In addition to the Constitutional and personal liberty problems, which are huge, there is a basic economic problem to these schemes.
Most retirement accounts are not held in cash, they are held in various securities. So you have an account, mostly in stocks, bonds, whatever, that is valued at $100,000. The government comes along and says you owe 15% of its assessed value, or $15,000. Most of us would have to SELL OFF our assets to raise the cash to satisfy the confiscation bill. What happens when EVERYONE tries to simultaneously sell off their portfolios? That’s right class; the price TANKS. But you need to raise $15,000. You wind up selling not 15% of your portfolio of $100,000, your portfolio isn’t worth that any more. You wind up having to sell most, if not all of it.
And the effects of that massive sell off on the economy at large?
A catastrophe. Think nuclear war, without the radiation.
of course they will get away with it, the sheeple will buy any story they tell
Commentary of the kind you have offered here is exactly the reason that I read Free Republic.
In lame stream media, the truth is hidden, or more likely, just plain ignored. Or, if it IS exposed, it is ridiculed.
But here, with insightful thinkers like you, we are all lifted. You put 2 and 2 together to get 4 with just a few words that any of us can understand.
Bravo!
Thank you.
Problems? What problems? What Constitution?///
/Pelosi (and Boehners on our side) et al.