The call by progressives to end 401K plans is growing. Now they’re trying a different tack – these plans that workers contribute to out of their paychecks with some matching funds by employers are being called “subsidies” by the left because the funds aren’t taxed until retirement. The 401K is one of the main vehicles middle class Americans use to save for retirement. Now you middle class, hard working Americans are in the cross-hairs of the left, under the guise of social justice or something.
Rush Limbaugh picked up on it and how the idea is making its way into mainstream media outlets.
Maybe we don’t feel like paying for pensions for millionaires. Get in on the class war, Republicans. The governing class isn’t paying their fair share is what’s happening here. The governing class is getting away with blaming the working class. Anyway, there’s just a number of different ways that the Republicans can go here, and I’m just trying to present some options.
Here’s the story. Investor’s Business Daily: “Does Government Want To Drain Americans’ 401(k) Plan?” I mentioned this in the first hour. “As Washington debates what to do about the fiscal cliff that it foolishly created –” and that’s true. This fiscal cliff, our beloved elected officials put this deal together the last time they came up with a way to raise the debt limit. And they came up with this cliff idea, the details of which are supposed to be so scary, so horrendous, so horrible, nobody would ever want any of it to happen. Right. Uh-huh. The only people I see being told to moderate anything of theirs in it are the Republicans.
“As Washington debates what to do about the fiscal cliff that it foolishly created, many potential sources of new revenue will be thrown on the table. One of them is likely to be 401(k) plans. Retirement is an American’s reasonable expectation. We put money into investment plans so that our work today funds our hard-earned leisure of tomorrow. But many in Washington see our investment accounts not as the expressions of well-planned, disciplined decisions but as untapped reservoirs of wealth they can drain to fix the problems that they caused.”
And it won’t stop with 401(k)s. Then they’re figure out a way to get into your pension plan. A lot of cash there, folks. Despite all the unfunded pensions, those are largely public sector pensions, government. Private sector pensions, not unfunded. People own them. Large reservoir of cash there. In fact, I could take you back to the early nineties, first public official I ever heard target private sector pensions none other than — dadelut dadelut dadelut dadelut — the Reverend Jackson.
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