Do you feel that the government should confiscate retirement accounts to save the world's economy ?
Millions of private retirement accounts are held by citizens of the world. The National Deficit increases, taxes increase, spending increases, income decreases and the government goes further in debt to cover present expenses. This idea has been researched and has been thrown into the brewing pot as one of the options to ease the burden and help the economy.
No. It is wrong to take away a person's rights to the money that they invested so they could live well when they retire. If you feel that government should have the right to do this, then why don't they just take your house once it's paid off to make government offices out of? What's going to inspire people to put money into investment markets if they know that their money is just going to be taken away in the end? If the government did this, the economy would crash from the lack of investments that would be made from people who no longer would want retirement accounts. Also, the world economy isn't only our problem to fix. It's the world's problem, and they should cut some money out of their greedy budgets to help us pay for the debt.
The government has been confiscating social security, but not private accounts. It can always find ways to tax anything though. But to answer your first question; No.
The government is already confiscating them. Social Security is being squeezed squeezed harder every few years. A hot topic in Washington now is how to raise taxes by cutting the breaks on IRAs and 401K accounts. It's an historical pattern. Sooner or later, what the government giveth, the government taketh away.
Don't labor under the illusion that any amount of confiscation is going to save the world's economy, though. It can't, nor are the pols and bureaucrats interested in that. All they want is to keep the gravy train rolling past one more election day in the case of the former, until their pensions are secure for the latter. Kicking the can exactly as they are now in the process of doing with the "fiscal cliff" until someone else has to face the music for their destruction of prosperity is their only goal.
Apart from the Constitutional issues with this proposal, it has two main facets that would make it, not only wrong, but also ineffective. First, the problem is NOT a revue problem, but a spending one. The federal government is involved in too many things that it was never meant to be involved with according to the Constitution and the 10th Amendment specifically. We need to dramatically cut all federal spending and divest most of the onus back to the people and the several States. Second, If you confiscated ALL savings from all citizens, it would fund the out of control spending for weeks or months at tops. People are already being robbed by Washington to pay Washington (Peter and Paul are out of the loop).
When the Democrats took 100% control of the government in 2009 , the Democrats were talking about controling retirement accounts. Congressman Barney Frank talked about the idea to raise revenue. Thankfully they did not move forward. Thinking of this kind of take over is a socialist mentality.Today the government controls 60% of the economy. Under the Obama administration the size of government has grow 25% in the past 4 years.
Who are the progressives in the government
With all do respect this idea is ridiculous and borderline facist. Any money the gov't aquires through either taxation of unlawful seizure would be handled just as efficiently as it has been in the past. Which means you may as well set it on fire. Does anyone really think that after the gov't steals that which you have saved your whole life to retire on, that the the gov't will then provide for your retirement in a sufficient manner. Such trust in any gov't is simply dangerous.
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