put to her head during two separate robberies!
Linda and my daughter both want to know what the Obama administration intends to do after January 1. Is the national media so distracted by fiscal cliff hype that news concerning the potential federal theft of countless trillions from American citizens will not be forthcoming prior to January 1st?
A source in Montana said the feds are hoping to turn 401 (k) and social security funds into federally administered bonds, thereby dumping even more privately-held dollars into the D.C. money pit. Another source thinks that such a fund may be used to bail out Obama’s union pets, namely the failed pension plans of big labor throughout the United States.
Read More at Western Journalism . By Suzanne Eovaldi.