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My grandparents were pretty much broke in their retirement years. My parents gave them a spare bedroom. Grandma and Grandpaw did some light housework and fixed dinner. Small Social Security checks for extras. Soap Operas and Lawrence Welk on Saturdays for entertainment.
Old people aren't that much of a threat to revolt so they're going to get their soc. security and live with friends, family etc. in relative poverty like they always have when retiring with nothing but soc. security to back them up.
I see them in the trailer park off a pier I fish at in Florida filling up 5 gallon buckets with water from the public taps to carry home to wash dishes, bathe etc. with. Most will make do. Others won't.
They're not going to illegally seize 401k's but they might increase payroll taxes to boost SS payouts etc. The former would be unconstitutional and is a source of eventual tax income for the govt. anyway.
You’re describing ‘eminent domain’ - and would require the change of laws for this to legally happen pertaining to private funds, which isn’t likely - even if it were to make it to the Supreme Court. Ownership of private property is a founding principle of this country.
Taxes are a different story.
Last edited by CorporateCowboy; 02-19-2019 at 02:02 PM..
Look into your stats. very few have substantial equity in their homes. Many have none. foreclosures, and repeated refinancing helps to ensure minimal equity.
What we have is a perfect storm coming in about 10 - 15 years. 1. People do not have savings. 2. Most people do not have pensions; the few remaining pensions are underfunded. 3. Few people have substantial equity in their homes. 4. Many people have substantial debt that will not be retired before they retire. 5. Social Security is already struggling to remain meaningful. 6. for the first time ever, fewer people will be working than retired. This has never happened before in the history of modern society. 7. Costs, especially medical costs continue spiraling out of control. Growing numbers of people will need more and more medical care. It does not matter whether the government, insurance or the individual pays for it, it still has to be paid for. 9. Safety nets are begin eroded. Families are breaking up early in life, churches are fading away. Community service/charity is losing its priority in people's lives.
Roll everything together and have them all peak in the time approximate time and you have unprecedented problem. With five potential solutions identified so far: 1. tax the snot out of the people who are still working. 2. Tax the snot out of the one pocket of big money remaining available (401k and other investments, equity in houses etc), 3. Let people die. 4. Kill people off at a certain age. 5. Print more money.
Personally I think 1 is unlikely because they will already be heavily taxed for other reasons. 2 will definitely happen, possibly in concert with other solutions. 3 or 4 seem impossible to happen to us today, but we are not talking about today. Could it happen? I doubt it will, but it certainly could. We are doing things today tha only a few years ago people believed would never possibly be accepted. no way. Not possible. At least until they happened. 5. Will almost definitely happen. probably in concert with 2.
Your armageddonism has no basis in reason or fact. May I suggest an alternate career for you as a climate change publicist?
People can survive on a surprisingly low amount of money if forced to. I'm talking shared bedrooms, lots of cooked rice and veggies, and very little to no electronic devices.
This is absolutely true, when you remove all the fluff out of people's lives it's amazing how little one needs for the essentials... roof over your head - in many places housing is dirt cheap, some medical insurance, good food that you cook yourself - if you are savvy with bargains food can be dirt cheap as well.
It is amazing the kind of dystopian scenarios people come up with. If the US government is raiding your 401k funds to make the budget, that will probably be the least of your problems.
I agree.
Our retirement income is 100% spent domestically, mostly on services and consumables and a very small amount on imported products. Confiscation will kill the goose.
It sure will.
Far too few people save for their retirement as it is, so let's pass laws that discourage people from saving.
People will think "Why should I scrimp and save if the government is going to take most of what I save? I might as well live it up while I am young if I am going to end up living poor in my old age anyway."
A vast amount of people will simply stop investing money for their retirement.....and that will precipitate a host of other problems that I can't even imagine.
What would happen if, let's say, stock market investment dropped 50 percent?
A lot of companies would go out of business meaning a lot of people would lose their jobs, which would reduce spending, which would cause more companies to go out of business which would cause even more job loss and on and on and on........YIKES!
Obama started trying to talk about taxing Roth IRA's and he was quickly rebuked. 401ks are already taxable. I am not sure if you are talking about the government taking the actual 401k or taxing it.
It is amazing the kind of dystopian scenarios people come up with. If the US government is raiding your 401k funds to make the budget, that will probably be the least of your problems.
Seriously. I'm not sure how this even became a big topic of discussion.
If you're scared of this happening, you should be stockpiling yams and bullets.
Seriously. I'm not sure how this even became a big topic of discussion.
If you're scared of this happening, you should be stockpiling yams and bullets.
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