Now, the Democrats may be poised to imitate Argentina's theft. Investor's Business Daily reports:
You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.
BusinessWeek reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."
In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.
They will tell you that you are "investing" your money in U.S. Treasury bonds. But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds.
Even as a ”voluntary” effort I doubt whether people will buy into it. Does that means the next step would be “involuntary” (for our own good, of course)? Are the Democrats that tone deaf or is this a strategic decision? If they went ahead and did this regardless of what happened to the Democratic majority we, the people, would be forever dependent on the government, whoever was in office.
Personally, I don’t think this will come about for several reasons, the main one being the contemplative congressmen and women imagining the literal (not figurative) sight of congressmen and women swinging from streetlamps, or the smell of warming tar, at the very least.