It Takes A Pillage

IBD Editorials ^ | July 1, 2010 | Investment Business Daily staff

[Kaslin]

Retirement: Argentina nationalized private pension funds in 2008 under the guise of shielding them from the economic meltdown. But the funds have been used by lawmakers. That couldn't happen here, could it?

Socialist President Cristina Fernandez de Kirchner said the state was protecting private retirement from "policies of plunder." By moving tens of billions from the private sector and placing it in the public fisc, she claimed to be providing "an example" for others to follow as the global financial crisis heated up.

The Argentine Congress, making a promise it didn't intend to keep, said it would make sure the money would be used for pensions. Instead, it was used for government spending. Nearly $30 billion was stolen from the citizens of Argentina by the government that was supposed to protect them from thieves.

Democrats have been casting a similar greedy eye on Americans' pensions since at least the 1990s, though they typically kept their ambitions quiet. But in January, the lid on envy began to boil over.

• Bloomberg reported that the Treasury and Labor departments were inviting public comment on ways to promote the conversion of 401(k) and individual retirement accounts into annuities or other steady payment streams.

• A month later, former House Speaker Newt Gingrich and policy analyst Peter Ferrara, reacting to the appeal for public comment, warned in our On The Right column that "Washington is developing plans for your retirement savings."

[wac3rd]

Government already has stolen Social Security from our checks but not kept it solvent and allowed it to be spent.

Liars, Government is a bunch of Liars and Cheats.

[GladesGuru]

Atilla the Hen should have nuked the Argie government when she had the excuse.

[Kartographer]

If you like to get a good idea of where the US is heade economicily check out the you tube video about the collapse of Argentina

http://www.youtube.com/watch?v=rH6_i8zuffs

[Kartographer]

If you like to get a good idea of where the US is heade economicily check out the you tube video about the collapse of Argentina

http://www.youtube.com/watch?v=rH6_i8zuffs

[popdonnelly]

Sad when governments resort to plunder to cover their blunder.

[Old_Grouch]

Sad when governments resort to plunder to cover their blunder.

Basically governments are about nothing but plunder.

[Oceander]

This will happen; look for it to be hustled through Congress immediately after the November elections. Look for it. It will happen.

[Pining_4_TX]

The other possibility is that the Dems are encouraging this rumor so as to scare people into taking their money out of their retirement accounts now and paying a lot of it in taxes. The Dems want money now, and this is a way of generating more revenue.

[Oceander]

Possibly, but right now a lot of that is happening anyways because it’s possible this year to roll a traditional account over into a Roth IRA and pay only the ordinary income taxes, and not the early withdrawal penalties.

Nonetheless, the SEIU has already stated that this is one of their legislative goals, and we all know who’s the dog and who the tail when it comes to the SEIU and the Democrat party.