In addition to me, Istapundit also sees the truth. In case anyone decides to act in a few years as if this could not possibly have been foreseen, I present the following quote for future reference:
“First force the savings, then confiscate!“-Glenn Reynolds, Jan 24, 2015
The Democrats, having thoroughly lost the ability to make it happen when they lost control of Congress, have proposed a bill. This bill is going to be described in the national press as being “for” the workers who just can’t seem to get it done on their own. Expect Republican opposition to fold like a house of cards once the wind of “for the people” starts blowing in the press (unless the new Congress is really “different, this time!”).
The bill, if they think they can’t get it passed, is probably an attempt to make the Republicans look like jerks that hate workers of the country. Truly, it is a display of their hand. Not that they’ve been playing very close to the chest recently, but they’re really tipping the cards down here.
Senators Whitehouse and Neal introduce retirement savings bill. The workers aren’t saving for retirement because their mean-ol’ baddy CAPITALIST bosses don’t offer them an expensive plan for tax-preferred savings. That’s it. No, it’s not that the national monetary policy prevents the dollars people earn from being enough to live on. No, it’s not that 20-somethings can’t be bothered to think about retirement savings (due to bad national education policy). It’s because it’s not automatic. Not because people chose to invest somewhere else with their own money. No, we’re going to shrink your pay checks because we know better than you what should be done with your money. You WILL be enrolled in an Individual Retirement Account. IRAs for everyone! (not 529 plans though, those are only for evil people now).
For the time being, enrollment is voluntary. They don’t think the courts are friendly-enough to mandatory wealth confiscation for retirement savings in addition to the mandatory wealth confiscation for retirement savings already provided by the Social Security system. Those who are smart will opt-out of these plans as soon as they are offered. IF you have enough free money every pay check (after bills and debt service) to invest, buy gold or guns/ammo. Durable Things. Not legal constructs. As one wise man has pointed out:
“If you depend on the legal constructs of wicked men to help you save money, don’t be surprised when they take it from you, legally.”
The proposal was already fielded to cause you to convert your 401(k) into investments in USA’s national debt notes instead of whatever you wanted to invest in with your money. The proposal has been fielded to limit how much of your money you will be able to save. Now we have a proposal to take MORE than the 12% of your pay going to social security already, and invest that for your retirement as well.
VFD, IRAs for everyone is a GOOD idea!
No. Voluntary IRAs at everyone’s discretion, invested as they see fit, would be a good idea. Involuntary (or automatic) IRAs for everyone invested in places the government chooses, is a bad idea.
Let me be clear:
The end game is: after your money has been taken for your “individual” IRA, the money will be found to be inequitably distributed. There will still be people who “need help” out there. It’s just not fair that you set money aside, and these people have none. In the interest of the greater good, and for fairness, we will take your individual account and socialize it. Mark me well: unless something drastic happens, your 401(k), IRA, and yes eventually even your Social Security “savings” are all going to be confiscated and spread around to those who are less-fortunate. You may have some of it back when the government says so. If you obey.