After 30 years of realizing that our government would eventually overspend, over-borrow and go broke, leaving Social Security high and dry and penniless and leaving those who are uninformed enough to depend on Social Security with no income and no reserve to fall back on, many who saw the future as it's currently playing out began to invest in employer 401(k)s and private IRAs. We put large percentages of our incomes into these vehicles so we could be independent of the government when it finally crashed and left Social Security people with nothing. Because of the amounts of money we diverted from our incomes to our savings for the future, many of us lived very simply. We did not drive the newst cars and we raised our families in very modest homes; in other words we practiced discipline and spent frugally for many years to accumulate the relative wealth that now resides in our 401(k) and IRA retirement plans.
Now along comes our government (can you say Barack Obama and his Democrat/communist pals?) , itself broke and having to borrow 60 percent of what it over-spends from foreign governments, and we learn that the Treasury and Labor Departments are devising ways to take the money we've saved and invested and roll this final, capitalism-based source of real value, into the government's coffers in order to support Social Security and welfare for those who need it "more", for those who have "less", than we investors do. And when this final multi-trillion dollar pile of actual wealth is sucked into our wasteful government, and those of us who saved for the future are reduced to living on hand-outs from Obama, what will become of our society? There are zero dollars in Social Security, we owe trillions of dollars to enemy nations that have loaned us money knowing our wastrel government would eventually go bust, our nation's credit rating has been down-graded under the Obama Administration, and the dollar is about to be replaced as the unit of exchange for internatonal dealngs (if you think a gallon of gas is expensive now, wait until this disaster happens), and our own government is trying to rape its citizens by taking their hard-earned and harder-invested money and leave us with nothing.
And to add insult to injury, the government is stating that the reason they are justified in taking this money is that it was tax-deferred and now the government needs the money too much to let us continue to keep and invest our own money on a tax-deferred basis, they must now tax 100 percent of our incomes because of their need. Our incomes now belong to the government and we have no say in how it's spent. Obama said he will only raise taxes on those making over $250.000 (the rich, remember?), and now comes a tax on absolutely everyone who has managed to save some of their own money to be used for their own futures. I can only ask: why is it only now, with the Obama Administration running trillion-dollar deficits and the national debt increasing enormously, that we need to take this draconian step and take people's own money from them? I think it's obvious that it's America's welfare state and its refusal to stop spending and going further into debt that makes this step seem necessary. Private property means nothing any more; the Constitution means even less. Just as Communist and Fascist states in the past have destroyed the lives of their citizens, so our government is making the same moves that will destroy our pleasant lives and reduce us all to poverty and dependence on government hand-outs. And the real insult to the mentality of our ruling class, and they aren't smart enough to understand it, is that they've been telling us for years why we must trust government for our income and retirement and not trust the evil capitalists and their undependable stock and bond markets for any value in our lives, and here they are, demanding that we bail them out with the value of our 401(k)s and IRAs, which represent capitalism and capitalism's promise more than anything else can. They now want capitalism to bail them out of the socialist mess they've cause. And when this money is gone, what will be left of our nation?
If our ruling class thinks they saw a large and angry crowd turn out in Washington to protest Obamacare on September 12, 2009, they haven't seen anything if they proceed with this 401(k) scheme. They'd better not try. Our President has let us down on spending and borrowing, the Supreme Court has let us down on Obamacare, and if our elected Representatives and Senators let us down on this issue there will be hell to pay.