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Time to convert to Dubloons?

I’ll take “You bet your ass they’ll try, Alex,”
Would Obama, Dems Kill 401(k) Plans? – Capital Commerce (usnews.com)

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.

House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created “guaranteed retirement accounts” for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return.

Considering everything going on, and everything I know about The One’s economic policies already on the record, if he wins this thing I’m converting everything, every last damn thing (including my beloved “Reality Distortion Field” stock), into shiny pieces of metal with Eagles impressed on them… or maybe just shunt it all overseas to a trusted relative and tell him to swap all the dough for Krugeraands… and maybe to start scouting property for me on Galway Bay, or an upscale suburb in County Cork.

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