Obama Wants to Cap Your Personal Retirement Savings

President Obama’s budget proposal doesn’t really stand a chance of passing, at least in present form, but it’s still revelatory in that it demonstrates clearly the Administration’s plans to make Americans even poorer.

Hidden among the bureaucratese are some, shall we say “interesting,” admissions.

First is that the Administration expects to take in a record haul in taxes this year, more than $2.7 trillion.

Let’s take our shoes off and try to process that math for a moment. Here we are in the sixth year of the longest recession ever — er, I meant the sixth year of a recovering economy — with record unemployment, soaring poverty, millions going on disability, millions more on food stamps, and no real signs of the situation changing … yet the government expects to be rolling in more dough than it’s ever had.

Do the other side of the equation. Despite record revenues, the feds still can’t balance a budget or live within their means, and yet, Obama, Reid, Pelosi and the rest of the D.C. elite are dining on steaks and lobsters, and taking high-priced vacations courtesy of you and me.

Also tucked into the budget is a plan to cap personal retirement savings.

You heard that right. Obama wants to tell you when you’ve got enough to retire on.

U.S. News and World Report says the cap targets “the nation’s super-rich, but it’s possible that it could affect even smaller-scale savers.”

Good to know, speaking as one of those small-scale — micro-scale, really — savers who no doubt will somehow be on the receiving end of Obama’s helpful nature yet again.

The plan would cap retirement savings at $3 million, more than enough for most people, but not enough for some, particularly in states like California and New York, where other tax-happy Democrats will be thrilled to make about three-fourths of the money in such accounts disappear.

If you’re counting on the government to support you in retirement, don’t. The government already spends more than $50,ooo per household — above the median household income.

Based just on that figure, you might think we should all be fairly well off.

But have you personally seen any of those dollars? Yeah, I didn’t think so. That just makes it very unlikely that the feds will want to spend even more on you to create a retirement where you can enjoy things like …  oh, I don’t know … food.

The Left doesn’t get it, but conservatives’ whole point in wanting small government and allowing capitalism to thrive is to “lift all boats.”

Obama’s budget just makes it clear, as if it weren’t already, that socialism is about drilling holes in the boats so we can all sink together.

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