Ireland says it will seize parts of its citizens' private pensions so politicians can spend more — a truly awful idea that may be coming to a government near you.
Ireland’s plan is to simply tax away Irish pensioners’ money, as the WSJ notes:
[The Irish government] is planning to raid citizens' private pension funds to help pay its banks' debts. Dublin's so-called "jobs plan," released this week, includes a 0.6% levy on private pension funds that will last four years....this expropriation of Irish citizens' private property marks the lowest point yet in the fight to save the euro, and is a blow to the rule of law and sound economics.
So imagine how the Irish are laughing this morning when they get the news from the US:
The Obama administration will begin to tap federal retiree programs to help fund operations after the government loses its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt...Geithner, who has already suspended a program that helps state and local government manage their finances, will begin to borrow from retirement funds for federal workers.
Got that, you federal workers? The money from your paycheck that’s been set aside for your future retirement is instead being spent on current spending. Just like MY Social Security money. Welcome to the club.
But don’t worry. All is well. First of all, your money’s being handled by Tim Geithner, the most trustworthy man in Washington. And if you can’t trust Tim Geithner...
Secondly, the Obama administration is promising to pay it back. “The measure won’t have an impact on retirees because the Treasury is legally required to reimburse the program.”
So relax, retirees. The federal government may be spending your money on welfare and “stimulus” today, but they’ll pay it back tomorrow—honest! They mean it! Really! Every penny! It’s just temporary! You can count on Obama!
Good luck with that, my federal-worker friends...
"The truth is something [Warren] probably prefers not to confront. Harvard doesn’t come calling just because you’re a smart lawyer and a terrific teacher — not with Warren’s modest, Oklahoma upbringing and non-Ivy League education. She is not your typical Harvard professor. At a certain point, when the law school was under pressure to promote diversity, she represented a three-fer: a great lawyer with a national profile, a woman, and a minority, at least by virtue of family lore. "
-- Joan Vennochi
