In 2008 I came across a disturbing article about 401k and IRA confiscation. The article appeared in the Carolina Journal Online. I’ve been following this closely. In fact as recently as February 1, 2010 I became the 93rd person to provide “Informational Comments” on the Department of Labor’s website. My comment was beyond scathing and is therefore posted without a link to it.
Let’s not mince words: The Social Security “Trust Fund” that FDR started 75 years ago is now a 14 trillion dollar black hole.
We trusted Congress to manage the fund and the morons (fiscally responsible Ron Paul, Paul Ryan and a handful of other good eggs excluded) looted it.
The “Trust Fund” now consists of a bunch of IOU’s that will be passed onto our children. It was spent on the day to day operations of a bloated government. If you or I managed a pension fund and we stole from it - we’d do time. If we used the money we stole to buy votes - we’d do more time.
Like Health Care, Congress can pass laws that they themselves do not have to follow. (more)