What am I ranting about? How about, while we were all wrapped up in following the Presidential election those idiots in the House were holding hearings on the financial crisis. And one of the ideas that was put first was to roll every one's 401K or IRA into GOVERNMENT Retirement Accounts managed by the Social Security Administration.
Here is one sad fact of the ponzi scheme farce called Social Security. You think all those auto worker pension plans are underfunded, then you have not paid attention to how SSA funding goes. Every cent that you as an employee pays into Social Security goes to the SSA fund. But as soon as the current year's financial commitments are met, all the excess cash in the SSA gets dumped into the General Fund while Congress places an IOU in the SSA fund saying Congress will put the money back - eventually. So I am willing to put $100 down that if the GSA's are approved, all our retirement money will get mixed with regular SSA funds and once the year's obligations are met it will get poured into the General Fund so all those jerks in Congress can have more money to waste on their feeble-brained pet projects.
Whats worse about these GSAs? Unlike our 401Ks or IRA accounts, the GSAs' accrued interest will be taxable every year. And only half of what is in the GSA will be passed onto people's survivors when the account holder passes away. So after taxing all of our labors year after year, the government will get one more swipe at our retirement money as they toss the dirt into our grave.
And it gets worse since they also want to redistribute our retirements to other people. Think I am kidding? I will let one of the avaricious wastrels that infest Washington DC pretending to be a lobbyist say it.
"Moving to refundable tax credits for promoting socially worthwhile activities would be an important step toward enhancing progressivity in the tax code in a way that would improve economic efficiency and performance at the same time," Greenstein said.
That's right, they want to take from the people who work hard and earn more money and give it to those who do not make as much. Which will make mattresses more popular for keeping money safe, but it will cause people to pull their money out before it is literally looted from them by the government all in the name of 'for their own good.' And when loanable money vanishes from the economy, guess what follows? Economic collapse.
So far Congress has not made the move to this draconian measure of theft though with this lame duck session of Congress it just may happen and be waiting for President Obama to sign it into law. So we taxpayers better bombard our elected officials with outraged screams of protest.
Government can only govern if both sides keep the contract. Taxation without representation is unfair, so is taxation under the guise of 'social justice' unfair. Just remember, when in the course of human events.