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Thursday, November 29, 2012
WND's Corsi Still Pushing 'Obama Wants Your 401(k)' Falsehood
Topic: WorldNetDaily

Jerome Corsi begins a Nov. 25 WorldNetDaily article, headlined "Now Obama wants your 401(k)," this way:

Two years ago, as WND reported, the Obama administration was proceeding with a novel way to finance trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their retirement accounts.

Remarkably, those financial professionals specializing in private retirement savings and the U.S. citizens investing in private retirement plans now face the possibility the Obama administration and its allies on the political left will impose rules and regulations that effectively abolish the private retirement savings and investment markets.

Recent evidence suggests government officials continue to eye the multi-trillion dollar private retirement savings market, including IRAs and 401(k) plans, eyeing the opportunity to redistribute private retirement savings to less affluent Americans and to force the retirement savings out of the private market and into government-controlled programs investing in government-issued debt.

Well, Obama didn't "want your 401(k)" then, and he doesn't now.

As Media Matters reported back in 2010, when this bogus story first surfaced, Obama never proposed to move private retirement accounts to a government-run system. What Corsi is fearmongering about is discussions over ways to promote annuities sold on the private market as a voluntary alternative to lump-sum cash payments in retirement.

There's no evidence that the governement would "force" Americans into such a program, as Corsi claims. Corsi also offers no evidence that any such proposal has progressed any further than it had in 2010.

In other words, Corsi is simply lying. Just another reason why nobody believes WND.

Posted by Terry K. at 5:25 PM EST

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