April 13, 2013

An Unreasonable Idea

I keep expecting (perhaps hoping is a better word?) than one day we will find the collectivist authoritarian idea that is too much for even Barack Obama. His latest assault on individual liberty is buried in the joke he delivered to the Congress under the title, "Budget." It is really just an expansion on the ideas he espoused in 2010:

We’re not, we’re not trying to push financial reform because we begrudge success that’s fairly earned. I mean, I do think at a certain point you’ve made enough money.

This time his concern is not that you may have made too much money, but that you might actually save too much of it for the future. So he is proposing putting a cap on how much individuals would be allowed to save for retirement.

The White House explanation is that some people have accumulated "substantially more than is needed to fund reasonable levels of retirement saving." So Mr. Obama proposes to "limit an individual's total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013."

How nice of The One to volunteer to dictate what is "reasonable" and "sufficient."


If he keeps thinking that he and the federal government have the authority to dictate what is "sufficient" for the rest of us he is going to have to learn the difference between reasonable and unreasonable the hard way.

Posted by: Stephen Macklin at 08:15 PM | No Comments | Add Comment

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