that would be outright confiscation of personal property on the part of the government and likely enough to cause a revolt.
People will not revolt. Most are Christians who will not fight. And the Left has millions of minorities, labor unions and Obama friends who are willing engage in domestic terrorist.
The proposal for the Federal Government to “borrow” 401K, IRA and other savings accounts is already written-up and ready for implementation. This topic has been discussed several times on FreeRepublic and if you research it you can find hard proof that what will eventually be the proposed legislation already exists. This has been a dream of the Left’s for many years. It’s only a matter of time before they come forward with the pitch, which will be something like this:
“Our nation is facing a crisis of epic proportions caused by the greed of those who put all of their faith in the unregulated free-market. Unfortunately, in times like these Americans must come together and collectively make sacrifices in order to right the wrongs caused by a greedy few. To prevent certain economic disaster, we have no choice but to call on those who were fortunate enough to earn more than they needed and were therefore able to save for retirement (taxfree, I might add) to temporarily lend their 401k, IRA and other savings accounts to the Federal government so that we can meet our most pressing obligations. Those accounts hold trillions upon trillions of dollars, which right now are only serving to line the pockets of fat cat bankers and mutual fund managers. In exchange, we will offer those patriotic Americans a guaranteed fair return on their money, backed by the faith and credit of the United States, of course. We are forced to take this unprecedented step, so that we can help those who have not been as fortunate and who played no role in causing this disaster. Anyone who cannot see the fairness of this proposal is clearly thinking of only their own selfish interests, and not of the common good of their fellow citizens. This is not something my administration wants to do, it is something that we are forced to do and I ask for your support in these unprecedented times.”
And in one fell swoop, they will confiscate trillions of dollars in savings from hardworking Americans and use it to pay for yet more entitlements and to buy themselves a little more time. Their only goal is to stave off catastrophe until they are out of office and have had enough time to amass a personal fortune through book deals, lobbying fees, public speaking fees and serving on the board of giant corporations.
It’s coming... you can bet on it.