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A presentation on the 401K, IRA and mandatory saving plan elements of the Fiscal Reform Commission empaneled by presidential executive order 13531 issued on February 18, 2010.
The order requires the commission to report its recommendations for solving the federal government's debt and deficit crisis by December 1st. The intention is to force a "fiscal reform" bill through Congress during the upcoming lame duck session. Co-Chair Erskine Bowles (former Clinton Chief of Staff and current Morgan Stanley board member) stated that the president has instructed the commission to keep all options on the table. These include, conversion of part or all of 401Ks and IRA holdings to US Treasury bonds, institution of a 15-20% national sales tax (VAT), raising the social security age and cutting benefits, a new mandatory savings plan that would take 2-4% out of every workers paycheck to be deposited into "savings" plans managed by investment firms like Goldman Sachs and Morgan Stanley, and various assorted tax increases.
This fiscal reform effort is actually a greater threat to your personal freedom and well being than health care reform. This is why Mr. Bowles' co-chair Senator Alan Simpson has said that is would be "total cremation" if they issued their report BEFORE the election.