Democrats Want to Confiscate Your 401(k)
Tuesday, November 11th, 2008It’s no secret that Social Security is in trouble – the funds are completely exhausted and the program will soon go into deficit as baby boomers begin to retire in masses. In order to remedy this situation, many Democrats favor confiscating your 401(k)s and IRAs. They want to nationalize your earnings so the government can run guaranteed retirement accounts, thus “saving” you from the volatile stock market.
What’s the bottom line? People who never bothered to save a dime will be entitled to YOUR money that YOU have worked hard for over the course of your entire life.
It’s hard to believe that such an absurdity has been considered seriously, but this idea is gaining traction according to numerous news sources (ABC News, Carolina Journal, Market Watch, US News & World Report). And considering that a 15% tax on all retirement funds nearly became enacted under Clinton, losing our 401(k)s to a broken welfare program will be a very real possibility when our government is controlled by liberal radicals in January.
Saving redistribution of wealth and the evils of communism for another discussion, let’s talk about how the government is already ripping you off through the Social Security program. To put it quite simply, the government prints money thus causing inflation (4.1 percent last year), while only meagerly adjusting social security pensions (2.3 percent last year). Compound your losses for 40-50 years and your pensions will be a pittance. If that sounds bad, look into how the government under reports the CPI in order to artificially keep COLA adjustments low and discover that the situation is much worse than it appears.
Social Security is a failing government program. Do you really think they will do any better with the money from your 401(k)?