More than 3 Trillion Dollars

More than 3 Trillion dollars, that’s what Americans have in their retirement funds, 401k’s 403b’s, IRA’s and the government wants it.

Open until May for public comment, the Department of Labor and the Department of Treasury propose:

“The Department of Labor and the Department of the Treasury (the “Agencies”) are currently reviewing the rules under the Employee Retirement Income Security Act (ERISA) and the plan qualification rules under the Internal Revenue Code (Code) to determine whether, and, if so, how, the Agencies could or should enhance, by regulation or otherwise, the retirement security of participants in employer-sponsored retirement plans and in individual retirement arrangements (IRAs) by facilitating access to, and use of, lifetime income or other arrangements designed to provide a lifetime stream of income after retirement.”

Noted Libertarian and syndicated Atlanta talk show host Neil Boortz, translates it to simple and understandable English this week.

“That’s a lot of government-speak.  Can you read between the lines?  What is the real plan here?  Behind this nonsense about “lifetime stream of income after retirement” language is a lovely little plan to force you to finance the Democrat’s deficit spending.”

The plan calls for individuals to be force to buy annuities in their retirement plans, all based on US Government Treasury bills. 

Just yesterday on Bloomberg “Nassim Nicholas Taleb, author of “The Black Swan,” said “every single human being” should bet U.S. Treasury bonds will decline, citing the policies of Federal Reserve Chairman Ben S. Bernanke and the Obama administration.  It’s “a no brainer” to sell short”

Let me see, a government that can’t control its spending, continues to fund it by borrowing, and is racking up record deficits at a record pace wants to tell me how to invest my retirement?  Thanks, but no thanks.