Just discussing this possibility on another person's post, and as usual, the lib/progs enjoyed calling me a liar (at least they didn't call me a racist because it IS Obama's Budget Proposal). "a limit on what Americans are "allowed" to save'
So, am posting this for the brain-off here in an valiant attempt to support my personal conclusion, reached by articles I've read for years, and supported recently by the Obama's budget including a contribution limit on government owned retirement accounts.Â However, reading and comprehension it not their strongest attribute.Â People CHOOSE to ignore facts and remain sheeplee - and yet, I give my valuable time to yet again, inform and enlighten!
Yes, it is reportedly in his budget (if we can believe anything from the old media, aka Main Stream Media.
This story appears in the April 15, 2013 issue of Forbes.
Steve Forbes, Forbes Staff
In 2009 the Obama Administration pushed through a brazenly political restructuring of bankrupt General Motors and Chrysler, and huge payoffs were made to the United Auto Workers, a pro-Obama union, at the expense of bondholders. Banks signed off on the deal because they had no choiceâ€”their survival depended on the whims of Washington. Once again the courts turned their backs on this patently unconstitutional exercise.
There have been rumblings from some revenue-hungry Democrats about finding ways to tap into individualsâ€™ retirement accounts. Several years ago Argentina nationalized the private pension plans of its populace, and recently Cyprus has been talking about taking similar action. One can already hear our politiciansâ€™ rationale: Most of the money in 401(k)s is pretax dollars and grows tax free, depriving the government of needed revenue. Why not integrate them with Social Security and then means-test the benefits?
Liberty requires eternal vigilance, as Thomas Jefferson and others have said. Its foundation is a healthy respect for property rights and a constitutional-based rule of law. Heightened vigilance is badly needed now.