Step one - create IRA accounts
Step two - mandate IRA accounts
Step three - require IRA accounts put a small portion into US bonds
Step four - require larger and larger portions of IRAs be used to purchase US bonds
****We have a winner****
You are spot on!
5) Nationalize the accounts.
6) Raid accounts
Some advocates just combine steps two and three into one: require that 100% be used to purchase US bonds.
They argue that it is the only safe investment.
Step five: confiscate IRA accounts to help pay .gov’s bills (predominantly the wages, benefits, and pensions of the government-sector communionists.)
The bigger danger is that as a means of keeping Social Security solvent they start means-adjusting it; I can’t believe that those socking money away for retirement aren’t going to get screwed out of it in the end (even if they get their IRA but just a pittance for SS).
This is especially something childless young workers should keep in mind as they try to (legally) shield income from taxation (since they often don’t have mortgage deductions either).
Step five: Mandate all Americans purchase a term life insurance policy with the federal government as sole beneficiary. Then, when death follows denial of medical treatment under Obamacare, the government scores a big $$$ windfall.
I think that’s the goal.
And they can say it is only to protect us from the vagarities of the market, or because the average person cannot handle investing decisions.
You left off Step five:
Step five - confiscate all IRA accounts