Retirement Raiding - It Could Happen Here
As reported in the October 21st edition of Bloomberg.com, Argentine president Christina Fernandez de Kirchner propose an overhaul of the pension system that may give the government control of $29 billion in privately run retirement accounts. This is reminiscent of Bill Clinton’s failed efforts to raid 401Ks of 15% of their value back in 1993. Only the 1994 midterm elections, in which the Republicans gained a majority in the House, prevented this theft of private pension funds. If we cede complete control of the Executive and Legislative branches to a Party that has moved significantly to the left of the former Clinton Administration, what do you think will prevent the new policy makers from ‘redistributing’ the wealth to fund the radical socialist agenda?
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