The View From 1776
Monday, April 15, 2013
Saving For Your Retirement And For Your Family’s Future Is UnAmerican
President Obama proposes to cure this putative ill and impose liberal-progressive social justice by limiting the amount of savings that citizens may keep in tax-deferred savings accounts. Liberal-progressive social justice, of course, has always meant that citizens should be equally poor and therefore unable to escape from the regulatory power of collectivized government.
Needless to say, once established, the power to limit personal savings will eventually be extended to all economic levels of society.
Forbes Magazine staff writer Robert Lenzner opines on the president’s latest socialistic attack.
Liberal-progressive-socialist orthodoxy, articulated in Keynesian macroeconomics, preaches that recessions are caused by people who save too much. According to Lord Keynes, it is the duty of citizens to spend all of their income. If people fail to spend on consumer goods, it is the prerogative of government to fill the theoretical void with deficit spending and by increasing taxes.
Following the Keynesian prescription, Federal deficit spending is financed with fiat money created out of thin air by the Federal Reserve. As a powerful disincentive to saving, the Fed has reduced interest rates to levels below the rate of inflation.
From its earliest days socialism has promoted methods of taking from the wealthy and giving to the poor. Henri de Saint-Simon, the first systematic articulator of socialism, believed that government should confiscate all, or a major portion, of a person’s wealth at his death. Within a few decades, as Saint-Simon envisioned it, all wealth would have come under government ownership. Government then would be able to redistribute wealth among its citizens as it saw fit, and no one would be able to resist, because everyone’s livelihood would depend directly upon the whim of the governing elite.
Judeo-Christian morality always has admonished individuals to deal fairly with the poor and to help those in need. But only with socialism has the individual been pushed out of the way by government, which becomes the domineering and all powerful agent for redistributing wealth. In practice, redistribution of income and wealth is a process of rewarding liberal-progressive allies and punishing the opposition.
Judeo-Christian doctrine does not counsel taking from the rich; it aims by moral suasion to induce all individuals, led by their churches and synagogues, to do the right thing and to help the poor and unfortunate.