The Dollar Vigilante Blog: "Equal Sharing of Miseries"Submitted by barracuda_trader on Mon, 04/08/2013 - 06:15
As Winston Churchill said, "The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries."
US Government To Decide How Much Is Enough For Your Retirement
[Editor's Note: The following post is by TDV Editor-in-Chief, Jeff Berwick]
Welcome to the new US. Socialism always has the same predictable process. Once the government collectivizes a sector then the politicos and bureaucrats get to work on "improving the system". In a private enterprise, that'd mean offering more to your customers for a cheaper price. In government, it is always the opposite, finding ways to reduce benefits for their "customers".
This is why Obamacare is and will be a disaster to anyone interested in having quality medical care and choice in the US. Once the government uses its force to gain a monopoly on a sector like medical care then all of a sudden it now becomes everyone else's business what you do with your own body. You smoke? You should be stopped! Don't wear a seatbelt? You should be fined. Why? Because we are all paying for each other's medical care and so it now becomes everyone else's business what you do with your health because it could potentially cost them more money.
The same has been happening since the US government has had a multi-decade long monopoly on retirement savings (IRAs). Since they get to make the rules they get to decide just how much is enough for your retirement and that is exactly what will be happening next week when President Obama will be releasing his budget plan which will limit how much a wealthy individual can keep in those tax-reducing IRA plans and other retirement accounts.
According to a senior administration official, wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving"...and of course in the communist administration's eyes, that's a real shame. The job of government is of course to "level the playing field" by stealing from and putting up obstacles for those with "too much."