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Argentina's President Christina Kirchner plans to seize the country's private pension funds, supposedly to prevent "further market loss", but is suspected of just wanting to get her mitts on the money:
Lest you think, "Oh - that's just Argentina!", when one country tries it, others will follow. It's just too easy, and too tempting. Pensions are one of the last BIG chunks of wealth still out there. Chew on THAT one!
hey happytexan, you beat me to it by 3 minutes. A house committee had a hearing on the subject. Not widely publicized by the media. Gee, wonder why? They don't acually want to eliminate it, they want to control it. You keep contributing, they give 3%.
Sounds like another easy mney for the government. Bet in years to come it will be in the same shape as social securtiy and need a bailout forem the general fund. At 3% most white collar workers wouldn't even break even for COL.
of course our government will go after the pensions if they need money for all of that government spending! how any american could vote for bigger government at this point in time is beyond me.
of course our government will go after the pensions if they need money for all of that government spending! how any american could vote for bigger government at this point in time is beyond me.
Yup...they need it, they want it, they'll get it.
Only way to save for retirement will end up being after-tax dollars. They not only want to control vast sums of the "masses' money", they want us all taxed on it, too.
Retirement will end up being just another savings account. Obama wants to 'spread the wealth'? Here's a good way to do it! Take from the working people and 'spread' to the non-working. Hmmm...where have I heard that before?
My question is how anyone could trust the private sector with their retirement funds. The government would give only 3% but it would be 3% over inflation and your money would never disappear down some black hole of financial mismanagement. I assume the government, if left alone, will try to take my money and run. I also assume the private sector will do this no matter what I do. I never wanted an IRA invested in the "market" I just wanted an S& L account that paid a bit above inflation. Now I have to wait a long time to recover my paper losses. The bastards took my money and ran. They are no different from your local pickpocket.
hey happytexan, you beat me to it by 3 minutes. A house committee had a hearing on the subject. Not widely publicized by the media. Gee, wonder why? They don't acually want to eliminate it, they want to control it. You keep contributing, they give 3%.
Hi happytexan,
Thats perfect. That way you will only be rich when you are ready to die . The new American dream is to save enough to pay a respectable estate tax.
My question is how anyone could trust the private sector with their retirement funds. The government would give only 3% but it would be 3% over inflation and your money would never disappear down some black hole of financial mismanagement.
Well they did such a stellar job with social security!
The 3% is not over inflation, it's 3%. Basically the rate of inflation.
BTW, 10-year T-bills will earn you over 3% today, which you could buy in an IRA or 401(k). About as safe as a savings account at the bank.
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