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Democrats and Nationalization of 401(k)s

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  • Democrats and Nationalization of 401(k)s

    First, let me say I am a Republican and I did vote for Obama.

    I have a friend who has said more than once that I am "too smart to be a Republican". I think one of the issues that keeps me in the Republican camp is that someone who works hard and smart has a right to the fruits of his labor. That while the Constitution guarantees various equalities, it does not guarantee "equality of outcome". We have a system that, when operating ideally, rewards the smart and hardworking and especially those who innovate.

    With the pretext above, I am saddened to see the Democrats even consider the nationalization of 401(k)s as noted in this article http://www.carolinajournal.com/artic...y.html?id=5081

    If this comes to pass, What the hell was I working so hard for?

    It's one thing to tax the wealthy to provide for the poor, it's a whole other thing to take away the entire savings of those who were responsible. This would be outright theft.

    As a philosophical/generalized quesiton, What's the point in people risking for innovation if they can't even pass on the fruits of their labors to future generations.?

  • #2
    Re: Democrats and Nationalization of 401(k)s

    I don't think that the word "controversial" (as in the name of this forum) is anywhere near strong enough to describe some of the reactions we're likely to hear on this.

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    • #3
      Re: Democrats and Nationalization of 401(k)s

      Thanks for the link. I can't read it in its entirety now, but I skimmed it and got the gist. Unbelievable. Come what may, they're not taking my money!!!

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      • #4
        Re: Democrats and Nationalization of 401(k)s

        Great topic AEG. Thanks for bringing this up. This of course was known before the election, but like so many other things, the media simply chose not to make a big deal of it so people voted without being fully aware of this. I wish I had thought to mention it in our other thread before the election, but I'm sure if I had people would have thought I was just making it up!

        Anyway, I suspect Lexington's sentiment will be overwhelming nationally and it would be politically suicidal for them to actually do this. Although if they do - they'll use such seductive words "like we're protecting you from the huge market losses you've sustained" that people just might fall for it. I hope not.

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        • #5
          Re: Democrats and Nationalization of 401(k)s

          Boy, that article sure uses some inflammatory language. "Confiscate" appears three times by the end of the third paragraph. Not surprising, though, because it's the print organ of the John Locke Foundation. That article was paid for and written by a libertarian think tank that is mostly funded by Republicans. That's not to say there isn't some good stuff to glean from it, but you definitely have to squint to see it. There's a very strong bias at work there, and it's not disclosed up front.

          Still, my worry is that BOTH parties are going to get on board with more policies that encourage increased investment of retirement funds in the stock market. Politicians want to boost the market even more these days, and proposals like those, they may think, will do it.

          This view of the stock market as a panacea is nothing new, of course. Bush wanted us to put chunks of our payroll tax in the stock market, etc.:
          http://www.pbs.org/newshour/bb/socia...rity_6-20.html
          http://articles.latimes.com/2002/feb...ess/fi-reform2

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