Is A Call To Personal Savings Really Just A Call For More US Debt?

The Wisdom Journal ^ | September 5, 2009 | Ron Haynes

[ConservativeBamaFan]

I read with great interest today a news article on a new White House initiative that calls on people to save for retirement. There will apparently be an option to get your tax return issued to you as US Savings Bonds as well as new legislation to make it easier for employers to automatically enroll workers in 401(k) plans.

If you work hard and meet your responsibilities, this country is going to honor our collective responsibility to you: to ensure that you can save and secure your retirement. –US President Obama

I didn’t know we all had a “collective responsibility” to ensure that someone has common sense.

Don’t get me wrong. I’m in agreement with anything that helps people save more money, and especially save for retirement. But the term “collective responsibility” and retirement shouldn’t be in the same sentence.

Consider this headline three weeks prior to the White House’s initiative to encourage Americans to buy savings bonds: China reduces holdings in US debt.

Since “US debt” and Savings Bonds are essentially the same thing, it appears to this writer that the White House is trying its dead level best to hold on to as much cash as possible. If the treasury can divert tax refunds BACK into the treasury, it means more money for the Federal Government to spend while keeping a check, albeit small, on inflation. With the current dismal rate of interest on savings bonds, I would guess that only the uninformed would choose this option.

How long before the tax refunds converted into savings bonds are spent on ridiculous pet projects just like our (now) non-existent Social Security “Trust Fund?”

[Favor Center]

“Isn’t this the same “government” that took a large chunk of my retirement savings and “spread it around” among their freeloading “voter” base?”

Now, they want the rest. I’d bet they intend to make the tax refunds as US Bonds mandatory in the near future. After that, they’ll replace our 401k and IRA accounts with US Bonds.

Itsa coming. These people view tax deferment as “spending”.

[Jack Hammer]

Clearly, the author of this piece is seriously misinformed. There is now no longer any such thing as “personal savings.” As of January 20, 2009, all assets are the property of The State; the working proletariat will be compensated according to the formula, “From each according to his ability, to each according to his need.” Those comrades who fail to accommodate themselves to these facts will be sent to rural internment centers for re-education.