Will Obama Nationalize U.S. Pensions?
Will President Barack Obama nationalize United States pensions? That was the serious question I proposed one year ago in my blog—and it’s time to ask that question again. Why now? Because President Obama has proposed what one of our experts sees as the “first step in stealth nationalization and forced investment of our retirement benefits.” The bad news comes as part of a tax package said to be aimed at middle-income Americans that was revealed in Obama’s State of the Union speech, as reported by Business Week magazine. Obama’s stealth proposal is billed by him as an “effort to increase retirement savings by requiring all businesses to offer automatic IRA accounts,” but it drew immediate opposition from U.S. small business associations. Obama claims the plan would let employees automatically enroll in direct-deposit retirement accounts and expand matching tax credits. Dangerous First Step to Nationalization But Larry C. Grossman, CFP, CIMA, managing director of Sovereign International
