Now Obama Wants Your Pension
Apr 28, 2013
If you are a regular reader of this column, you know, unfortunately, there is a consistent theme that derives from the Left’s constant attempt to develop new rationale to extract money for the ever-expanding cost of government. President Obama dropped his latest stink bomb on hard working Americans with the release of his delinquent budget. He is coming after your 401 (k).
This was a shocking development to us, but apparently this idea has been floating around the “Leftist-sphere.” While researching the proposal we read a column from the Brookings Institute touting the proposal to cap the amount of money one can have in their retirement account. The statement is much in the vein that the government cannot afford to give tax benefits out on these plans like they have been doing. Otherwise, your earnings belong to the government and anything we let you keep you should be grateful for.
Most people are confused about their pension plans, but they are really quite easy to understand. There are two types of pension plans, both quite self-explanatory:
1. Defined Benefit – This means the plan tells you what you will get as an annual payment when you retire. These kinds of plans have been dispensed with for most people in private industry as they turned out to be too unpredictable and costly. Only about 10 million private industry Americans, including retirees, are covered by these plans. Defined benefit plans are the kind of plans government employees are covered by. That is why we have pension plan problems at all levels of government in the United States.