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Some of the comments to a previous conservative post by Dana (as well as other posts by me and various BlogHer conservatives) have suggested that it wouldn’t be the worst thing to let Obama’s policies lead us to the ways of England and Canada. Following those assertions, how do we keep Democrat policies from leading us to the ways of Argentina? At first blush this may sound like a reach, but read on.
Cristina Kirchner, the President of Argentina has announced she's going to nationalize all private pensions. From the Wall Street Journal:
"Mrs. Kirchner won't have trouble making the case for expropriation to Congress, which is controlled by her fellow Peronists. When the Argentine government ran out of money in 2001, it blamed the market and increased its own role in the economy. Since then it has imposed price controls, defaulted on its debt, seized dollar bank accounts, devalued the currency, nationalized businesses and tried to set confiscatory tax rates with the aim of making society more 'fair.'"
My question to you: Does any of this sound familiar? More importantly, does any of this sound like a good idea? I’ll answer that with a resounding NO!
Yesterday as I was listening to the radio, I heard about a new idea the Democrats have: Abolishing 401(k) tax breaks (emphasis in the excerpt below are mine).
Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.
. . .all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration.
Now, say you make under the $250,000 that Obama is already calling dibs on and you make just $150,000. You will be required to put in $7,500 of your hard-earned salary and will receive a match of $600 from the government. A far cry from the matching your current employer probably pays. This is the sort of thing we have to look forward to if the Democrats control the House, the Senate, and the Presidency. They will be unchecked and we will be on our way to giving up even more of our choices. I'm urging you to look closely at your options. We have 11 days before we vote. Do your homework.
Want to read more?
- Democrats to Kill 401(k) Accounts?! via Laura’s Miscellaneous Musings
- Warning! Warning! via The Swine Line
- Criminy, people! via Rachel Lucas














