America’s own Robin Hood is at it again, not long after proposing $5,000 for every child born in America, Hillary Clinton now also wants to fund 401(k) accounts using taxpayer monies. Of course as is usual, only the ‘rich’ will be paying this new estate tax… that is until the tax revenues fall short (as they always do) then the middle class will eventually have to pick up the tab. Here is her proposal:

Every citizen could get a 401(k) retirement account and up to $1,000 in annual matching funds from the government under a plan offered Tuesday by Democratic presidential candidate Hillary Rodham Clinton.

At a cost of $20 billion-$25 billion a year, the plan is Clinton’s largest domestic proposal other than her plan for universal health insurance. The New York senator said it would be paid for by taxing estates worth more than $7 million per couple and would help narrow the gap between the rich and those who don’t have enough savings for retirement…

… Clinton said less than half the families in the United States have retirement savings accounts and those who have them aren’t saving enough. She said she often meets people working even into their early 80s because they don’t have enough savings.

“We don’t have much of a nest egg to fall back on,” she said.

What strikes me as odd is that this is coming from the same person who had this to say about social security:

Social Security has been our nation’s most successful domestic program, protecting millions of Americans from poverty due to old age, death and disability. Since its inception in 1935, Social Security has guaranteed a life-long, inflation-protected defined benefit that families can rely on.

The President’s proposal for private accounts would substitute Social Security’s long-standing promise of guaranteed, lifetime, inflation-protected benefits for benefits that would be tied to the fluctuations of the stock market. I oppose his idea to divert money from the Social Security program to establish private accounts. There are several key reasons why replacing Social Security with a privatized system would be harmful for Americans. First, privatization leaves retirees vulnerable to stock market fluctuations or poor individual investment decisions.

Hillary congratulates our failed social security program as being our “nation’s most successful domestic program”, yet she now concedes as many of us already knew it is not enough to live on. Hillary has also stated she is against privatization of social security, actually stating that as President, privatization is the one option she would never consider. Her reasoning is that citizens investing their retirement savings in the stock market would leave them “vulnerable to stock market fluctuations or poor individual investment decisions”.

So Hillary know wants to give Americans an additional $1,000 per year toward their retirement account, but where will those accounts be held? Obviously Hillary does not expect John Q. Public to intelligent enough to choose which investment vehicles are most suitable for retirements purposes, so where would that leave us? I know, how about the government takes control of those 401(k) accounts and makes those tough decisions for us, I mean after all it is the governments money right?

With every new proposal coming from the Clinton camp I fear more and more for the future of our country. Every new plan makes some references to leveling the playing field, and amazingly she is applauded for speaking in those terms. In case you have forgotten folks, the concept behind the Socialist movement was exactly that! Socialism is defined as an economic system in which property and the distribution of wealth are subject to control by the community (i.e. the government) for the purposes of increasing social and economic equality.

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Election 2008, Hillary Clinton, Taxes