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.
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.
“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.