Redistribution

Everything you need to know is in the first paragraph.

Dems Target Private Retirement Accounts:

Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

Holy crap. The entire article is a masterpiece of socialist propaganda.  It simply boils down to the usual same Marxist ideology:  punish those who succeed and reward those who don’t, and by doing so, eliminate the incentive to better yourself, while at the same time increasing dependence on the government.

I think this is my favorite paragraph:

Another justification for Ghilarducci’s plan is to eliminate investment risk. In her testimony, Ghilarducci said, “humans often lack the foresight, discipline, and investing skills required to sustain a savings plan.” She cited the 2004 HSBC global survey on the Future of Retirement, in which she claimed that “a third of Americans wanted the government to force them to save more for retirement.”

Humans…as opposed to what, exactly?  Does the government have superior non-humans running the Social Security Administration?  Also, this is a lie.  As the writer of the article pointed out:

What the survey actually reported was that 33 percent of Americans wanted the government to “enforce additional private savings,” a vastly different meaning than mandatory government-run savings. [emphasis mine]  Of the four potential sources of retirement support, which were government, employer, family, and self, the majority of Americans said “self” was the most important contributor, followed by “government.” When broken out by family income, low-income U.S. households said the “government” was the most important retirement support, whereas high-income families ranked “government” last and “self” first (www.hsbc.com/retirement).

And the swift conversion to socialism continues apace.

via Gateway Pundit

UPDATE:  Karen De Coster noticed it, too.  And more.

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