Democrats are coming after your retirement account

FPI / August 11, 2021

As British Prime Minister Margaret Thatcher famously noted of socialists, they “eventually run out of other people’s money.”

Among the ways Democrats are plotting to pay for all the leftist goodies in their $3.5 trillion spending bill is raiding the retirement accounts of what they perceive as "wealthy" Americans.

"Democrats on Capitol Hill are proving their socialist stripes," the New York Post editorial board noted on Aug. 7.

Politico reported last week that Democrats are “aghast that hundreds of Americans have IRAs worth more than $25 million, and nearly 30,000 have accounts with balances topping $5 million.” Some Americans, the report added, “have little to no retirement savings.”

The New York Post noted that Democrats "are desperate to figure out how to pay for all those left-wing agenda goodies — free college tuition, climate-change schemes, universal pre-K — that they’re aiming to stuff into their $3.5 trillion spend-a-palooza. Finance Committee Chairman Sen. Ron Wyden (Oregon Democrat) vows to find a way, even if it takes all summer. And what better way than to skim from the savings of 'evil' rich folk, those who have been wise stewards of their money, that is?"

Democrats don't care that this scheme would not be even remotely fair "to people who’ve worked hard all their lives and saved on the expectation that their money is, well . . . their money," the Post noted.

"Imagine reaching retirement age and suddenly learning that Uncle Sam is going to pull the rug from under you and skim from your nest egg. It would be outright theft. Yet this is how the Left, pushed by radical Democratic Socialists like Rep. Alexandria Ocasio-Cortez, thinks these days," the Post added.

"Let’s face it: Dems will never be satisfied until everyone is equally poor, the end game of every socialist system."

Free Press International