Friday, February 26, 2010

BOOM! The opening gun has been fired in a new war on the American wallet

(H/T to TFS Magnum)

The WS journal ran a piece regarding VP Biden's upcoming announcement about 'retirement fund mismanagement'. Sadly, the WSJ hides their articles behind a subscriber wall. Happily, lots of other news outlets don't bother with such high falutin silliness, and we can turn to the Washington Post to read the news.

WASHINGTON (Reuters) - U.S. Vice President Joe Biden will unveil on Friday rules to help protect workers' retirement savings accounts as he delivers an annual report of his middle-class task force, a White House official said. Biden, who heads a year-old panel assigned to improve middle-class living standards, will hold a ceremony at 10 a.m. (1500 GMT) to announce new Labor Department regulations on workers' retirement savings.

Am I the only one who see's this as an opening shot fired on a new front?

Watch.... the new 'crisis' will be mismanagement of retirement funds, and the 'answer' will be for 'Da Gubmint' to take over the accounts and steal the money.... ah.... 'manage the funds in a proper and efficient manner'.

The Clinton regime spoke of doing this, but in terms of taxation, and were resoundingly slapped for it. I suspect the O-team will try a different tack... and claim they are just trying to help the poor retirees that are being taken advantage of by unscrupulous financial advisers.

Can you say 'Social Security System, MkII'? You read it here first, folks.

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