Saturday, January 16, 2010

Your Govenment Hacks Pensions our safe but is your IRA or 401Ksafe?

NOPE! How is that for Hope and Change? The following piece appears on the WND website.

Quote of the Day - "A government big enough to give you everything you want is a government big enough to take from you everything you have," Gerald R. Ford in an address to a joint session of Congress on August 12, 1974

Spelling and grammar errors as well as typos are left as an exercise for my readers.

Now Obama wants your IRA

The Democrat version of Hope and Change is very simple: You get the hope, we keep the change.

Changes are afoot for your IRA, SEP or 401(k). The Democrats have emptied the public piggy bank, petitioned the Federal Reserve for zero-interest loans, and now they're coming for what's left of your retirement.

Of course, their motive is compassion. You listened to the evil Wall Street stockbrokers and investment bankers (you know, the ones that donate so heavily to Democratic candidates), and now your retirement fund has plummeted in value, while your home is worth less than you owe. But fear not! We have a plan.

It's really very simple. Just give us the money. In return, we will give you our best promise to pay. (That would be Treasury IOUs. You know – the same ones they've already "invested" your Social Security payments in while they've spent them as general revenue, and which now have to be repaid by ordinary taxpayers – which would be you.)

Now, why would big ol' Uncle Sam want my poor little IRA? Could it be that somebody in Washington, D.C., knows the market is not going to let them borrow enough money – at an interest rate they can afford – to fulfill their grandiose plans for Utopia on the Potomac?

Could it be that China has already told Obama, "Thanks, but no thanks. We already own enough Treasuries. You can't afford what you want, and we're not going to pay for it."

Could it be that government prognosticators have looked at the soggy green tea leaves in Obama's cup and concluded that Jimmy Carter's 17.5 percent home mortgages are already "in the pipeline"? (That is what I paid on my first condominium mortgage. "Welcome back from overseas, soldier. And thank you for your service. Care for a peanut?")

To read the rest of the story go to the WND website.

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