I made a conscious decision some time ago to get out of all U.S Treasury bonds and not to buy any more because America is on its way to bankruptcy.  The time will come when the United States will not be able to sell its debt on the open market.  And, that’s when President Obama will target seniors and attempt to steal their 401K’s through a mandatory program of investing their savings in U.S. Treasury bonds.

You already have that option, but the plan in the works would mandate a government plan for your retirement savings.

Business Week has reported that the Treasury and Labor Departments are asking for public comment on “the conversion of 401K savings and Individual Retirement Accounts into annuities or other steady payment streams.”

The government would take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.

Benefits from interest on Treasury notes will be inadequate because the government will be using the money to pay for trillion-dollar budget deficits, while they continue their spending like a drunken sailor, raiding these dollars just as they have Social Security.  Therefore there will be nothing to back up the government’s promises for a return on your investment.

According to an editorial by Newt Gingrich and Peter Ferrara:

“This proposal follows hearings held last fall by House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash, of the Ways and Means Committee focusing on “redirecting IRA and 401K tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute,” as reported by InvestmentNews.com.

According to the editorial, “The hearings examined a proposal from professor Teresa Ghilarducci of the New School for Social Research in  New York to give all workers “a $600 annual inflation-adjusted subsidy from the U.S. Government” in return for requiring workers “to invest 5% of their pay into a guaranteed retirement account administered by the Social Security Administration.”

Gingrich and Ferrara call this”the latest chapter in what is developing into a war by the left on America’s seniors.  All that class-war rhetoric about “the rich” ends up targeting seniors, who have accumulated the most in savings and investment on average because they have been around the longest.”

This they accurately point out isn’t any different that what President Obama, House Speaker Pelosi and Senate Majority Leader Reid when they “targeted seniors for hundreds of billions in Medicare cuts to finance expanded Medicaid for the poor and other new entitlements in the ObamaCare health care takeover legislation.  If you liked your health insurance, you were supposed to be able to keep it, except for the 25% of seniors who had chosen Medicare Advantage private health plans for their Medicare coverage.”

It is time for the Tea Party movement in conjunction with all seniors to take on this issue and for each individual to let your representatives in DC know where you stand – Obama should not be able to steal any-one’s IRA or 401K through a Marxist mandated investment in U. S. Treasury bonds.