Posted on 05/22/2011 5:04:36 AM PDT by KeyLargo
Newsmax Watch Out! Feds Could Seize Your Private Retirement Savings Saturday, May 21, 2011 04:58 PM
By: Greg Brown
How long before Uncle Sam hits private pensions to balance the public budget? It’s quickly becoming a reasonable question to ask.
Treasury Secretary Timothy Geithner is ringing alarm bells across Washington, D.C., warning of a disastrous outcome if an agreement to raise the debt ceiling is not made soon. “A default would call into question, for the first time, the full faith and credit of the U.S. Pensions, Federal Government, Debt Ceiling, Retirementgovernment,” Geithner wrote in a letter Friday to Sen. Michael Bennet, D-Colo.
After weeks of such warnings, the United States has hit its $1.43 trillion debt ceiling hard. In response, GOP leaders have demanded cuts in federal spending equal to any increase in the limit while maintaining a strong line against tax increases.
(Excerpt) Read more at newsmax.com ...
A distinction without a difference.
Government is force; raw, blind power at the point of a gun. NEVER underestimate what self-important people with power will do.
Stay locked and loaded, my friend.
this estimate has the unfunded liabilities at $114 trillion or more than $1million per taxpayer !
http://www.usdebtclock.org/
Exactly right!
If only that would work. They can also steal it using inflation leaving you with only a lumpy mattress.
It's already been posted here that it's happening with Federal pensions since the debt ceiling was not raised. It's estimated the pension funds will last until August, when a Federal pension crisis will be announced...
I'm having trouble processing this even as I write it...
“So true. Some here are stupid enough to think that what happens to government workers won’t happen to them.....lol.”
What is your opinion of raising the debt ceiling, now that your pension directly depends on it?
Don't be a drug dealer.
So just because the rats that are working diligently toward our destruction are not small rodents, this makes a difference in the choice between effectively preventing or standing around allowing our destruction? Not for some of us!
Exactly. It isn't a lack of revenue, but the spending which is forging chains on America--spending on things the Federal Government was never intended to do.
HIDEOUS.
****A default would call into question, for the first time, the full faith and credit of the U.S. Pensions, Federal Government, Debt Ceiling, Retirementgovernment,” Geithner wrote in a letter Friday to Sen. Michael Bennet, D-Colo.*****
Here is what was written in 1964 about Social Security, so quit worrying!
http://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
And her is where your SS money you pain in went! Read and weep!
http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4
“Far from being “worthless IOUs,” the investments held by the trust funds are backed by the full FAITH AND CREDIT of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government.”
There! Don’t you feel better about your old age future!
pain in= paid in.
FERS is a huge holder of Federal Debt.
We need to shut down the federal government before it is too late.
They can try to do so here in the US, but only if they are tired of living.
the government could easily force earlier distributions and then simply tax them more heavily.”
Not in the context of the debt limit issue. The Rs holding up the debt limit increase are not going to increase taxes while arguing about the debt limit.
Higher taxation could be tantamount to seizure. Most retirement accounts (401k’s, traditional IRAs, etc.) are all subject to regular income tax rates when withdrawn. In most instances one must begin required minimum distributions for the year one turns 70 1/2. Raise income tax rates, lower the age for the RMD, and viola: you have at least partial seizure.
I use my own Roth to hold venture capital investments, none of which have any tangible value at the moment, but all of which hold great promise. These assets literally cannot be liquidated. Take that and smoke it, tax grubbers!
I think you are wrong on this. It may well be that the assets can not be liquidated without substantial financial loss, but they can be liquidated.
If you think Obama and his looters care a whit about your financial loss, you are badly mistaken. They will order the assets sold, and if you only get 10 cents on the dollar, that is your problem not theirs. It is far more important to give welfare to the lazy bums than to preserve your wealth.
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