I hate to use the "S" word, but the American government would never do something as, well, socialist as seize private pension funds, right? This is exactly what cash-strapped Argentina just did in the name of protecting workers' retirement accounts (Efharisto, Fausta's Blog). Now, even Uncle Sam isn't that stupid, but some Democrats might try something almost as loopy: kill 401(k) plans....Would Obama, Dems Kill 401 (k) Plans?, US News Capital Commerce, James Pethokoukis, 10/23/2008
You aren't surprised, are you? Obama's fellow Chicagoan, Jesse Jackson, has been talking about "unjust, untaxed resources" for years. He wasn't talking about his son's Annheuser-Busch Beer franchise. He was talking about IRA's and 401(k)'s, you know, those investment vehicles tens of millions of Americans have as insurance against a badly managed, overindebted Social 'Security" system. As an ACORN community organizer might say at a rally, "there's 5 trillion in money we don't have in those accounts."