from USA Today, Glenn Harlan Reynolds writes Middle-class savings like blood in the Water:
When a government is desperate for cash, it goes after the middle class, because that’s where the money is. Yes, the rich are rich, but the middle class is far more numerous. And this has raised other fears. As McArdle also notes, if 529 plans aren’t sacrosanct, what about Roth IRAs? People have worried for a while that the government might go after retirement accounts as another source of income — to the point that there have even been calls for Congress to make such grabs explicitly off limits. But, ultimately, no one is safe, as what is enacted by one Congress can be repealed by another.
The truth is, in our redistributionist system politicians make their careers mostly by taking money from one group of citizens that won’t vote for them and giving it to another that will. If they run short of money from traditional sources, they’ll look for new revenue wherever they can find it. And if that’s the homes and savings of the middle class, then that’s what they’ll target.
The hard truth is that there are not enough wealthy to fund the welfare state the progressives want. Taxes will inevitably hit the middle class, just as they have in Europe. Given that two thirds still feel we are in a recession this is an enormously stupid move with little chance of progress in a Republican Congress. The Middle Class should voice their outrage at the next election.