Friday, November 14, 2008

Demos Discuss Confiscating Your IRA and 401k

I know the title of this post makes me sound like a nut case, but the following is a quote from a recent press report (hat tip to Michael S. Rozeff):
Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
If they get away with it, the confiscated accounts will be transformed into "Guaranteed Retirement Accounts." The magically soothing word here is "guaranteed." You didn't really want to make any investment decisions, did you? It will all be done by the government now -- you can count on the government to take care of you. Right? Especially the Social Security Administration, which has always done such a good job.

One thing that is weird about this is that it apparently is the would-be perpetrators, themselves, who are calling this a "confiscation." Usually, they use nicer-sounding words for the things they do to us.

As soon as it looks like they are going to do this, I am going to incur whatever penalty fees I have to pay and empty all me retirement accounts. It will take some careful watching because these people will no doubt slap a rule on us prohibiting such defensive moves before they commit their giant act of theft. Also complicating matters is the fact that I will want to delay my move until after the end of the year so that I can delay the taxes I'll have to pay on it.

Damn! Life under a modern kleptocracy is complicated!
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