So, according to the Wall Street Journal, “my” government – the guys who broke Social Security – wants to protect me from myself and the free market by taking over the control of my IRA? (Click to Access)
No, Federal Government. Simply stated, the government has no business inserting itself in my personal, private retirement account. There are three reasons why:
Reason #1: It’s Foolishness.
Let me see if I understand the government’s idea in this. I earned this money. I then saved it for my retirement. For decades, I worked, chose not to spend this money, but instead to save it. I didn’t buy the tv, the car, the ____ because I knew I needed to put money away for my retirement. Why did I make personal provision for my retirement? Because the government-run retirement plan – Social Security – is bankrupt and many experts in the market and in the government openly write that they have little faith the government’s Social Security promise will be sufficient for my retirement needs (Yes, I understand Social Security; my Economics major at Miami University included an entire course on the subject and portions of other courses on the subject).
NOW, along comes the same government that has wrecked Social Security and they tell me that they are going to protect me from myself and from evil, private, Free-Market professionals by taking over the direction of my “private” retirement account!? This is like putting me, a color-blind man, in charge of choosing the color schemes for your home interior decorating! Not smart. You wouldn’t let me do that, so why would you let the same government that can’t run Social Security now prove that it can’t manage retirement funds a second time – and this time with your lifetime savings – by managing your personal, private retirement account? Surely there’s a word somewhere for that kind of stupid. I’ll just call it foolishness.
Reason #2: Freedom.
This blatant assault on our freedom is criminal in itself. Criminal. And more, it is one step from government not only taking over the management of individual retirement accounts, but then taking funds from our retirement accounts in the name of “fairness.” Fairness is a poor human counterfeit for justice, a power grab by a few for the right to rule the many. Forget fairness and ask yourself if this is justice.
I worked to earn this money. I chose NOT to spend this money, but instead to save it. For decades, I have worked to earn it, and save it for my old age. Now, “my” government wants to “help” me by taking control of these funds for me. Back at Miami, my professors called this the opposite of free market economics (ie, freedom). I call it the loss of freedom. I call it the loss of all you and I have worked for over a lifetime to provide for ourselves and families in the last years of our life.
Reason #3: Free Markets
In the name of freedom and justice (not fairness, but justice), let government offer their retirement management services along side the services of private, free-market companies and let free people choose which they prefer. But government can’t do that: government loses hands down in competition in the free market. Every time. And that is why it is so intent on removing choice, ie, freedom, from the free market and making it, more and more, a centrally-planned market where you have less and less choice in directing your own life.
Read the books: 1776 happened for governmental injustices that were far less serious than this.
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