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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 ...
Realists buy both.
It would probably go to the USSC but by the time it made it there the deed would be done and much money would be down the rabbit hole.
Any money returned to the tax payer would be devalued by hyper inflation.
What is your opinion of raising the debt ceiling, now that your pension directly depends on it?
We can’t keep raising the debt regardless of what happens to us short time. I mean if I must stop getting the COLA for retirement (haven’t gotten one yet...lol) than so be it. I mean once they deal with the debt and everyone takes a hit (welfare, unemployed, congress, President, etc) than we can look at making COLAs and other stuff again. That may never happen but I do believe that if we don’t deal with the debt now our grandchildren are screwed. Even my children might be (oldest 13) and I would rather deal with the debt and sacrifice than have our children and grandchildren going through it.
The case would loose. Congress can tax any gross receipts.
Not necessarily.
The IRA system could be considered a contractual agreement.
The USSC has considered laws contracts in the past.
“..... I do believe that if we don’t deal with the debt now our grandchildren are screwed. Even my children might be (oldest 13) and I would rather deal with the debt and sacrifice than have our children and grandchildren going through it.”
In fact, there is a good chance that if we don’t deal with it now, the present recipients of federal pay/benefits/retirement/welfare/medicaid will be screwed. The best scenario, I think, is a significant haircut for all federal expenditures. The worst is runaway inflation that kills everyone.
The biggest competition for labor in our county is welfare.
Isn’t it great spending all your time making money to support people who spend all their time figuring out ways to get it?
I’ve had them have the gall to tell me that they can’t afford to take a $15 an hour job because they can make too much sitting at home. If they need any extra cash they take an odd job for cash somewhere. Wouldn’t want to put all that free stuff at risk by taking real work.
Been doing that for the last two years. Got the bullets and beans and buying more. Debt is down, but not gone.
16th amendment is not a law
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
I truly believe that if something does down with the government then the private sector will fall apart too and everyone will be in deep trouble. It is very scary and we have a congress that is not taking it seriously......UNFORTUNATELY.
Thanks LVD. Not a new story, but time for an update.
PING!
NOT going to happen.
Copper too? I hope so; I’ve been trying to buy up ‘tangible’ assets like that along the way. Nickles, pennies,(pre-1982), older coins like dimes and quarters, 50 cent pieces, Eisenhower dollars, etc..
Unfortunately, I’ve had to cash some in lately for some bill-paying. However, I do try to buy more to replace them; especially since silver went up. Of course, silver dipped in price, I know. However, when it goes back up, hopefully, I’ll be able to get more for them!
Lyndon Johnson did this in 1965, quietly and without notice (because he didn't want to stir up resentment). In my neighborhood, lots of military families who'd had to buy houses in the local market (because local developers got the corrupt U.S. congressman to oppose Capehart housing on-base or off-base for Air Force families) were stuck when the Air Force announced closure of the base.
The houses eventually went back to FHA and VA, and after his election, LBJ dumped the houses cheep cheep, and they were bought up by black families -- it was his political reward to them, taken out of the hides of serving members of the Armed Forces and their small equity balances, which were zeroed out, basically, when the Air Force announced their move.
The other white residents then sold out, and the neighborhood became essentially 90% black in about five years as the new arrivals scored deals on the whole housing stock. That was their reward for their 99% straight-ticket lever-pull for old Landslide Lint'n. Reparations, circa 1965.
About double that if you include the military.
LOL! You really need to grow up, kid. Playing with blackguns, drinking some beer and bragging it up with your pals means dick.
From your immature responses and emotional diatribes, if you ever had the cajones to go into combat you’d last about five minutes before running away screaming or getting your fool head blown off.
Go away, junior. I’ll let you know when we need you.
Mom let you on the computer again, did she?
Those are mighty bold words coming from a boy who proudly boasts his heritage of blowing bagpipes and wearing plaid skirts.
Taxation? That’s another story.
Mine says that, too. Only he's wrong.
He's been wrong before, and he'll be wrong on this.
He's a god adviser, for the most part. He steered our assets well during the big meltdown a few years back, but he doesn't share my outlook on these things.
A while back I urged him to consider putting some of our money in commodities, especially gold and silver.
Did he? Nope.
I've warned him on the effects of a massive inflation attempt in the midst of a deflationary correction, and his response, in so many words, was, "There is no guarantee there will be a massive inflation. Just because commodity prices are rising doesn't mean it will manifest on the retail level."
I was going to respond that if it doesn't, that means all manner of investors would have to eat the price increases, for the first time in history! But my wife was right there, and I sometimes catch hell for going off on a tangent like that, especially with this guy.
After the meeting in which he scoffed at the idea of pension fund theft by the ruling elites, I sent my wife a number of links demonstrating the possibility of this happening. Her response was, I don't doubt you've heard about this. I just didn't want the meeting to deteriorate.
Very few of these financial types have an inkling on what is happening, and what is going to happen. Either through plain ignorance or willful self-deception, these guys will have the blinders on, and be damn sure their clients do, all the way to the boxcars.
We're witnessing the death of a nation, and perhaps of Western civilization itself. Not from murder by outsiders, but through suicide.
Should Obama and his fellow communists democrats win reelection in '12, the seppuku will be complete.
Trust me.
CA....
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