A Defending Crusader…

The best defense is to be good and offensive…or something like that.

To Be Expected

Posted by Godefroi on October 23, 2008

Coming soon to a Socialist government near you (via WSJ):

Argentina Makes Grab for Pensions Amid Crisis

BUENOS AIRES — Hemmed in by the global financial squeeze and commodities slump, Argentina’s leftist government has seemingly found a novel way to find the money to stay afloat: cracking open the piggybank of the nation’s private pension system.

Argentina’s President Cristina Fernandez de Kirchner speaks next to Economy Minister Carlos Fernandez (right) at the National Social Security Administration in Buenos Aires on Monday.

The government proposed to nationalize the private pensions, which would provide it with much of the cash it needs to meet debt payments and avoid a second default this decade.

[…]

While no one knows for sure what the government would do with the private system, economists said nationalization would let the government raid new pension contributions to cover short-term debts due in coming years.

And maybe, WAY too soon and WAY TOO NEAR (via US News):

Now, even Uncle Sam isn’t that stupid, but some Democrats might try something almost as loopy: kill 401(k) plans.

House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created “guaranteed retirement accounts” for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, said that since “the savings rate isn’t going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should.”

I wonder if Ms. Bhilarducci has ever heard of Social Security? That Government entity, in which each worker pays 6% of pay to the government in the hopes of getting some of it back before he dies, has worked out wonderfully, hasn’t it?

I have an idea…how about the Government just stays out of our pockets?

Nod: Powerline

“Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron’s cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience.” — C. S. Lewis

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4 Responses to “To Be Expected”

  1. The New Agers will ome day love us to death–literally.

  2. one

  3. Godefroi said

    uh…one?

  4. Godefroi said

    Jeez…24 hours later I finally get it

    “one day”, not “someday”

    and yes, you’re right.

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