Things are getting rather interesting in the Netherlands as low interest rates have increased pension deficit liabilities. Unlike the US and other parts of Europe where deficits are ignored, Dutch law requires 105% funding and the plans fell from 152% funded in 2007 to 102% funded today.
One of the earliest pieces of literature that contributes to the history of Social Security is Time Magazine’s Pie from The Sky, an account of a House Committee hearing called to deal with “reforming” Social Security. The hearing was held four years after passage of the Act and before even a single check was written to old age beneficiaries.
I prefer the honest approach. If you believe in bigger government and higher taxes, you should “man up” and openly express your views. Don’t dissemble, prevaricate, mislead, and obfuscate.
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.
Look no further than that luscious stash of cash that is just sitting there in people’s retirement accounts.
The money in an IRA is not “tax-preferred,” as the White House asserts. Money in an IRA is rather “tax-deferred,” meaning the government is going to get their money one way or another. No surprise there that they got that wrong. The White House is short on CPAs. They don’t even know how to do their own taxes right.
"I do think at a certain point you've made enough money," he told a Quincy, Illinois audience. It was only "fair," Obama continued to argue, that government should confiscate the rest by raising taxes.