Monday, February 22, 2010

Property rights? What a quaint idea!

From friend and commenter Jeff S. comes this ominous bit of news from Investors Business Daily:
You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.

BusinessWeek reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."

In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.
Kleptocracy, anyone? Remember, my fellow Americans: eternal vigilance.

demotivational posters
see more


Richard Sharpe said...

The picture is of Australian Air Force Cadets (think Boy Scouts with snappier uniforms), getting in the practice for when they grow up and join the RAAF.

Paco said...

Thanks, Richard; I had no idea what outfit that was.

mojo said...

'E's not sleepin' 'e's passed out!

Shoulda kept his knees pumping.

SB: centar