No problem—hussein will simply print more money and give away our private retirement savings to compensate and redistribute us into a third world country.
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Not if you take it out of the market and go hide it under your mattress immediately.
Congrats to those of you with retirement savings. At least you had a chance to earn them during your lifetime.
For the rest of us, “retirement” will be merely a quaint old fashioned idea.
“No problem—hussein will simply print more money and give away our private retirement savings to compensate and redistribute us into a third world country.”
We will have to have inflation, maybe not hyperinflation but something like 15-20% per year in food and energy. This will leave little disposable income for the rest of the economy and then we will see big drops on Wall Street.
If inflation gets really out of control, the entire financial system will collapse because, for most people, there will be no medium of exchange.
Most of us who follow politics closely understand how significant this loss is. Social Security will not be reformed as a govt pension program, but will become a part of the welfare system. The first step will be to lift the threshold on income that is taxed and then benefits will be dropped for people earning above a certain amount. Part of this has already been accomplished through the tax code by taxing SS if the individual earns a certain amount.
The next entitlement to go will be medicare. It will eventually be rolled into the single payer system that obamacare will produce.
The country has spoken. It is different. We do not value life, or traditional values. These are the values of the past. We do not believe in fiscal responsibility if it means we don't get what we want now. I believe this is a fundamental shift in the country.