Obama’s Budget – More Spending, More Taxes and A CAP ON YOUR WEALTH
The spending I expected. The taxes I expected. The increased deficits were a forgone conclusion. The lies trying to sell us how this actually reduces our deficits are so practiced we can all quote them by now. But there was something in his budget that makes Cyprus look like a one time ATM withdrawal. Caps on IRA’s.
How much would you need to be able to retire comfortably? If you’re not sure of the answer, don’t worry: the Obama administration will answer for you.
Most of the Obama budget will be the same tiresome mix of higher taxes, higher spending, and budgetary gimmicks that would land any private sector CFO in jail.
Despite the larger fiscal impact of other provisions of the Obama budget, it is hard to match the audacity, paternalism, and economic idiocy of Obama’s plan to limit individual retirement accounts to a maximum of $3 million.
Are you kidding me? This ideologue is so against success, so fundamentally wants to transform America and redistribute wealth he is going to cap what I can save? This should scare the poop out of everyone of you. Forget the $ figure. What right does the Federal Government have to determine how much money you are entitled to? Or how much of MY MONEY he is ENTITLED TO?
Who the hell is Barack Obama to tell Americans what a “reasonable” retirement income is, or how much you “need” in order to retire with a “sufficient” nest egg?
The paternalism of this proposal is astounding, even for this president.
Instead, American entrepreneurs and investors rationally fear — because they are constantly reminded, as with Obama’s mindless attack on retirement accounts — that this president and his sycophant minions are hell-bent on punishing achievement regardless of the damage they cause to our nation’s economy.
The proposal is also a massive betrayal of trust, rewriting the rules mid-game, which is par for the course for this administration but rarely with policy as well-established and popular as retirement accounts (though participants in Medicare Advantage programs may beg to differ).
At what point does this country wake up and start treating these proposals as hostile to our Constitution? At what point does this country wake up and tell the President that despite her flaws, for the past 200+ years America has been the greatest force for good and creator of wealth in history. We don’t need a fundamental transformation?
We really may be reaching the tipping point. I pray we turn back before it is too late.