In an article posted by Jerome R. Corsi in WorldNetDaily on August 26, 2010, "The Obama administration appears to be proceeding with a novel way of financing trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their investment accounts."
"The requirement to invest private retirement assets has been cleverly buried within plans to create "automatic IRAs" that would mandate employer groups enroll all employees in 401(k) or IRA plans."
Please read the entire article so you can understand who and what is behind this.
We are already required to contribute to the federal government's Social Security program, which was sold to us on the promise to return to us a small monthly allocation in our retirement years. We were told that this was a trust fund and would never be used for any other purpose. The reality is that the federal government has been "borrowing" from this fund for many years for other purposes, and all that is left in there is a lot of IOU's. Social Security has gone from Social Security to So-So Security to "will we ever see the money when we retire?"
Now they want more of our money in their control by requiring a "government-mandated nationalized program".
This is yet another encroachment of the federal government into our private lives. If you wonder why the economy is flat-lining and why there is no job growth, what small business would plan on expanding and growing when they are unsure of their expenses? As it stands, they have to consider the national health care laws, the loss of the Bush tax cuts next year, the potential of new cap and trade legislation, and now, even if an employee chooses to opt out of this program, the employer would still have to contribute 3% of an employee's pay to this "fund".
We all must start looking at these "fundamentally transforming" laws and regulations and ask - Where in the Constitution does the federal government have the power to do this?