Thanks for tuning in to the Vitamin D, your mini-political podcast. In Obama’s proposed budget he suggests capping retirement accounts. But I pose the question, why is it any of his business? Although his budget won’t pass, his mentality that he would even have the right to this is shocking to say the least. You can listen to the podcast or read the transcript below. And if you are super talented, you can do both.
“Every day when I post articles I typically have at least one person pose the question to me, “yeah but does that really shock you?” My first response is usually no of course it doesn’t surprise me but people need to know these things so I’ll keep writing them. Somehow I equated not being shocked with not being informed. But after putting some thought into it I realized, yes, I’m shocked.
And almost every single day this President does something that shocks me. Which I now know is exactly the right response. People have become so overly desensitized to what Obama is doing to us and the severe disgusting, theft of our freedom that if you aren’t shocked then something isn’t right.
A few weeks ago when we heard about Cypriot government deciding to go in and seize the savings of their citizens, I was shocked. And I thought that’s it right there. That’s that mentality this administration has that we owe the greater good. That what we own isn’t ours it belongs to the collective. We didn’t build that. So how can we own it.
Erroneously I thought this will happen years down the road all because of how Obama set it up. Well, I was wrong. It’s already here. He hasn’t gone in and seized your savings, yet but He believes he has a right to tell you what to do with your money right now. And he gets a say in how you choose to save it.
Obama has a say in your personal money. I’m not talking about what you owe and pay in taxes, I’m talking about your personal money. US News and world reports says “The Obama Administration’s new budget will cap retirement savings for the nation’s super-rich, but it’s possible that it could affect even smaller-scale savers”
Obama will propose a cap limiting the amount of annual return a retirement account can create to $205,000.
Now listen carefully to this statement from the White House to Politico just last week.
“Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”
Who the hell is he to determine what YOU need?
The Employee Benefit Research Institute “projects that the account threshold could fall as low as $2.2 million, and even lower if and when interest rates grow.”
They explain of course that only affects a small amount of Americans. But the biggest news is that some experts fear it would discourage employers from providing retirement plans all together.
Yes, a lot of us don’t have that kind of money and it doesn’t immediately affect us, but if I d don’t help protect the so called wealthy’s income it’s only a matter of time before they come slowly down the line. And what if Obama put a cap on your other possessions? After all, your money is just your possession albeit one you’ve earned or were given. What if he says he’s capping the number of children you have? Or what if he’s capping how many cars you’ll be allowed to own, or candy bars for that matter?
It’s ALL none of his business. Because he has zero right to your private possessions including your savings and retirement accounts.
Brian H. Graff, the CEO of the American Society of Pension Professionals & Actuaries said in a statement that he worried businesses would “lose their incentive to maintain a plan, and either shut down the plan or greatly reduce benefits.”
The good news is the chances of his budget passing are nil. The bad news is, the fact Obama has boldly continued to step in this arena and that he actually believes he holds this right.