Obama and the Democrats to destroy your 401k.
I honestly wish I was joking. It's a given that Social Security will run out of money. It's a given that eventually the system will either collapse, or will be required to receive huge revenue boosts from the taxpayers, that means higher taxes for you and me.
401k plans on the other hand, are created by the worker, and given tax incentives to encourage people to invest in their own retirement, and their own future. This is all normal, and sounds really good right? The idea that there is both a Government retirement, Social Security, and a private account, via the 401k plans. The problem according to the Democrats? The $80 Billion in lost tax revenue with the 401k plans. I'm not joking, the problem is that the Government isn't getting their fair share of your retirement savings.
House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.
So instead of your 401k, the Government want's to tax you more, and then put that money in a Social Security two account.
Yeah, the Government has done so well with Social Security.
Liberals who make up the vast majority of the Democratic Party just can't stand that they don't control part of your life, and especially hate that they don't control every single dollar of your money. Bill Clinton raised our taxes, and then admitted he raised them too much. However, what didn't he do? He didn't give us a tax cut, it was fine that we were paying too much in taxes, just so long as we didn't get a tax cut.
This my friends, is why we call Obama a Socialist. This is why we call Democrats Socialists, and this is why the label fits.
You know, I'm not sure I can afford an Obama Presidency, I don't have time for a second job to pay all these taxes he demands.