How much confidence should we have in the Federal government managing our retirement? Look at social secuirty to get your answer. They have mismanaged these funds, taking from them to pay other budget items so that those paying in presently may not have their funds available to them, claiming that baby boomers are the cause when this is just not possible considering they paid into social security their entire working career and the money, drawing interest should be sufficient just as they currently paying in have the right to the same expectations. People, realizing this was not enough, have invested in their own portfolios of invested money and also 401K, etc. and now the government wants to control this and mismanage it so that the people won't have there funds, either. I am sorry, the track record is not a favorable one and they have no right to people's retirement funds; this includes programs offered independently by employers.
Because we are a wealthy country and it spares no political party, I do not see this happening in our near future if at all. This is a real egg cracker regulating that we must pay into a mandatory savings so that the government can spend our money! This is another ponzi scheme. Americans are now smarter, hopefully.
This article is correct about the bonds. Bonds have been in a bubble for many months now and we urge our clients to stay the hell away from buying bonds and they have. No wonder the Federal Reserve is stuck with buying worthless paper.
This didn't start with Obama but Obama is arrogant enough to want to push it and thump his chest at the Americans before he sunsets in 2016.
I've never thought about our country marching on Washington DC but I am honestly thinking that the American people are going to erupt into an angry mob any day now.
The government will never touch anyones retirement account that would be total suicide for the United States as we know it At that point this country would cease to exist. The End-Game over. Retirement funds are and will always be protected............I HOPE.
Frank and Carol, I do believe the socialist thinking democrats have been actively analyzing their ability to do this. This is pure socialism. When I think of the money the taxpayers send to Washington DC every payroll for most and retirement investment taxes as well as the "death tax" it would seem to me that we could well be on our way to exactly this....confiscation of our retirement investments.
That being said, I believe that only the democrats/socialist leaning democrats have logged onto this power grab and they won't have the support they will need to see it through fruition.
I have worked hard all of my life just like the rest of us. My personal goal as a mother and a grandmother has been to dedicated to leaving my children the investments and life insurance benefits they will need to secure their futures. There are millions of Americans like me. I am not unique in that regard. But, to think that whatever I leave them after my death will be taxed at the rate of 50% or higher when I've already paid taxes on the money takes the wind out of my sails. Why? Because it simply isn't fair.
People like me and you will find loopholes to safeguard whatever savings and investments we have accumulated and there are loopholes, legal loopholes, that can be set in place.
This is a startling article because although I don't believe it can happen any time soon I do believe that if the republicans cannot get their act together and we elect another socialist leaning president like Obama we will have charted a path towards this tragic end.
Make no mistake, this trend is built on socialist beliefs that America needs to be put in her place that redistributive wealth is the answer and that capitalism is a bad word even though our country was built on capitalism.
Frank, my only comment to you is this, social security was to be held in TRUST ACCOUNT for us when we retired; funds that were deducted from our paycheck and matched by our employer and if self-employed, we paid the full percentage ourself, but it was to be held in a trust account for us. How well did that work? The government did not hold up their end of the agreement. They will do what they desire, at least the Democrats will as they are so far over the top into socialism that they do not see that this is not their right. They will use the excuse that, like social security, we were not taxed on it prior to retirement or some other such excuse but I think that if they can do it they will. Now, what are the Republicans going to do and those honest Democrats, what are they going to do to stop this from happening? It is time to make our voice heard through our vote and time to write those letters and send those emails and make those phone calls letting our Congressmen/women know that we are serious, if they support this they will be history come the next election and then we will work to see that their "retirement" from the government is repealed and they no longer will get that.
Bill Clinton, in order to show a surplus, took money OUT of our social security and left IOU's in its place. This is a huge problem.
I'm thinking that on my dying bed I am going to liquidate everything in retirement investments and get the cash....then I'm going to put it in safety deposit box at the bank and give my children a key to open it when I'm dead. Say bye bye to the death tax.
Wonder if life insurance proceeds can be put into a trust delaying the death tax until we have a strong republican president and congress who will change it?
My grandmother hid money under the linoleum in her kitchen. She hid money under a mattress and later we found hundred dollar bills in her freezer wrapped in aluminum foil.
We can learn a great deal from our grandparents about taxes......
This post was modified from its original form on 19 Jan, 13:39