Posted on 12/02/2022 8:28:17 AM PST by Oldeconomybuyer
Anyone want to bet that upon reaching 18, he recipients will cash out to address critical needs such as new tennis shoes, cell phones, etc.
My wife’s company contributed to employees IRA accounts. Every year on the date when employees could make withdrawals, these employees withdrew all the companies contributions usually to help pay for their florida vacations.
What a gold mine!
These people are on Medicaid. They will happily sign over the trust for 500 bucks.
The buyer can hold on to it for 18 years and cash it in for $9500+
That a 17% annual return.
EC
The average American is a short-term thinking-immediate pleasure seeker. Their screaming when they reach retirement age is epic.
This has been on the Internet forever in different forms. This is the Original, as published in the Waco Herald Tribune in 2010 and written by me.
Put me in charge of food stamps. I’d get rid of welfare cards; no cash for Ding Dongs or Ho Ho’s, just money for 50-pound bags of rice and beans, blocks of cheese, and all the powdered milk you can haul away. If you want steak and frozen pizza ...... get a job.
Put me in charge of Medicaid. We’ll test recipients for drugs, alcohol, and nicotine and document all tattoos and piercings. If you want to reproduce or use drugs, alcohol, smoke or get tats and piercings ..... get a job.
Put me in charge of government housing. Ever live in a military barracks? You will maintain our property in a clean and good state of repair. Your “home” will be subject to inspections anytime, and possessions will be inventoried. If you want a plasma TV or Xbox 360 .... get a job and your own place.
In addition, you will either present a check stub from a job each week or you will report to a “government” job. It may be cleaning the roadways of trash, painting and repairing public housing, whatever we find for you.
Since you have only experienced Socialism and the redistribution of wealth from the receiving end we will sell your 22 inch rims and low profile tires and your blasting stereo and speakers and put that money toward the “common good” (more rice and beans for your buddies). How do you like Socialism now?
Before you write that I’ve violated someone’s rights, realize that all of the above is voluntary. If you want our money, accept our rules.. Before you say this would be “demeaning” and ruin their “self esteem,” consider that it wasn’t that long ago when taking someone else’s money for doing absolutely nothing was demeaning and lowered self esteem.
If we are expected to pay for other people’s mistakes we should at least attempt to make them learn from their bad choices. The current system rewards them for continuing to make bad choices.
“break the cycle of poverty”
If I had nickel for every time I heard liberals say that, I could have retired 20 years ago. It has NEVER worked and if will NEVER work. The strange thing about human nature is that the more money you give people, the lazier they get and the less interest they have in working hard and getting ahead. Very odd indeed.
What would truly “break the cycle of poverty” is cut off ALL welfare payments and let people starve to death. We’d quickly learn that nobody would starve or freeze to death as they discovered their God-given talents.
Americans of Asian descent are succeeding in business, education, wealth and income beyond that of every group including white Americans. There is a cultural focus on success in these endeavors among the Asian community which is the key that no one in the media or in the democrat party wants to acknowledge. It would destroy the entire premise of their argument that "racism" is at the root of the lack of success of other groups.
At 8% interest. $4000 will grow to about $16,000 in 18 years and $60,000 in 35 years. I see almost all participants spending in on college "education" at age 18 (use it or lose it!) at party schools all over the Northwest.
By the time they are 18, a single trip for a week’s groceries will cost $4000
_____________________________
By the time they are 18, the baby bond will be a quaint, but worthless collectible, like Confederate Bonds, unless the economy will have crashed and then, if any conversions were made, they will be based on the holders’ current Social Credit scores.
Like those cheap baby life insurance policies of the past, where people dreamed of infinite compounding, not factoring in economic cycles/policies/politics. Or *administrative fees*.
I been retired for several years now and am doing OK.
Of course when I was younger I never bought any “new toys”; what didn’t go to pay bills, put food on the table or pay for some damn emergency (vehicle repairs, etc.) was put into several different retirement accounts.
(yes I did put 2 kids through college)
First NEW VEHICLE I ever bought was 3 years ago, I love my new truck.
If a person has enough willpower to deny their baser urges to have all the new “goodies”, they can have a pretty good life, just have to plan and wait for it.
Well written, thank you.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.