It Can't Happen Here?

I read a piece online that pointed out that Argentine president, Cristina Kirchner, has just announced that she is going to nationalize all private pensions in Argentina. According to a story in the Wall Street Journal -

"Since then (2001) it has imposed price controls, defaulted on its debt, seized dollar bank accounts, devalued the currency, nationalized businesses and tried to set confiscatory tax rates with the aim of making society more 'fair."

So I'm thinking - well that's South America, that can't happen here. Then today I read this headline - House Democrats Contemplate Abolishing 401(k) Tax Breaks. It states that there is a plan where -

"all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.
The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated."

It would amount to a tax increase on workers making more than $75,000--considerably less than the $250,000 Barack Obama has said would be his tax-hike cutoff. Also you would only be able to pass along to your heirs half of your 401(k), with the other half going to the government one would assume.

And you thought your 401(k) was doing bad now.

I'm Just Saying - Wait until the government takes it over!