If you are 55 or over, you need to read this.
According to a recent article in the Wall Street Journal, you (and others like you) own 73% of America’s wealth. Most of that wealth is contained in stocks owned by pension plans, 401(k)s and IRA’s. This is wealth accumulated during a lifetime of hard work, thrift and personal responsibility.
When the socialists running for president talk about going after the “wealthy,” they are talking about you.
One of the worst is U.S. Sen. Elizabeth Warren. Her “Accountable Capitalism Act” would wipe out the single greatest legal protection retirees currently enjoy — the requirement that corporate executives and fund managers act as fiduciaries on investors’ behalf. Under Warren’s new charter, companies currently dedicated to their shareholders’ interest would be reordered to serve the interests of numerous new “stakeholders,” including “the workforce,” “the community, “customers,” “the local and global environment,” and “community and social factors.”
Her plan would devastate the income-generating capacity of every major company in America, and decimate their market value. Think what would happen to your retirement plans under this program.
Socialism is a failed system everywhere and every time it has been tried. It’s hard to believe that in light of all evidence to the contrary, there are millions of Americans who take socialist presidential candidates seriously.
The time is coming when current and near-retirees will have to stand up and fight for their savings, and to preserve the free-market economic system that made them possible.
St. Helena Island
Lessons from Hong Kong: Yes, America is exceptional, and you can take it to the polls
It was interesting and a source of pride to see the Hong Kong demonstrators carrying American flags and singing our national anthem. Not sure if a certain ex-football player bent a knee in protest or any Nike executives felt shame, but there is a lesson here.
Contrast Hong Kong’s understanding of the fundamental “exceptionalism” of America with the cacophonous bleating of Democratic presidential hopefuls; little, if anything, positive is said about our country.
U.S. Sen. Bernie Sanders found much to admire in the USSR, and Maduro, Castro and Chavez are never vilified for their atrocities. Other candidates call American policemen “murderers” and capitalists “bloodsuckers.” U.S. Rep. Alexandria Ocasio-Cortez, a rising Democratic star, recognizes no good in our country, while urging Congress to require Americans to pay her college debt. And U.S. Rep. Ilhan Abdullahi Omar, a beneficiary of America’s benevolence, is similarly dismissive of America’s virtues. When we rescued her from Somalia, she chose America, not Venezuela or that socialist paradise, Cuba.
Yes, there is a lesson here and it is one Americans should take to the polls next year.
Notwithstanding our former president’s contrary view, and that of current Democratic hopefuls, our country is exceptional and despite more than a few blemishes, an example to follow, not denigrate. The people of Hong Kong, and hopefully most Americans, see it.
A criterion for the presidency should be an appreciation for one’s country, a sentiment lacking among most of the Democratic left. JFK’s Democratic Party is dead.
Francis Dunne Sr.
Hilton Head Island
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