Time for me to empty my savings and put the money under a mattress. Won’t earn any interest, but then again, the Feds can’t take it.
Pizz on you, Obama. You ain’t touching my hard-earned money.
May 17, 2011
The U.S. Government Will Steal Your Retirement Money as a Revenue Source to Pay Down the U.S. Debt
U.S. Government Hit Its $14.294 Trillion Debt Limit on May 16, 2011, But the Good News for the Feds Is That Retirement Plan Assets Returned to Record Levels for a Total of $17.5 Trillion in 2010, More Than Enough to Cover the National Debt
Spencer’s Benefits Reports
May 17, 2011
Retirement assets in the United States grew by 9% in 2010, from $16.0 trillion in 2009 to $17.5 trillion in 2010, according to the 2011 Investment Company Fact Book published by the Investment Company Institute (ICI). The $17.5 trillion breaks down as follows:
$4.5 trillion was in defined contribution plans (401(k), 403(b), 457, Keogh, and other employer-sponsored plans);
$8.3 trillion was in “other plans” (defined benefit, government plans, fixed and variable annuities, etc.); and
$4.7 trillion was in individual retirement accounts.
Defined contribution plans have grown from $1.717 trillion in 1995 to $4.525 trillion in 2010, which represents the most assets held by defined contribution plans since $4.444 trillion was held in 2007. Of the $4.525 trillion, $3.056 trillion is held by 401(k) plans, $939 billion is held by 403(b) and 457 plans, and $530 billion is held by other defined contribution plans without 401(k) features (Keogh, profit-sharing, thrift-savings, stock bonus, and money purchase plans).
http://globalslaves.blogspot.com/2011/05/u.html
If you are going to take money out, store it in something that will not lose value like the fiat dollar. Gold, silver, brass and lead are good options.....
If only that would work. They can also steal it using inflation leaving you with only a lumpy mattress.
Suggest you buy silver or gold instead of mattress stuffing with it. You will at least have some intrinsic value, then.