I read this post at World Magazine’s website this morning, and it’s one of the most outrageous things I’ve ever seen. The prospect of the government raiding (the biblical word would be “stealing”) 401(k) accounts to shore up yet another soon-to-fail program defies reason and logic. But that is the world we apparently now live in. I’m not going to tell you who you should vote for in the coming election for President, but I will say this is another reason not to vote for Obama.
House Democrats recently heard testimony on the idea and, under a potential Obama administration, would likely move to put it in place. Democrats want to seize the money that workers currently invest in their 401(k) plans and replace the popular retirement savings accounts with a one-size-fits-all government sponsored retirement account. Under the scheme, Americans would be forced to transfer all of their hard earned retirement savings from their 401(k) to the government.
Also, see here and here for similar stories.
I thought we already had a forced government program in place that did this already, called Social Security (which consistently robs me of about 13% of my salary — I’m “self-employed” according the government). That was such a rousing success, the government has decided to revisit the situation, I suppose. And when this doesn’t work, when this cash cow has been milked and tossed aside, there’ll be another brilliant plan in about 50 years to “fix” that problem.
I’m now coining a new phrase, putting it into digital print here, and copyrighting it: from now on, the government program will be referred to as “Socialized Insecurity.” That fits much better.
