European Gov'ts Start Confiscating Private Pensions
In Europe, the cost of socialism is apparently reaching critical mass. , five countries–Hungary, Bulgaria, Poland, Ireland and France–are in various stages of confiscating or attempting to confiscate citizens’ pension savings as a means of offsetting government revenue shortfalls. Since most pensions plans in Europe are state-generated, such seizures are relatively easy to accomplish. Yet while two of the attempts are being made to get back savings invested in national funds, the other three are grabs for “private personal savings.”
Socialist America next,you voted a nightmare
The government is preparing to seize the private 401(k) pensions of millions of Americans while enforcing an additional 5 per cent payroll tax as part of a new bailout program that will empower the Social Security Administration to redistribute pension funds in a frightening example of big government gone wild.
Public pension plans have been so aggressively looted already by the government that cities and counties face a $574 billion funding gap, according to a CNBC report.
That black hole is set to be filled by a new proposal that will “fairly” distribute taxpayer-funded pensions to everyone, by confiscating the private wealth of millions of Americans. Its proponents express staggering arrogance in thinking that they can just steal money people have worked for decades to accrue as if it’s their own.
A group of Polish politicians—in particular those linked with Mr. Pawlak, the leader of a small agrarian party that serves as the junior partner in the governing coalition—have recently advocated a change of the rules that would see inflows to the private part of the system cut.
The private funds, which hold a combined $74 billion in assets, would no longer be mandatory, according to the latest version. It mirrors a recent move in Hungary, where the government expects to lure 90% of participants back to the state-funded system. A move like that in Poland should cut the fiscal deficit by 1.7 percentage points, some government officials hope. But it would also mean the private pension funds would have less capital to invest in stocks of companies listed on the Warsaw Stock Exchange, critics noted.