401K Legislation Introduced

Back in September of 2008, before the economic crisis I wrote the following -

The long and short is they are bleeding the real assets out of the United States and passing them into foreign control. Make no mistake, they will bleed this country dry. Savings, checkings, 401K, gold, assets, they want it all and will not stop until they get it.

Then in January we saw them float their trial balloon -

The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.

Well, here's the legislation -

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.

The Real Effect
It isn't very difficult to figure out what this is for, another source of revenue for an already bankrupt government to try to kick the can down the road a little longer. Here is a question for all the doubters out there - If the Federal government is willing and able to take your retirement, your value (dollar), your house (eminent domain/asset forfeiture/Fannie & Freddie); what WON'T they take? And perhaps more succinctly, who won't they claim belongs to them?

After all, you're an American citizen right? And you owe this debt right? So who here thinks the Congress will hesitate to sell their citizens into outright slavery when the time comes?