Peter Schiff: Retirement Will One Day Soon Be As Rare As Single Income Households
from Fox Business, via Eduardo89rp:
Peter Schiff: The Real Fiscal Cliff Is Dollar Crisis! Buy Gold! Buy Silver! Own Real Things!!!
Obama Admin Looks To Control Americans’ $19.4 Trillion In Retirement Accounts
Remember that old phrase, “I’m from the government, and I’m here to help”?
Well, it looks like we are hearing it again, at least on the issue of keeping Americans’ retirement funds safe.
The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in ‘helping’ Americans manage the $19.4 trillion they have put into retirement savings.
This would be the agency’s first incursion into the investments of consumers.
Obama: ‘No doubt’ we need more taxes
US President Obama on Sunday insisted that the nation needs additional tax revenue, some of which the government could acquire by closing or reducing loopholes and deductions.
“There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit,” the president said in an interview aired on CBS.
“And we can do it in a gradual way so that it doesn’t have a huge impact.”
Obama suggested raising revenue through an overhaul of the tax code, which would include closing or tightening unspecified “loopholes” and deductions.
“If you combine those things together, then we can not only reduce our deficit but we can continue to invest in things like education and research and development that are going to help us grow – without raising rates again,” Obama said.
Related letter on Jim Sinclair’s site:
Remember Obamacare? Yes, the legislative bomb that was ‘sold’ as NOT being a tax, yet upheld by the Supreme Court because it WAS a tax? The one we were assured would NOT have ‘death panels’ but now apparently WILL?
Well, for more Government hilarity, look next to the last unspent pool of cash left. America’s ‘retirement’ funds. They want to ‘help’ manage retirement accounts. This is very akin to Retirement Fund Death Panels, involving the mandatory transfer of good-cash assets into government bonds [read: government debt, ie. government promises to pay you back someday….hahhahahahahaha].
Yes, these same idiots who just made the recent Super Bowl the ‘greenest ever’ [read: darkest] after spending $417 million tax-dollars post-Katrina, who couldn’t make a ‘go’ of running a brothel and selling booze in Nevada, can’t secure the borders, won’t stop pork-spending (or borrowing to fund their complete waste of money), and are only willing to raise taxes now want to ‘help’ us? I guess they do not think the average American is (a) as smart as the Government is, and (b) is not smart enough to manage their own assets without Big Mother’s guidance.
You cannot make this stuff up!
The most fiscally irresponsible and bankrupt people on the planet unable to live within their means (government) wants to ‘help’ the fiscally responsible and solvent people who lived within their means and actually ‘saved’ by ‘helping’ them [read: stealing from them]?
But government had better hurry along and ‘help themselves’ to OPM (other people’s money), since at the rate the Fed is debasing the Dollar it will soon be worthless along with anyone who has saved in Dollars for retirement. And those ‘bonds?’… they are essentially worthless right now, before retirees are forced at gunpoint to hold them.
Here are some words to remember:
“Trust me, I’m from the Government.”
“I’m from the Government, and I’m here to help.”
CIGA Richard S.
Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans’ retirement nest egg as its new bailout fund.
Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction.
A commission looking for ways to close the deficit, and, noting the extent of 401(k) tax breaks, recommends an examination of the system as one way to prevent government bankruptcy.
Besides 401(k)s, other possibilities include the mortgage-interest deduction on second homes, as well as benefits from employer-provided health insurance, which are untaxed now.
Under current 401(k) rules, total employee/employer contributions can’t exceed $50,000. In the proposed rule change, employer/employee contributions would be limited to 20 percent of the employee’s compensation, with a maximum of $20,000, the so-called 20/20 proposal.
Another proposal being discussed in Congress says all tax deductions on 401(k)s and IRAs to be replaced with an 18 percent credit. The credit, according to a proposal that has been endorsed by economist William Gale, would be placed directly in a person’s retirement account.