It looks like powerful House Democrats are looking to seize people’s 401(k) retirement money.
I always had the feeling when the Roth IRA’s came out that the thieving SOBs in Washington wouldn’t be able to keep their hands off of the money that people earn. This is a complete betrayal of trust as the Democrats systematically seize money from people who had the audacity to plan, work hard, and save for their futures. And to top it off, the news media in their role as Democrat cheerleaders are going to spin the theft as a good thing.
You have to wonder if the Democrats want everyone living in cardboard boxes when they retire. Not only are they thinking of seizing our 401(k) retirement, but look at the wonderful things that the Democrats did to destroy Social Security:
- Franklin Roosevelt created Social Security promising:
- Participation would be voluntary (yeah, right)
- Participants would only have to pay 1% of the first $1,400 of their annual income.
- Money put into the program would be tax deductible.
- The money would be put into an independent “Trust Fund”.
- The annuities would never be taxed as income.
- Lyndon Johnson and the Democrats destroyed the special “Trust Fund”, putting the monies into the general fund so that Congress could spend it.
- The Democrats destroyed the tax deduction for Social Security withholdings.
- Jimmy Carter and the Democrats started giving Social Security payments to immigrants (even if they wouldn’t have qualified due to not paying into the system), further undermining the economic foundation of the system.
- Al Gore cast the deciding vote to allow the Democrats to start taxing Social Security annuities.
If it weren’t for the pure advocacy position of “journalists” then the Democrats would be run out of office as the destroyers of Social Security and people’s private retirement plans.