[SkyPilot]

This is coming folks.

Bet on it.

As he points out, SSDI (because of massive increases under Obama in beneficiaries who were able to con their way onto SSDI when their unemployment expired) is now broke.

And as he also points out:

1) Borrowing retirement funds is becoming a popular tactic.

1) Borrowing retirement funds is becoming a popular tactic. (Forced loans have been a common tactic of bankrupt governments throughout history).

2) The US government has already done this with federal pension funds. During the multiple debt ceiling fiascos since 2011, the Treasury Department resorted to "extraordinary measures" at least twice in order to continue funding the government. They dipped into federal retirement funds (TSP accounts) and borrowed what they needed to tide them over. In fact, the debt ceiling debacles were only resolved because the Treasury Department had fully depleted available retirement funds.

3) They’ve been paving the way to borrow your retirement savings for a long time. (Obama's "MyIRA program; this month Congress introduced the "Making Your Retirement Accessible", or MyRA Act, which would charge a penalty to employers whose workers don’t have a retirement account.

This reality puts the US government in rough spot. It’s not like government spending is going down anytime soon; it already takes nearly 100% of tax revenue just to pay mandatory entitlements like Social Security, and interest on the debt. Plus the government itself estimates that the national debt will hit $30 trillion within ten years. Bottom line, they need more money. Lots of it. And there is perhaps no easier pool of cash to ‘borrow’ than Americans’ retirement savings.

$7.3 trillion in US IRA accounts is too large for them to ignore.

[Dilbert San Diego]

To paraphrase relating to the gun control debate, they can take it from my cold dead hands.

I would be tempted to cash out of 401K and IRA, and pay the penalty, just to keep my savings out of the hands of the bureaucrats.

Anyone else agree?? Hate to pay the penalty to cash out, but once they take our funds, what’s to keep them from reneging on the promise that we get it back in retirement???

[2banana]

It will happen. The only question is when...

[laplata]

http://www.ntrc.info/doorbell.html

[grania]

I've read speculation that the way the gov would do it is to take a person's government sponsored retirement savings when they retire and shift them to an annuity. That way, the person would get a monthly payment based on age, but when they died, the gov got to keep the money. Thing is most people are dumb enough to buy into guaranteed income for life, so their retirement won't run out.

It would go along way down that slippery slope we're on of eliminating inheritance for middle-class people, thus further destroying the middle class.

[SkyPilot]

The EU is making moves to eliminate the 500 Euro bill soon, and they won't stop there. The Central Banks, the UN, and governments all want to outlaw cash. It will give governments complete control over every transaction. They will know what you buy, and when you buy it. The power to tax everything will increase greatly.

http://teapartyupdate.com/u-s-government-to-outlaw-cash/

ObamaCare was never about "health care." It was about control. Those who don't play ball can and will be denied coverage and access to health care.

We are rapidly approaching the End Times system of total economic control over all human beings.

They will make their next move when the next economic crisis arises (derivatives, markets, currency, commodities).

Watch for a global "re-set" with a new currency.

They may come for our retirement savings before or after this - but they already have plans in place to seize them, or give you quite a haircut. Expect to be issued worthless "bonds" for what you now have.

[T Ruth]

As far as I understand, this has already started. Apparently the Obama administration has passed new regulations (on what authority I do not know) that mutual fund brokerage operations, in order to “protect” investors, must put proceeds of stock sales in federal funds. This in effect forces investors to lend to the federal government. I understand these new rules are to take effect in the next few months.

[blueunicorn6]

That buys a lot of Democrat votes.

What really bothers me with this and SNAP (food stamps) and the other programs is how so many people who don’t need the money cheat the system so they can have fancier cars and vacations.

[DoughtyOne]

We have about 22% of our able bodied U. S. Citizens out of work.

If we put them back to work, government receipts would increase by about one third.

Any of that 22% that were receiving government help, would cease to do so. Government spending would go down.

That’s how you get healthy in a hurry.

That’s what Trump has proposed.

When Trump becomes president and does this, all the above ceases to be a problem. Dire predictions fade away. Nobody mentions them again.

Erik, Trump’s son talked up a private sector replacement for Social Security.

IMO we should work toward a time when SSDI & Medicare will be something our seniors pay for themselves, through insurance premiums from savings they have accumulated over a lifetime.

Trump is the one guy who could actually have the vision and the energy to see this happen.

[Iron Munro]

$7.3 trillion in US IRA accounts is too large for them to ignore.

In January, 2009, the national debt was $10.6 trillion.
Last month, January, 2016, it flew past $19 trillion without slowing down.

By the end of Obama's term in office this coming January the debt is projected to be over $20 trillion.

So, even if the government 'borrowed' (confiscated) the entire $7.3 trillion in IRA accounts next January it still wouldn't be enough to cover just the $9.7 trillion in new debt rung up by Obama and the US Congress since Obama was elected.

.

[PGalt]

0 - 0 = 0

FUG

[Toddsterpatriot]

And on a mark-to-market basis, the Fed is already insolvent.

I love these idiots who don't know a simple definition.
Insolvent: unable to pay debts owed.

What debts does the Fed owe? They pay 0.5% on bank reserves. The bonds they hold pay 2%-4%.

The bonds they hold are guaranteed. They turned over more than $100 billion to the US Treasury last year.

MyRA Act, which would charge a penalty to employers whose workers don’t have a retirement account.

MyRA was created for people who don't have an employee plan. There is no penalty involved.

[publius911]

My only response is a question...

Are elected and appointed criminals immune to the long standing violations of fiduciary responsibility/obligations laws?

[MeneMeneTekelUpharsin]

Bump for reference.

[DoughtyOne]

[I want the USA back]

The bastards hate it when you work hard and save money so you won’t be a burden. They want it, to give it to lazy slobs who give them votes.

[<1/1,000,000th%]

Left out the government’s $7 trillion in agency debt.

[Intolerant in NJ]

will "borrow"..."will"? - started twenty years ago in Jersey when Republican Christy Todd Whitman "borrowed" two billion from the state retirees' pension fund for use elsewhere in the budget - up until that time the fund had been solvent and self-supporting with what the state was contributing by law and what retirees were putting in - every governor since has also "borrowed" including Christie - none has paid any back including Christie - and the retirees get reamed for taking too much money from the state and for complaining that their retirement is being stolen - it has been happening, it is happening and it will continue to happen - maybe to you......