Hightlights: Class Warfare’s Next Taraget: 401(k) Savings

  • “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
  • “this looks to me like a raw admission that Treasury knows it will not be able to sell its debt in the open market — so they will effectively tax you by forcing your ‘retirement’ money to buy them.”
  • As former British Prime Minister Margaret Thatcher said, ‘The trouble with socialism is you run out of other people’s money to spend.’ And now they want to spend our retirement savings.
  • Congressional Republicans should introduce legislation to block the government from ever proceeding with anything like this. Call it the “Keep Your Hands Off My 401(k) Act of 2010.”

Read the whole thing here.

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