By Jerome R. Corsi
© 2010 WorldNetDaily

President Obama

A key labor union ally of the Obama administration has mounted an effort to create government-mandated worker retirement accounts as an entitlement program, with the possibility that a portion of all private retirement funds could be forced into U.S. Treasury debt.

Branding the program "Retirement USA," the Service Employee International Union, or SEIU, has joined with the AFL-CIO, the Economic Policy Institute, a Washington-based economic left-leaning think tank that receives substantial labor funding and two other left-leaning interest groups, the Pension Rights Center and the National Committee to Preserve Social Security.

Retirement USA promotes the concept that all workers in the U.S. have a right to a government account that would fund a secure retirement in addition to Social Security and private workplace programs such as the 401(k).

"Our goal is to involve all workers and all employees in a government-mandated retirement program, with the government putting up the difference for lower-paid employees," Nancy Hwa, a spokewoman for the participating Pension Rights Center, told WND.

Retirement USA would require by law employers and employees to contribute to a retirement account for every employee and demand that a portion of that contribution go into a federal-government-created annuity that would be funded by purchasing Treasury debt.

"Retirement USA is basically an effort that amounts to nationalizing 401(k)s and IRAs," David John, a senior research fellow at the Heritage Foundation told WND.  read more>>>>>>>>>