President Obama’s budget for 2013 includes a limitation of how much people can put away in their IRA in order to save less than a billion dollars a year and to achieve greater “fairness.”
"Hero of Change" medal from The People's Cube
Individual Retirement Accounts (IRAs) would be limited to funding not more than about $200 thousand a year. While this may seem like a lot, expenses at the end of a persons life can be huge. The Obama administration’s attitude is that many people can “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”
The problem isn’t a question of whether the amount of money is enough to provide a decent retirement. The problem is that the government is determining what “reasonable levels” are for people, and that the government should be in a position to limit in any way what people save to these so-called “reasonable levels.” Considering this came from the administration of a man who said that “I do think at a certain point you’ve made enough money,” it should come at no surprise that he wants to impose “reasonable” limits on how much people can put away in their IRAs for retirement, or even what is necessary for retirement.
Much of the argument comes from the leftist view of “fairness” and “justice.” In the view of many Progressives, equality of outcome is paramount, and that if someone has more than another, then the one with more must be brought down, even if it doesn’t help those with less. It is class warfare. It is hatred and vengeance. It is Obama’s Modus Operandi.
To sum of Obama’s view on other people’s retirement: “From each according to their abilities; to each according to their need.“
