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Friday, August 28, 2009

Just when you thought it couldn't get any worse - now they are planning to "reform" your retirement (IOW "reform" your 401k)

Bend over - they're from the federal government and they're here to help.

I understand that people in congress and the government accounting office have lost their minds. I've got that. What I want to know is this: Has everyone else in the nation lost their minds, too!?

Where in the United States Constitution is congress authorized to take money from some people and give it to others so they can "retire"? I haven't seen that part.

I don't recall the part about me being able to "retire" while congress requires someone else to provide me a particular standard of living. I must have missed that.


The duty of the government is not to take from others so you can live out your golden years. The duty of government is to keep others from taking from you.

It's a fairly easy concept.

From the article:
“If no action is taken, a considerable number of Americans face the prospect of a reduced standard of living in retirement."
Boo Hoo. That is life. A much larger number of Americans face the guarantee of a reduced standard of living in retirement if congress goes ahead with this unconstitutional insanity. Maybe this is part of the "end of life" councelling that is part of the socialized medicine plan. A sort of "we can't just come out and kill you but we can make you wish you were dead" clause.

You have the right to plan for retirement or not. If you don't plan for retirement then you have to live with your choice. Even if you plan for retirement you may still lose everything. That is one of the risks of life. Suck it up and deal with it. The government is not you nanny whose shoulder you are supposed to go crying to when things don't turn out the way you want them to.

This plan makes socialized medicine look like a good idea.

Here is a scary thing:
The GAO also examined four “key” domestic proposals to reform the U.S. private pension system – including a government-sponsored, mandatory system called the Guaranteed Retirement Accounts (GRA) plan.
The old mandatory system was a huge steaming crock so what are they looking at? A new steaming crock that is even bigger.

The bizzare things the government has been doing seem designed to make the stock market and the economy as a whole crash. Maybe this is the "crisis" that the government will use to push this new attack on 401k plans.

Who would run this plan? I'm glad you asked. Here is your answer:
Under this plan, the federal government (Social Security Administration) would establish and administer a system of retirement savings accounts – guaranteeing a specified rate of return on those accounts.
Are we really so stupid as to let the SSA take more of our money for another goofy scheme like this?

I'm sure that congress and the LWM will assure us that the money will be safe in individual accounts for each of us and we don't have to worry about losing our money. If you believe that I've got some ocean front property I'll sell you for a really good price.

Even if the money was "safe" in some account with your name on it doesn't that seem like the government would gain a lot of leverage over your life? I mean, it would be terrible if your account was locked or lost wouldn't it? If this plan passes then expect lots of conditions to be added for getting your money out. Expect that those in government will use those conditions to encourage behaviour that they want and discourage behaviour they don't want.

This government seems to get more and more out of hand every day.

Where did I put my tar and feathers?

1 comment:

The Other Mike S. said...

George Miller, communist extraordinaire, is going to look out for MY well-being? No thanks.

All worried about 'portability'. I've taken my 401k from job to job with no issue whatsoever. It's smoke and mirrors for Nanny go gain access to our private retirement funds - which I'm sure they'll manage as well as SSI.

This is one of my lines in the sand. If we go the way of Argentina, where the state takes your private retirement money in exchange for an IOU, I will not be responding with tar and feathers...


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