When I was much younger many companies, especially larger ones, offered a retirement pension plan. However, most companies today can no longer afford to offer pension plans since so many Americans are living longer.
The socialist Democrats pushed for a government retirement plan that became known as Social Security. It was originally designed as a supplement to go with their pension plans. All workers had a portion of their paychecks automatically deducted to pay for Social Security.
What many people don’t know is that Social Security was never meant to replace pension plans AND it wasn’t expected to pay out more than 5 to 7 years for most people. Now that millions of Americans are living into their 80s and 90s, Social Security’s future is in jeopardy. Many young people today are forced to pay into Social Security and are being told that they will most likely never see a penny of their deductions when they get to retirement age.
That’s why retirement programs like 401Ks and others were created. It was an effort to help compensate for the loss of pensions. However, the government took measures to make sure that workers could not save as much as they would need for retirement but limiting the maximum amount a person could contribute annually to his or her 401K.
The other problem with most 401K and other retirement accounts is that they are tied to the financial markets – stocks, bonds, securities, commodities and precious metals. When the markets tank, people can lose the majority of their retirement savings. The last 401K I had reached nearly $60,000, but 14 months later was worth only $24,000. Millions that experienced the same thing found that they could not retire as planned and others that had retired found themselves back in the work place in their senior years.
A number of conservative Republicans have tried to get private retirement accounts approved that would replace Social Security, but liberal Democrats have fought every effort to allow workers to establish their own retirement accounts. Socialists can’t bear the thought of giving up control of people’s lives.
Now, Barack Obama is reported to have issued instructions to the Department of Labor to develop new regulations that would require states to establish programs to automatically enroll all workers in government approved retirement savings plans. A number of states already have laws to that effect and a number of others are contemplating passing similar laws.
On the surface it may sound like a good plan for Americans but is it?
Consider the track record our federal government already has for retirement plans. Social Security is completely insufficient and going bankrupt. Current government approved retirement programs like the 401K plans and others are so limited that most people cannot save enough for retirement using them. Then they are still subject to losing over half of their retirement savings when government officials do stupid things.
I blame Bill Clinton for creating the scenario that cost me over half of my 401K. He forced the mortgage industry to come up with creative loans to put more Americans into homes. They did as instructed and created a variety of adjustable rates, balloon payments, etc. Millions of Americans finally qualified to purchase a home, creating a boon in the construction which created a boon in the overall US economy. Five years when George Bush was president, millions of those new home owners found that they could not afford the adjusted or increased mortgage payments resulting in millions of foreclosures and bankruptcies. The construction industry bottomed out and took the rest of the US economy with it. All of the liberals blamed Bush when in reality it was Clinton who created the entire mess. When the economy tanked, so did millions of retirement accounts, dashing the dreams of retirement for millions of senior Americans.
So now Obama wants to mandate that everyone contribute into a retirement savings program that meets the approval of the federal and state government. We’ve already seen what they have been like, but there is another problem with this kind of socialist mandate.
What about the millions of Americans that are living paycheck to paycheck and barely surviving? They work hard for what they get and many of them scrimp every penny to pay the roof over their heads and to feed and clothe their families. They don’t have extra money to go on lavish vacations like Obama does all the time. Many of them don’t have any extra money to pay for extra-curricular school activities for their kids or purchase the already mandated healthcare that Obama forced upon us. They’re already paying into Social Security which they know they’ll never get and now the government wants to force them to pay even more into other government sanctioned retirement programs.
The last thing these people can afford is for the government to take more of their paycheck when they don’t have any more to give. I understand that saving for the future is important but so is surviving in the here and now. I know, I’ve been there all too often. How many families do you know that can ill afford to lose another dollar from their already stretched budgets?
The Obama’s are mandating our healthcare, or diets, and stripping us of our freedoms of speech, religion and secured borders and now they want to mandate our retirement savings. Obama has also tried to lay down mandates on our energy industry in his war on coal and oil while wasting hundreds of billions of taxpayer dollars on one failed green energy program after another. Every aspect of our lives that Barack Obama has touched has been detrimental to us; only benefitting our increasingly socialistic government.
The sadly ironic part of all of this is that the man who has spoken out so often against the slavery of blacks over 160 years ago is working hard to make slaves out of the American people. He wants every one of us to be slaves to his socialist government where we will work and pay taxes so he can continue to take multi-million dollar vacation half a dozen times year. I’ll tell you now; I would rather die fighting than become a slave to Obama or any other Democratic socialist!