Government gearing up to take 3% more of your paycheck
I recently was interviewed by Charles Payne on national TV. We discussed how the California government wants to force private companies to take 3% out of your paycheck to invest it for you.
I’m astounded that instead of fixing California’s enormous problems, Governor Brown and the liberal legislature have decided on a massive, dysfunctional expansion of the nanny state to 6 million workers, about half of all workers in the state.
This liberal plague of Big Brother will spread to those outside California soon.
There are three major concerns I have:
- It’s another massive expansion of government control. Coercing workers–and eventually employers–into a mandatory savings program, is an example of California government gone wild. This is nothing new, though.
They call it the “Secure Choice Retirement Savings Program.” There is no choice! It’s forced! And “secure”? It’s insecurebondage by a new government bureaucracy imposing more burdens on the small businesses and their employees.
- California is a typical government bureaucracy. It can’t be trusted. California has a history of robbing so-called “secure” accounts to pay for bond interest payments, government employee pensions and other government programs.
Ask anyone: Do you trust the Sacramento politicians? People are leaving California. 5.5 businesses a week are leaving. For the past 8 years, we are the worst of 50 states to do business in. And now this. It’s a bad joke.
- It’s a massive power grab by CalPERS–the public employee pension fund. The bill is written so the money will go to CalPERS, which is $60 billion in the red right now. They would love the estimated $7 billion in trust funds. That’s why this bill has California unions’ support.
It’s corruption, political payback and just plain economic fantasy. In a free society, we should have the option, not the obligation, to invest the money we earn.
And besides, who would want to trust an investor that is almost $17 trillion in debt?
The bottom line is that the winners are bureaucrats, politicians and CalPERS. The losers? You, your employers and individual freedom.
You can watch my 4-minute video interview with Charles Payne by clicking here.
What do you think? Should the government be allowed to forcefully invest our money? Email your thoughts to me at[email protected].