Americans own nearly $20 trillion in retirement savings and the US Government, which can’t borrow enough or spend enough, wants to take over control — because they care about you.
Enter the Dodd-Frank Consumer Financial Protection Bureau (CFPB)
(IBD) CFPB director and longtime Democratic politician Richard Cordray earlier this month told Bloomberg News that managing retirement savings is “one of the things we’ve been exploring … in terms of whether and what authority we have.” Every such new creature legislated into existence by our elected officials wastes little time before seeking to expand its power — always with the best intentions, of course.
There always ends up being an excuse to do things the law doesn’t give you any authority for, and the CFPB’s Office for Older Americans being headed by another big government Democrat, Hubert H. Humphrey III, is further cause for worry.
What business, exactly, does a U.S. government that has rung up over $16.6 trillion in red ink have giving consumers advice on how to save money?
Dear Leader loves you all.
The Obama Administration is considering a “savings tax” to generate more money that they can turn into redistributive vote buying. While I’m not surprised at anything that they do, this despicable behavior is simply the latest of what promises to be a number of salvos in the name of utopian socialism that will be fired against the American people over the next four long years.
As American Society of Pension Professionals & Actuaries CEO Brian H. Graff charged last week, such a cash grab “would more accurately be described as double taxation” in which “a small-business owner in the 39.6% bracket would pay an 11.6% tax on contributions made to the 401(k) plan today, and pay tax again at the full rate when they retire.”
Allowing the US Government to touch retirement savings is much like allowing a raging alcoholic into a liquor store after the store has closed and everyone is gone. Except that the drunk will eventually pass out after he’s swilled all that his system will handle. The US Government has no limit to the amount that it wants to spend because it’s now only about buying votes and retaining power.
The same government that squandered the Social Security Trust Fund and raided everything that it could get its claws into now wants the one thing that it doesn’t have. Your PRIVATE retirement funds.