Saturday, April 6, 2013

The attack on retirement savings

The Obama administration's latest proposal, to attack tax the retirement savings of "rich" people, takes a page from Europe's confiscation of bank deposits in Cyprus. So, not only is our federal government sucking up more than the total savings in the U.S. economy, it is effectively telling the only Americans with the capacity to save that they are better off spending it now.

That seems like a poor combination of policies. Unless, of course, the point is to destroy the standard of living of the next generation.

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