"AmeriSave will help middle-class families build retirement security by expanding opportunities to save, and ensuring pension fairness, guaranteeing workers receive the benefits that they have been promised after a lifetime of hard work," House Minority Leader Nancy Pelosi, D-Calif., said in a statement.
Okay, that sounds good, if a bit vague. I'm all for making sure that employees with pensions receive what they're owed. Of course, it would be best if the government wasn't the one to bail out the pension plans when companies can't make the payments. But what about some specifics?
Under the plan, workers would receive a dollar-for-dollar match for the first $1,000 contributed to an IRA, 401(k), or similar plan. The recipient would receive the match after they filed a tax return, with the funds directed into their retirement savings account.
This is what truly tells us this is a plan developed by Democrats. Where does this money come from? Boortz says it so I don't have to:
Where do those matching funds come from? Why, increased taxes, of course! Where else! Increased taxes on high-achieving Americans.
What a plan! You take money away from people who don't generally vote for you and give it to people who do generally vote for you, and you call it Social Security reform! And how much money? Original estimates are around $75 billion for ten years. That, of course, will turn about to be hugely underestimated. In every election cycle the Democrats will come forward and promise that if you'll just vote for them they will take more money from the evil rich and add it to the retirement accounts of lower and middle-income Americans.
Amerisave is a vote-buying plan. Nothing less.
Yet another wealth confiscation and redistribution plan. Socialism 101. Hopefully, in the Republican-controlled House, this plan will suffer the ignominious death it so richly deserves.
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