Wednesday, May 11, 2011

All Your Pensions Are Belong To Us

Just in case you haven't seen this bit of government piracy.

Full disclosure: I stole my title from Denninger's comment section. By the way, if you are wondering, the "IRA" reference there is a double entendre.

There is a lot of money in 401k's and IRA's in the United States. I fully expect that at some point it will be confiscated. After all, those of us who were responsible enough not to blow all our wages on iPods, iPads, and leased Beemers should be willing to share with those who did. In lieu of reaping the benefits of our saving and investing, we will be given a monthly lifetime annuity payment which we will not, of course, be able to bequeath to our children or grandchildren.

This will be done to "save Social Security". The younger generation will rejoice -- for a while. The older people are too old to fight back. If we try to empty our accounts, we will simply be scalped for 40% after having made the sacrifices and taken the risks.

Welcome to socialism, suckers.

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