The Dems raise the capital gains tax, the market goes down, and tax revenue goes down.
To restore lost revenue, the Dems get rid of the stepped-up basis for inherited stocks, tax dividends as ordinary income, impose a wealth tax (at first only on a few bezillionaires), and tax each stock market trade (at first by a small enough amount that it only affects automatic trading by algorithms). The market crashes.
At some point in this downward spiral, the pension funds are in trouble. So "to protect the retirement of American workers," the Dems federalize 401k and IRA accounts, replacing them with annuities guaranteed by the feds. The replacement amounts are based on the post-crash value of the accounts. As part of the process, the unfunded, unsustainable, unaffordable public employee pensions (IL, CA...) are brought into the federalized system.
The pensions for teachers and other defacto gubmint employees are already in trouble in some (all?) Demwit single-party-states like Illinois and California. That conspiracy of Demagogic Party governors tried tanking the economy in order to get *more* federal money after the Tax Reform Act screwed up their subsidy games, and expected this President to fall for their sorry ****, so that the Partisan Media Shills could use *that* to criticize the tax cuts and reforms.