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Democrats on Capitol Hill are proving their socialist stripes: They’ve reportedly considered raiding the “super-sized retirement savings accounts” of the wealthy to pay for their $3.5 trillion progressive spending fiasco.
On Tuesday, Politico reported that congressional Democrats are “aghast that hundreds of Americans have IRAs worth more than $25 million, and nearly 30,000 have accounts with balances topping $5 million.” (The nerve of them, no?)
On the other hand, they observe, some folks “have little to no retirement savings” — also surely the fault of those who work hard and save their money over the course of their lives.
Meanwhile, Democrats are desperate to figure out how to pay for all those left-wing agenda goodies — free college tuition, climate-change schemes, universal pre-K — that they’re aiming to stuff into their $3.5 trillion spend-a-palooza. Finance Committee Chairman Sen. Ron Wyden (D-Ore.) vows to find a way, even if it takes all summer. And what better way than to skim from the savings of “evil” rich folk, those who have been wise stewards of their money, that is?
Please. How would this be even remotely fair to people who’ve worked hard all their lives and saved on the expectation that their money is, well . . . their money? And that it will be there for them when they retire?
Imagine reaching retirement age and suddenly learning that Uncle Sam is going to pull the rug from under you and skim from your nest egg. It would be outright theft. Yet this is how the left, pushed by radical Democratic Socialists like Rep. Alexandria Ocasio-Cortez, thinks these days.
Let’s face it: Dems will never be satisfied until everyone is equally poor, the end game of every socialist system. Yet as former British Prime Minister Margaret Thatcher is famous for noting, such regimes “eventually run out of other people’s money.”
New York City Democratic mayoral candidate Eric Adams had it right: America “is not a socialist country . . . [but] a country that believes in giving people the opportunities [so] they will be able to succeed and excel.”
And it’s in large part thanks to the rich — who already pay the lion’s share of taxes — that Americans have many of the opportunities they have. Raiding their retirement funds goes too far.
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