Not only do some Democrats want to tax your retirement plan, they want to put you in a new government savings plan and then "borrow" the dough to pay for their big spending increases, that according to John McCain. Americans would find the charge outlandish if it wasn't for the fact that we are already doing just that with Social Security. Here is what McCain said on Kudlow & Co. last night:
McCain: Well, that's exactly what they're saying. And Barney Frank, who is powerful, chairman of a powerful committee in the House, said we're going to raise taxes and we're going to increase spending. That's exactly the wrong thing to do in the economic difficulties we have. How did we get into this ditch? We ran up a $10 trillion deficit on our kids and half a billion dollar debt to China. So, obviously, they want to take the 401(k)s and use that money to give that to the government to spend, rather than people, and I think that's very dangerous disincentives to savings, which is exactly the cause of one of our problems, as we all know.