Do you know where your retirement is? High Social Security payroll taxes have contributed to yearly Social Security trust fund surpluses until the proclaimed surplus is now in excess of $2.503 trillion.
However, Congress has elected to sacrifice social security on the altar of corruption by spending the entire surplus requiring the U.S. Treasury to cover the embezzlement by issuing non-negotiable IOU bonds to the Trust Fund. Such economically irresponsible and morally reprehensible behavior by politicians demonstrates their total disrespect for working people.
After successfully looting the Trust Fund, Congress now plans to loot individual IRAs and 401(k)s because they contain the largest source of untapped revenue. At the end of 2009 there were $4.26 trillion of assets in IRAs and $2.77 trillion in 401(k) plans.
Confiscation of these retirement plans is now being formalized in hearings initiated on Sept. 14 by the Labor Department”s Employee Benefits Security Administration. When confiscation is enacted by Congress, our retirement accounts will be converted to Guaranteed Retirement Accounts (GRA)s.
The confiscation of our retirement and savings plans will require our government to sell equities in the private accounts in exchange for the safety of treasuries. However, there is no safety in treasuries as they are ground zero when it comes to fiat (paper) currency risk. The Obama administration”s 10 year budget plan predicts that the national debt of the U.S. will exceed $25 trillion in 2019. At some total debt level a tipping point will occur, causing hyperinflation resulting in an explosion of the debt bomb. When that happens, your safe GRA will become worthless.
Robert Dahlquist
Orange
