- Feb 12, 2007
- 59,471
- 24,152
Yet more Spreading Around the Wealth. One of the few remaining assets and tax benefits that the middle class have is now being targeted by Obama to bail out underfunded Union Pension Funds:
The Obama Administration is making plans to take over the nations 401(k)s in order to bail out their union backers and their bankrupted pension plans.
Connie Hair at Human Events reported:
In February, the White House released its Annual Report on the Middle Class containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through retirement security options.
The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.
Vice President Joe Biden floated the idea, called Guaranteed Retirement Accounts (GRAs), in the February Middle Class report.
In conjunction with the reports release, the Obama administration jointly issued through the Departments of Labor and Treasury a Request for Information regarding the annuitization of 401(k) plans through Lifetime Income Options in the form of a notice to the public of proposed issuance of rules and regulations.
Gateway Pundit
The Obama Administration is making plans to take over the nations 401(k)s in order to bail out their union backers and their bankrupted pension plans.
Connie Hair at Human Events reported:
In February, the White House released its Annual Report on the Middle Class containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through retirement security options.
The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.
Vice President Joe Biden floated the idea, called Guaranteed Retirement Accounts (GRAs), in the February Middle Class report.
In conjunction with the reports release, the Obama administration jointly issued through the Departments of Labor and Treasury a Request for Information regarding the annuitization of 401(k) plans through Lifetime Income Options in the form of a notice to the public of proposed issuance of rules and regulations.
Gateway Pundit