Forced savings

The California legislature is currently in the process of writing a law that would require all citizens to participate in a mandatory retirement savings program. The state will deduct 3% from all paychecks and this money would go into a retirement account, something like the way social security operates. The reasoning is that if people don’t save while they are working the state will have to care for them when they retire, so it might as well start now. As everyone knows the money that was supposed to be in the social security fund was transferred to the general fund and used for current expenditures thus leaving the fund with IOU’s. I suspect the same thing would happen to the California fund and the whole thing is a legal way to cover current expenses. As the money is spent the natural progression would be to raise the contribution level above 3% and thus have a new source of funds to cover new programs and when a person retires the state will have to come up with the money by increasing the contributions of current participants and this is what is known as a Ponzi scheme. If this passes in California will it soon be coming to your state?