Skip to comments.Argentina Stiffs Pensioners
Posted on 02/17/2013 7:26:05 AM PST by Rusty0604
In November Mr Bossio responded that the agency had used the majority of its funds to provide pensions to people who lacked them altogether, and that it could not afford to help the neediest Argentines if it paid all retroactive claims. [...]
[Kirchner] has since turned ANSES into something of a public slush fund. In the past four years the treasury has sold the agency over $10 billion of bonds at paltry interest rates. The president has used the proceeds to fund popular projects, such as low-income housing, infrastructure and transfers to poor families with children.
(Excerpt) Read more at blogs.the-american-interest.com ...
They know here they have to get the guns off the streets first.
The only way to keep this government here solvent while still maintaining the massive, massive entitlement bribes to Democrat and illegal voters is to nationalize private retirement funds. 401Ks, IRAs, Roth IRAs, CDs, you name it.
These funds will be confiscated and a token chit increase in the person’s Social Security Account disbursements when reaching age 66-70 will be on the order of less than $300-500/month. You will effectively be forced to trade you several hundred thousand dollar retirement accounts for some pittance of an increase in the NEW GOVERNMENT SS PLAN.
Better keep your accounts as liquid as possible to cash out at a moment’s notice, because this WILL happen....it is the only way to forestall the transitional problem of having enough money for the leeches, keeping some semblance of solvency during the transition to King Obama’s lifetime rule.
Coming to a country near you!
And private pensions can be left as inheritance, one it’s nationalized it stays with the gov’t. When Bush was talking privatising SS, I tried to explain to the libs that SS hurts minorities that tend to die before they collect the most because of this reason.
Looks like they’re getting ready to raid the Falklands again.
These people live for one thing: to take money from those who earned it honestly and give it to those who vote for them.
What, you mean they’re bribing voters with our money? Say it’s not so! /s
“Proposals now on the table to reduce the degree to which social security pensions are topped up for inflation will have the effect of transferring money from pensioners back to the government, where it will be used again for whatever purposes politicians want.”
Not quite. The money from the pensioners (in the United States) has ALREADY BEEN SPENT. What these proposals try to do is lessen the burden on my kids, a bit.
“The only way to keep this government here solvent while still maintaining the massive, massive entitlement bribes to Democrat and illegal voters is to nationalize private retirement funds. 401Ks, IRAs, Roth IRAs, CDs, you name it.”
Agree, this MUST HAPPEN, as this is where the only remaining pot of money is in the country. In fact, if the government were, tomorrow, to take all the money in those accounts, it would WIPE OUT our national debt (i.e., it’s about the same amount).
Of course the government would then have to pay all those people some token amount per month for all their savings, and the deficit would start, immediately, building up the debt again, but it will buy the government at least a decade of spending. And when that runs out, it’s all over.
As to what to watch for - simple. Look for the moment that interest rates start to rise and cannot be controlled. That’s when our savings go bye- bye. As to myself, I cashed out a pretty healthy IRA last year and paid off my house (even after the penalty and higher income tax)...and I have NO REGRETS because I know my return will be MUCH WORSE once the money is seized by the government.
“...and the money kept rollin’ in...”
I agree with you about the interest rates, I watch them daily.
Yea, once the interest rates climb, that means that the holders of our debt are dumping them...and the FED will have to print even more money - sending prices climbing, and then SOMETHING will have to be done - and we know what that has to be.
What surprises me is that it hasn’t happened already. I guess one thing saving us is that other countries are in worse shape.
Watch out for when they effectively start to seize real estate and other assets, such as by raising property taxes drastically or establishing a capital assets tax.
“Watch out for when they effectively start to seize real estate and other assets, such as by raising property taxes drastically or establishing a capital assets tax.”
Good point. There will still be privately-held wealth even after they clean out our retirement accounts. As to going after it, that’s basically the end-game to full-up Communism, which is still a bit off...about the only choice at that point is gold, and a place to run to...if any place worth going to even exists.
...and people wonder why the Second Amendment is important.
“What surprises me is that it hasnt happened already. I guess one thing saving us is that other countries are in worse shape.”
True, we’re in a race to the bottom, where we’re all printing money as fast as possible to keep our currency value low (and hence make exports cheaper). I don’t know what to make of anything.
If a person is broke and has no hope of paying their credit card, then Visa will (rightfully) force you into bankruptcy. But for the US, it seems like Visa is counting on the us to keep robbing banks to keep up with payments, and thus is not asking for faster payback.
Agree, this MUST HAPPEN, as this is where the only remaining pot of money is in the country. In fact, if the government were, tomorrow, to take all the money in those accounts, it would WIPE OUT our national debt (i.e., its about the same amount).
...and I would suggest NOT if you are using good numbers where the debt is concerned.
Actual numbers I consider valid are somewhere between 80 to 200 TRILLION and rising every year we kick the can down the road by about 6 to 7 TRILLION.