alt Hacker NewsIt's much worse than that.
Governments, when faced with shortfalls in the government pension, will absolutely nationalize your 401k or IRA.
YOU, while attempting to responsibly take care of yourself, will absolutely be a piggybank to be raided. This has happened in numerous countries.
You wouldn't want to be selfish, would you? Sure, you forgo the midlife crisis sports car in favor of the Toyota Corolla you've been driving for years, but that's just tough. Shoulda lived for the now.
This is just wild hyperbole.
Yes, tax rates might go up. You should actually bet on that because tax rates are at a pretty low level historically.
But this concept of nationalizing private bank accounts is pretty extreme.