All those relying on private pensions to aid them in their inaptly named “Golden Years” take note:
Poland has pulled a destructive stunt worthy of Argentina. It is seizing half of the Polish people’s private retirement funds. All government bonds in these pension-plan portfolios are being forcibly transferred to the government. Since the bonds are no longer held by investors, the government is declaring that the national debt has been reduced by the face value of those securities. Neat trick, including the spin on this Soviet-style seizure: The government is calling the nationalization a “pension overhaul.” The ghosts of Stalin and Lenin must be smiling.
Go here to Forbes to read the rest. Do not think for a moment this will not happen here. Governments around the country have long played games with public employee pensions. As our debt situation becomes more acute, governments will look ever more longingly at the pot of gold, just waiting to be plundered, in private pensions. This of course is part of a mindset that views all property as belonging to the State, and that what people are able to retain from their own sweat and effort is, in effect, a gift from the State. If you think that this can’t happen here, it is being advocated now by voices on the Left, most notably by Professor Teresa Ghilarducci, a Professor of Economics at the New School for Social Research. Go here to read all about it.