The 401k Usurpers Are BackMonday, September 28, 2009
Actually, they never left. Except the media calls them “the experts.” This article, “Experts push retirement plan reform,” discusses the agenda of Teresa Ghilarducci, a Communistic redistributionist who I have discussed in several previous posts. She has been pushing the nationalization of retirement savings through the use of GRAs, or, Guaranteed Retirement Accounts. This whole plan would include mandatory (forced) savings, government subsidies to individual plans for special classes of people, returns guaranteed by the federal government, and taxes on current 401k plans. She has also advocated taxing the 401k accounts of those fabulously “rich” folks who make in excess of $75k, and making 401k accounts subject to the death tax.
Ghilarduccis is quoted as saying:
“A total of $110 billion is spent in terms of tax breaks, and 76 percent goes to the top 20 percent of taxpayers,” she says. “That’s probably not where we want to spend our billions for retirement security.”
We? Note the assumption that saving and investment is a collective activity to be viewed in aggregate. A libertarian non-redistributionist like myself reads this and knows that my earnings – or your earnings – do not belong to a collective, so forget about the “we” part. I don’t care what anybody else does, or wants, and so I will determine where to “spend my retirement security” according to my needs and future plans.
Retirement USA, a collective formed by various interest groups, is working toward many of the same goals through its propaganda and redistribution campaign. Its various principles for theft include universal retirement plan coverage above and beyond social security, along with guaranteeing ”sufficient income, together with Social Security, to maintain a reasonable standard of living in retirement.”
Visions for outright confiscation of 401k plans are still dancing in the heads of politicians, and any move toward nationalization of retirement savings will be an important step in that direction.