These days it takes a willful suspension of belief in reality to take Hillary Clinton seriously.
Just this week she has introduced – and retracted – a $5,000 "savings bond" to be issued to each and every child born in America. She billed it a starter fund to help start saving for college expenses. While this may sound like a fantastic idea to parents staring down the loaded gun-barrel of higher education expenses, Hillary! failed to explain one important detail of her pork barrel program – it's a pretty important detail: She never said where the money would come from.
That means, of course, she planned on soaking the rich – again – to pay for the 5 grand per child program. That's a tried and true Clinton strategy. It worked so well under Bill's watch that it drove the country right into a recession in the final year of his term. Yes, Virginia, it was Clinton's recession – not W's.
Yesterday, Hillary! announced her plan to create a "bold new" American Retirement Accounts plan. She bills this plan as an opportunity for all Americans to have "universal access" to a "generous" 401K plan. The government will match individual contributions and the rising market will increase the value of the account over time.
Bear in mind, dear reader, this plan comes from a woman who has wailed, ranted, and raved against anything even remotely resembling a partial privatization of Social Security. What she proposes to fix with her 401K plan is what Social Security was designed to do in the first place. Social Security was originally conceived to act as a retirement safety net. People would pay into the system and draw a check when they retired.
Social Security has since ballooned into the biggest wealth redistribution system this country has ever seen. Yes, it provides funds to retirees. It also has been expanded to provide disability benefits, supplementary income and other welfare-like services to a wide range of people – not just retirees. It takes huge sums of money from every paycheck of each and every worker. It takes an equal amount from employers – a hidden tax nobody really sees unless they pay their own taxes.
Hillary's solution for the Social Security problem isn't to fix the problem, but rather create yet another government bureaucracy to administer this new 401K program. To refer to this idea as a shameless gimmick would be far too optimistic.
I'm well aware most politicians have gotten into the habit of "buying votes" with empty campaign promises. Bill Clinton wrote the book on this strategy back in 1992 when he rode into DC on a white horse promising a "middle class tax cut". You can refer to it as the "tax cut that wasn't" because it took Der Shlikmeister all of two weeks to renege on his promise. He said he worked as hard as he could, but there just wasn't enough money to pay for it.
Keep this in mind as you read all about Hillary's tax cut promises. Past performance, in this case, is a pretty good indicator of future results. Radicals like Hillary! only understand one level of taxation – and that is "more".
Here endeth the lesson.