Pension plans to be looted as Congress okays institutional theft

When societies approach collapse, coercion shifts to outright theft: Stealing money right out of your bank account, for example, like we recently witnessed in Cyprus. Government also routinely target pension funds and even private retirement accounts, attempting to keep itself afloat by any means necessary.

Just like clockwork, that looting of pension plans is now about to commence. “Congress could soon allow the benefits of current retirees to be cut as part of an agreement to address the fiscal distress confronting some of the nation’s 1,400 multi-employer pension plans,” writes Michael Fletcher of the Washington Post. [1] The Post continues:

“This proposal would devastate retirees and their surviving spouses,” said Karen Friedman, executive vice president of the Pension Rights Center, a nonprofit group. “The proposal would also torpedo basic protections of the federal private pension law … that states that once benefits are earned, they can’t be cut back.”

All the pension benefits that have been promised government retirees, in other words, are about to be stolen back from retirees….

When the next market crash arrives, billions of dollars in retirement funds will be destroyed virtually overnight, and pension funds nationwide will be wiped out.

The fact that this wholesale theft of pension funds is now under way has not escaped union workers and retirees.

As WashPost also reports:”This is nothing less than a declaration of war by Congress on American retirees,” said R. Thomas Buffenbarger, international president of the International Association of Machinists and Aerospace Workers.

Indeed, “war” is exactly how most people are going to perceive this… especially when retirement checks are the primary source of income for many retirees who are just barely getting by.

By Mike Adams – Natural News –

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Author: David McElroy

David Allen McElroy has served as a journalist and a chaplain to hospitals and nursing homes. He continues writing on the world-wide web and has much archived in the forum at BreakingAllTheRules.com. He has a B.A. in Bible from Fresno Pacific College. David stands for Truth, Justice, & Liberty in Christ’s Love!