In recognition of the stellar job that the US Government has done in spending every last cent of our future Social Security money, news is now coming out that they might come after our 401K’s and IRA’s as well. Apparently under the guise of “saving” people from the volatility of the stock market there are some ideas to confiscate private retirement accounts and instead create government run guaranteed retirement accounts. If I had not read this story in so many different locations I wouldn’t have believed it myself. You can read about it on ABC News, US News and World Report and the Carolina Journal.
This is absolutely outrageous. If you have done any research into Social Security you know that the funds for it are gone, they have been spent, there is nothing left but an IOU left behind by the government as they have spent the money as fast as it comes in. This works for now because there are more young people paying in than old people collecting but as soon as that equilibrium turns the other way in a few years there will not be enough money to cover it. Benefits will either have to be reduced or delayed severely which is comforting news for people who have worked their entire life to pay into this scam. The government has been screwing retirees for years by under reporting actual CPI figures to artificially keep COLA adjustments low. Its the only way they can keep this bankrupt bloated pig afloat. If they actually had to increase payments to keep up with inflation it would have failed a long time ago. You have to admit, it is an ingenious way to solve the problem. Print money like there is no tomorrow and let inflation run to 10% while offering measly 3% adjustments each year. Eventually the money owed to retirees will be a pittance in cheap future dollars. And people wonder why a dollar doesn’t go as far as it used to?
Now the government wants to start Social Security Part II? Well we all know the sequel to anything is always worse than the original. Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York testified before Congress on her idea to effectively socialize or confiscate private retirement accounts and convert them into guaranteed retirement accounts which will be managed and overseen by the government. Wow, what a great idea, they have done so well with keeping Social Security solvent, lets give them even more control over our lives and money. This whole thing is a giant pyramid scheme, they will use the income from guaranteed retirement accounts to make the social security payments for the baby boomers. If you are under 40 you just better hope they add another level to the pyramid, otherwise when you retire you will find nothing left in the Social Security Account and nothing left in your pilfered guaranteed retirement account. Its like a game of musical chairs, which generation gets left sitting on the floor?
I know we have been heading the way of socialism ever since the Wall St Bailout but this idea is one giant leap towards that reality. I suggest you write your Representatives and Senators and tell them what you think of this idea before it is too late. Better yet drain your accounts before they get their money grubbing hands on them. Don’t think it can happen? People in Argentina probably thought the same thing before they woke up and saw their accounts gone.
