US Debt Solution
Posted in the Blowing Rock Forum
#1 Oct 9, 2013
I think the government should confiscate all the 401K money in the banks. They could record the amount taken from each tax payer and on their retirement they could give that money back on a per month schedule like social security. All that money just setting there could be used to pay off the national debt.
#2 Oct 9, 2013
Itís not enough, the government would also have to confiscate IRAís and employer-sponsored retirement plans. But it could work.
As of September 30, 2012, 401(k) plans held an estimated $3.5 trillion in assets and represented approximately 18 percent of the $19.4 trillion U.S. retirement market, which includes employer-sponsored retirement plans, individual retirement accounts (IRAs), and annuities.
#3 Oct 9, 2013
They basically pulled that play already. It was called a bear market. We invest, market drops, we lose our 401's, however big business has our money, they smile and say "sorry you lost". So then to see how dumb investors are, gov pumps 85 billion a month into the market calling it QE. Artificially creates a bull market at record highs to lure investors in once again. Watch closely and you will see it crash again, transferring the money from the working to the wealthy. The market is addicted to cheap, gov money. No way the numbers can stand. Market should be in the 11,000 range , not 15000's as stressed as the economy is. It's all one big shell game.
#4 Oct 9, 2013
It should be pretty clear what happens to every thing the government puts it's paws on, and it ain't good. Social Security was operating way in the black in the late 80's early 90's. Due to the surplus of revenue, several other government offices "borrowed" money from them-NASA being one.
The biggest reason Social Security is in the mess it is in is due to lending out money to other government programs and receiving IOU's in return.
So with all that said, are you willing to put your own personal 401K and retirement portfolio in the government's hands?
#5 Oct 9, 2013
You make a valid point, SS was self funded with reserves for future claims until politicians decided to borrow the funds for other non self-sustainable programs. Now our programs funding revolve around a huge Ponzi scheme which is only legal for the government. It is no different than what Bernie Madoff was convicted of.
#6 Oct 10, 2013
Well I don't have an IRA or a 401K so I think its a great idea for you people with all this extra money to help pay off the Debt.
Really! If you have all this extra cash you don't need and can just hide it in a retirement account for years and years why shouldn't the goverenment be able to use it. Bunch of selfish people!
#7 Oct 10, 2013
I'm like you, if they can find my 401k they can have it.. The last market crash consumed what little was left.. 401k's are the absolute worse investment device on the market.. Retirement funds should have never been moved into the hands of wall st greed.. They basically screwed us and smiled as they took the funds. Then to reattract people into the market they pump 85bil month in QE funds to prop it up so they can bite us a second time. No concern of mine though, hard enough to pay bills, damn well not concerned with investing now.
#8 Oct 11, 2013
I don't have one either Doc. If I did, I'd want to be the one handling the funds and making the decisions about investing. I wouldn't sink one thin dime into the stock market in today's time.
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