Sometime back around 1984 I heard a conservative economist on the radio warn that we will know when this country is near its financial end when the Government confiscates retirements, 401Ks, and IRAs.
Here we are twenty six years later and the Democratic Congress is floating a balloon out in the public about guaranteeing retirements. If there isn't a lot of complaining they will proceed. From what I've read, citizens would be told that under govt. control their retirements will be safe. Between $ 1 and $ 3 trillion dollars would be confiscated. Pensions would be doled out in inflated money.
Employers will not be able to deduct their contributions (another slam against capitalism.)
All this would be overseen by the Social Security arm of govt.
I wouldn't surprised if a few members of the GOP went along with such a bill.
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