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Friday, November 07, 2008

Federal Government versus Drunken Sailor

Another day, another assault from the left. Now Representatives Jim McDermott, D-Wash. and George Miller, D-Calif. want to seize your hard-earned retirement funds in 401(k) and 403(b) plans.

This makes sense to them because other senseless actions by Congress such as the $700 Billion Wall Street bailout and the recent stimulus checks have left the government with lots of additional debt. Where else to find the money than from those responsible people who have worked hard and saved for years?

The crude plan is take your savings and hand it over to the Social Security Administration. And Social Security in turn just might let you have some of your own money in retirement. But it would accumulate no more than 3% interest. And anything above that is theirs to spend as the government wishes. And by the way, if you continue to save as before, McDermott and Miller will take away the previous tax benefit (of deferred tax until you take money out in retirement). Isn’t that special!

First let’s all take a step back and realize what a poor job the federal government does with money. Take Social Security for instance. Where is the payroll tax money they take away from you and your employer? Oh, I know, they spend it. Poof, it’s gone! What you have is an IOU for when you retire. That money could have been set aside for you. And grow at more than 3%. But no. It went the way of the Highway Trust Fund. Poof, it’s gone!

I will write to Betty McCollum and ask her to stop this crazy plan even though she will not understand why this is not a fabulous plan. I will write to Michelle Bachmann even though she is not my representative but precisely because she will understand. And I will write to Senator Klobuchar even though her inclination might be to approve it (like amnesty) if it gets to the Senate. But I know she is intelligent enough to know the plan is horrible.

Now back to the headline. Who does a better job of handling money? I’m talking a scientific and objective test. Federal government versus drunken sailor. Today, the bets would have to go to the drunken sailor.


Blogger Right Hook said...

At least the money spent by drunken sailors is their own.

11/07/2008 7:15 PM  

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