Feds, States To End Private Pensions, Retirements

In a post nearly a year ago, I sounded this warning:

The governments of five European countries — Hungary, Poland, Bulgaria, Ireland and France – have taken over their citizens’ private pension money to make up deficits and budget shortfalls. Given the American Left’s oft-stated admiration for Europeans, who are further down the ruinous road of socialism than the United States, this should sound the alarm for all Americans who want to hang onto our private pensions and savings.

That was not paranoia speaking because a year before, in January 2010, Bloomberg’s Business Week had reported that the Obama administration wanted to convert all 401(k) savings and Individual Retirement Accounts (IRAs) into annuities or other steady payment streams.

Feds, States To End Private Pensions, Retirements

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