Right, left, or somewhere in between, over 75% of Americans now disapprove (April 2010) of the business going on within the walls of Congress and the White House. Burning the midnight oil, these folks don’t rest when it comes to digging into your wallet or taking away your freedoms.

The larger problem, of course, is that they are running out of ways to pay for it all as they spend us into oblivion. That’s why, along with cap-and-trade and a VAT tax, Congress is considering an attack on your 401(k) as of late, as a juicy new way to keep on spending.

In a nutshell, Congress is planning to force Americans to turn their IRA and 401(k) savings over to the government — in exchange for an annuity-based fixed income stream during their twilight years. They are calling this program Guaranteed Retirement Accounts.

In fact, the groundwork is already being laid. Bloomberg reports:

The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged.

The U.S. Treasury and Labor Departments will ask for public comment as soon to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.

There is “a tremendous amount of interest in the White House” in retirement-security initiatives, Borzi, who heads the Labor Department’s Employee Benefits Security Administration, said in an interview.

So you see, they just want to save you from yourself again with the promise of a “universal, secure, and adequate retirement system”. It’s all totally harmless! Yeah….Right!

And while this monumental change is not necessarily imminent, be aware that the plan is gaining inertia as Congress sizes up the $6.3 trillion in retirement assets of working Americans — followed by mandates that may one day ration your own money back to you.

So what’s in this deal for you, you’re wondering? As you might have guessed… it’s not much. Not only will you lose your coveted 401(k) tax break, but the government guarantee is only a mere 3% return on your investment. It would be comical if it weren’t so tragic. A monkey throwing darts at board could earn 3% with his eyes closed.

That’s why smart investors are beginning to leave this ship of fools behind by building retirement assets that the government can’t touch. In that regard, Private Banking offers the safest road to a happy retirement.