Hang on there... Just because the government will default on SS and Medicare doesn't mean that they're going to stop taxing you for it. No, what they'll do is rename those taxes to something like the Safety Net Repair Tax, triple it, and collect it from you retroactively for the previous 10 years.
Actually, in the not too distant future, I can see a HUGH (so called) "one-time" tax on any private, tax exempt retirement funds set away: I know that it's already been floated around by dem consultants
Unfortunately, I can also see them both inflating the money supply AND devaluing the dollar...
Mark
You got that right...they admit as much. I remember when former US Senator and current NJ Governor Jon Corzine was running for his current seat...criticizing the far too modest plan of giving people the option of putting a small portion of their payroll taxes in personal retirement accounts...former Goldman Sachs CEO (and unrepentent socialist) Corzine said "the US government will always be able to meet its obligations because it can print money"
real financial wizard that Corzine is
President George W. Bush traveled April 5 to Parkersburg, West Virginia to visit the so-called Social Security Trust Fund: a filing cabinet filled with paper. "There is no trust fund — just IOUs," backed by no economic assets whatsoever, Bush noted.
Senator Jon Corzine (D., N.J.) called the president's remarks misleading. In a conference call with journalists, Corzine said: "U.S. Treasury securities have the ability to be paid under any circumstances based on the ability of the government to print money." While Corzine's press secretary denies this comment was a concrete proposal, at this writing, the senator proudly highlights this quote on the front page of his website.
Stop the Presses: Jon Corzine would inflate the currency instead of reforming Social Security
A wise man would have his retirement money solely in cash. No way the IRA's will be free from the tax man in 20 years.
this is similar to what's happening to my Catholic diocese here in Spokane Wa area.. re: priest sexual abuse of youngsters.....
we had NO say in what went on, we are told that the parishes belong to the parishioners...hah...yet we are now told that the parishes will have to fork over a year's worth of collections each to pay for this debacle.....
fat chance that this household will.....
just like the govt...we have no say in the taxes...we have no say no what they do with our money...yet they come back to us for more of it when they screw up.....