scoutsout80
02-24-2010, 12:26 PM
a. President Obama is resolute in his determination to create more social programs.
b. Social programs cost a great deal of money
Problem: Where can the government get more money?
Solutions:
Taxation
Print money
Sell bonds
Find new untapped reserves
All of the above
If you answered, 5, all of the above, you were correct. But let’s look at #4, find new untapped reserves. One of the easiest methods of government money comes in the form of confiscation, “for the ‘greater good”. Apparently they think they have found these reserves in private retirement accounts. Businessweek
“The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort… Annuities generally guarantee income until the retiree’s death… ”
That means they may be asking you to forfeit your retirement account for a guaranteed stream of income via government bonds. The selling point is that the stream is guaranteed and even if you out live your money, they guarantee you will not outlive the annuity. On the other hand, the more likely scenario is that you will die with monies remaining in that account and those remaining funds will simply be confiscated by the government, not left to your heirs.
Perhaps it is time to listen to the words of the ‘Iron Lady’, England’s former Prime Minister Margaret Thatcher: ‘the only problem with socialism is that you eventually run of other people’s money’
Hold on to your wallets middle America this administration has apparently run out of ‘other people’ and they’re coming for your retirement funds.
b. Social programs cost a great deal of money
Problem: Where can the government get more money?
Solutions:
Taxation
Print money
Sell bonds
Find new untapped reserves
All of the above
If you answered, 5, all of the above, you were correct. But let’s look at #4, find new untapped reserves. One of the easiest methods of government money comes in the form of confiscation, “for the ‘greater good”. Apparently they think they have found these reserves in private retirement accounts. Businessweek
“The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort… Annuities generally guarantee income until the retiree’s death… ”
That means they may be asking you to forfeit your retirement account for a guaranteed stream of income via government bonds. The selling point is that the stream is guaranteed and even if you out live your money, they guarantee you will not outlive the annuity. On the other hand, the more likely scenario is that you will die with monies remaining in that account and those remaining funds will simply be confiscated by the government, not left to your heirs.
Perhaps it is time to listen to the words of the ‘Iron Lady’, England’s former Prime Minister Margaret Thatcher: ‘the only problem with socialism is that you eventually run of other people’s money’
Hold on to your wallets middle America this administration has apparently run out of ‘other people’ and they’re coming for your retirement funds.