The government has been wanting to take over IRAs/401(k)s for quite some time.
“Look at that pile of money just sitting there. The privileged people who own it obviously don’t need it. Let’s spend it!”
The government has been wanting to take over IRAs/401(k)s for quite some time.
“Look at that pile of money just sitting there. The privileged people who own it obviously don’t need it. Let’s spend it!”
I’ve seen estimates, that Americans have collectively saved over $10 Trillion in 401K type accounts. That’s serious money, which Democrats/liberals/radicals/socialists, would love to get their hands on.
The justification would be, that having government take control of those funds, would “save” us from the ups and downs of the stock market or other investments. They would ensure we have a “safe” rate of return, never lose principal, etc.
The next time we have a Democrat president and Democrat congress, I expect efforts will be made to commandeer our private retirement savings. And it will be said to happen for our own good.
No question this is a precursor to stealing every 401K that’s out there. The Democrats have been slavering over that money for decades and they keep coming up with new schemes to get their hands on it.
My 401k is doing great thanks to trump. No way I would let the govt touch it. If tbat were to hallen, I would rather withdraw it all, take a huge tax hit in one year and put it in my checking acct.
Yep- See George Miller and McDermott. It’s all being recycled in this “plan” attached to yet another redistro “bennie” we would all be slammed for.
Was instantly reminded of what the 401K seizers were saying in 2008 before obamaumao-care, and now we have butt gig’s.... long term goodie bar care, and forced takeover of private 401 Ks through the employers— yet again. Instead of privatizing the retirement plans of all our workers earning, oh noooo, we have to piratize their few private options, to fund their already overly unfunded mandate “plans” that is nothing but a bunch of IOUs for money borrowed from the Trust Fund.
Devious. The slogan Trump should use to any proposing this crap is..... “Don’t piratize the privatized accounts of hardworking Americans-— that is socialism and is actually, THEFT!