Next in our cheery run-down of recent news, Obama has begun to think the unthinkable and suggest that the government nationalize private 401K accounts.
First, this plan is only half (if that) motivated by a sense of necessity to protect retirees. The true motivation is egregious spending and unsustainable entitlements - and the fear that China and foreign countries will abandon the dollar, stop buying treasury (junk) bonds and leave us too far in the red to sustain our indebted economy. One cannot but see the similarities to cash-strapped Argentina's recent banana-republic-style nationalization of retirement accounts. Have we sunk so far that socialist tyrants are our role-models?
Also, Obama's "option" seems to have all the fixings of a true hustler's scam. In return for 5% of your wages, the government offers a mere 3% interest return. Compared to the 7%-11% average enjoyed in the stock market, that seems a shabby deal. Of course, the government promises an assured dividend for life - but consider the plight of Social Security before buying into such a proposal.
Americans don't need more low-return options for investing their money - they need more money! This proposal reeks of the same government-entitlement, unfunded-mandate syndrome which presently plagues our economy. Just as was done with Social Security, Congress will immediately spend the accumulated wealth and press for higher taxes (or beg foreign buyers to bolster our exponential debt) in order to recover shortfalls down the road.
The Social Security crisis has apparently taught the Euro-socialist Democrats nothing. I could quote him almost daily, but this issue truly deserves Einstein's observation: "The definition of insanity is doing the same thing over and over again and expecting different results."