Today most middle class American workers who aren’t working in the public sector are relying on their 401k plans to provide for themselves in retirement, or at least to supplement Social Security benefits. Many of us have saved in these plans for years, and have anxiously watched our savings rise and fall with the stock market.
Well, progressives think we’re too well off to be able to enjoy the fruits of our labors in our golden years, and they believe the government should seize our funds and redistribute the money to others.
The other goal for the safety net is to radically remake the retirement system. Social Security would remain in place, but progressives are frustrated that 401(k) plans are used mostly by higher-income workers. So they want the government, in Konzcal’s words, to “provide a universal IRA with an automatic enrollment to all Americans, as well as shifting 401(k)s over to a public-private, defined-benefit plan.” Such a scheme would not only involve massive new federal spending, but would also create a vast new pool of previously private money under the government’s control.
If the words “previously private money” don’t send a shiver up your spine I don’t know what will.
That’s not all they’re wishing for now that The One has won a second term. Seizing 401k’s isn’t their only suggestion. Read the whole thing to find out what else is on their wish list, it actually gets worse.
Oh, and I know, this may be a bit of a stretch, but so was Obamacare. Plus, it’s not like this is a new idea. The unions have been gunning for our 401k’s for a while now. They did a lot to help get Obama elected twice and we all know he’s perfectly willing to pay them back.
Update: Linked by I’m 41 – thanks!
Update: Linked by Big Pulpit – thanks!