This government has spent up to their eye-balls and now they want to spend up to your eye-balls.  Whatever reason, it is not good.

It’s Official! Obama Plans Government Takeover Of THIS! – Breaking News
Kosar
Featured Contributor
obama retirement account

We knew President Barack Obama’s final year in the White House would be horrible – But this is taking it to a new level!
The Obama White House is now pushing for heavy-handed regulations which pull out your private retirement savings (your IRA and 401k) into government accounts.

Obama is now after your retirement money… And he won’t stop until he has control of it!

President Obama’s regulators aren’t slowing down, alas. And on Wednesday they unveiled another part of their plan to push Americans out of private investment accounts and into government-run plans.

The Department of Labor says its so-called fiduciary rule will make financial advisers act in the best interests of clients. What Labor doesn’t say is that the rule carries such enormous potential legal liability and demands such a high standard of care that many advisers will shun non-affluent accounts. Middle-income investors may be forced to look elsewhere for financial advice even as Team Obama is enabling a raft of new government-run competitors for retirement savings. This is no coincidence.

Labor’s new rule will start biting in January as the President is leaving office. Under the rule, financial firms advising workers moving money out of company 401(k) plans into Individual Retirement Accounts will have to follow the new higher standards. But Labor has already proposed waivers from the federal Erisa law so new state-run retirement plans don’t have the same regulatory burden as private employers do.

Via The Wall Street Journal

There’s no reason to trust the White House on this issue. They want to tax and spend the same retirement funds you thought would be tax-free. These rules hurt the middle-class, and are focused on keeping people dependent on government for all their retirement needs. This is dangerous and a chilling development.

What do you think about Obama’s plan to take your retirement money?

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