Thursday, January 6, 2011

European Governments Rob Their Citizens' Pensions, Retirement Savings

And you guys thought the concept of government-mandated Treasurys in our 401(k)s was a bad idea. Just think, it could always be worse. You could be from Hungary!

Via The Adam Smith Institute Blog:

The most striking example is Hungary, where last month the government made the citizens an offer they could not refuse. They could either remit their individual retirement savings to the state, or lose the right to the basic state pension (but still have an obligation to pay contributions for it). In this extortionate way, the government wants to gain control over $14bn of individual retirement savings.

It gets worse. Head to the CS link for four more examples and here's to hoping you've got your mattress stuffed for retirement, kids!

Good thing we live in America where our government doesn't do things like that. Instead, they keep interest rates artificially low so the bankers can eat gold-plated turkey sandwiches while Grandma is eating Alpo. God bless America!!

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