$7,060,259,674,497.51--Federal Debt Up $7 Trillion Under Obama
I don't know how this can be! Our Dear Leader has told us that he's reducing our deficits. And the new Unaffordable Heathcare Act should net further reductions. I'm sure that by the time The One leaves office we will just be SWIMMING in cash!
http://www.usdebtclock.org/
I was in a graduate economics class in 2009-2010 when our Marxist professor put up a chart of the growth of the money supply under Bush and called on the "conservatives" (me and another guy) to explain what it meant.
Moreover, "we the people" do not actually owe the money: they, the government, do. No one is coming to your home for $150,000 in Federal Reserve Notes.
The money supply is expanding. Prices will rise. Investments will fall. Your standard of living will diminish. The culprit is Congress. But Congress is elected by the people. Even self-identified "Tea Party" activists want their Medicaid... especially them because they tend to old folks. We have been through this before: "Not worth a Continental." (And that was a Congress of true and famous patriots...)
Meanwhile, this was real money... and remained LEGAL TENDER all the way to 1857
http://ngccoin-production.s3.amazonaws.c...
Apologists for this sort of bad government behavior would claim they have every right come asking for the money. After all it was spent on us. You remember that whole "You didn't build that" thing?
As for the 401K, I can't touch that for over a decade without huge penalties.
Given the Dems already stated (in late 2013) intention to nationalize 401Ks (and possibly IRAs later), I have already withdrawn everything I can (almost half) right now from my Roth IRAs...
This doesn't make sense to me (although politicians often don't make sense) b/c monies in an IRA are shielded from some law suits. It's easier ordinarily for someone to take wealth held outside an IRA. If Congress were going after people's wealth, why would they focus only wealth held within an IRA. You only qualify for an IRA if your income that year was low. So why they go after wealth built by people with lower incomes?
They won't outright steal the money, but will require the balance to be reinvested in some gov't security - which will be a worthless piece of paper.
When interest rates rise with inflation and make interest on the national debt very difficult to pay, the Feds will resort to many "emergency" moves to help delay the collapse. They may even change the rules to make withdrawals more difficult. So, my recent choices with my Roth IRAs was my way to hedge my bets, to a certain extent...
The scenario of demanding they invest at least a percentage in Treasuries sounds plausible. They'd sell it as a) making sure unsophisticated investors don't take too much risk and b) preventing affluent sophisticated investors from putting all their high churn investments with short-term gains in the IRA while leaving their Treasuries outside the IRA.
The real reason would be to suppress Treasury yields so they can afford to keep borrowing and service existing debt. Even this move, though, would cause a backlash worse than the backlash for just getting the budget under control.
Earlier this year, I had completed my last Roth IRA conversion and had the vast majority of my retirement savings in my Roth IRA. When contemplating what the Dems are planning, as well as limited IRA investment choices that offer a solid hedge against currency devaluation, I decided to hedge my bets by withdrawing Roth IRA contributions and the earliest conversions (that met the 5 year rule), to avoid the 10% early withdrawal tax penalty. If I ever decide to withdraw the rest, I would be hit with a 10% penalty.
Losing the tax-free growth on that amount was a difficult choice that was not taken lightly. But I wanted more of my retirement assets unencumbered by the whims of corrupt politicians.
Gridlock would be better than the alternative we had in 08 and 09, but it is so gridlocked they can't rein in the white house either.
So we get the worst of both
Restricts the damage they do.
https://www.medicare.gov/Pubs/pdf/11306....
I wonder if she also called 911 when the drive-though at McDonalds didn't have her order made correctly?