The Great Redistributer Is Coming For Your 401(k)

Posted by: Tristan

Mark Impomeni reports that your already depleted 401(k)s might be dead in the water come an Obama Presidency.

Sen. Barack Obama’s Democratic allies in Congress are looking into a radical new plan that would fundamentally change the way Americans save for retirement. House Democrats recently heard testimony on the idea and, under a potential Obama administration, would likely move to put it in place. Democrats want to seize the money that workers currently invest in their 401(k) plans and replace the popular retirement savings accounts with a one-size-fits-all government sponsored retirement account. Under the scheme, Americans would be forced to transfer all of their hard earned retirement savings from their 401(k) to the government.

Of course this is just the tip of the Obama socialist iceberg as a 2001 radio appearance reveals.