Yes, that would be the million dollar question. The government is known for backhanded, incremental schemes like you outline. I could easily see this growing into that. First it starts out as a choice. Then it becomes mandatory. Then old IRA/401k's are thrown into the pot. In any event, I would say this is very unlikely in this political environment.
Who can even predict? Things have changed so much in the last two years, that 5-10 years out seems beyond imagination. At this rate, confiscation of 401ks might be around 50th on our list of worries by then.
Yea, in other words, a Ponzi Scheme. "Investments" are spent just as quick as they come in. So there's no real investment, at all. Just the future promise of some other schmuck financing retirees, because their "contributions" were spent....20 years ago !! Obviously, the US Government is in some deep shit with long-term entitlements and debt service. They know China is about to walk , so they need real cash to prop the treasury market otherwise risk a dollar collapse from straight-out monetization. Heaven forbid, they cut spending ! No way !! 3.8 Trillion is just the start !!!! Nationalization of pensions happens when deficits are catastrophic, lenders have balked, and Government is resolved to spend it's way off a cliff. Can anyone imagine if Trillions in IRA capital gets pissed away on some multi-decade War on Terror, endless "Green" initiatives, and the relentless expansion of DHS and the IRS ? Millions more bureaucrats and "enforcers" ninnying and regulating us all into oblivion?!?! It's called digging a hole, then filling it back up. Price tag? ~5 Trillion dollars. This IRA confiscation plan represents the Last Transfer of Wealth from Private America, to the Corporate Fascists who run America. Government is just the Middleman. The facilitator via legislation. To make it all nice and legal. When Trillions in capital get pissed away and replaced with worthless IOU's, the economy is done. Fucked. Private capital is the backbone of the economy. What happens to consumption and investment when the richest generation of Americans lose their money? Can anybody even imagine?! To even suggest an idea like this is a fucking outrage ! IN AMERICA!!!!!