Its easy for Treasury Secretary Geithner to reassure federal employees filching their life long nest egg funds is backed by a worthless IOU since its not his retirement. This is known as robbing Peter to pay Paul. Instead of reducing the size of government by eliminating unconstitutional cabinets and agencies, Congress simply borrows more debt from foreign governments. Repayment of those civil service retirement funds is paid with debt. Can you describe anything more irresponsible than that? Try this one: The US Government spends $435,841,200 per hour Art. II, Sec. II of the U.S. Constitution does not authorize the president to spend or borrow one penny of the peoples money. He can use the bully pulpit with his party to move the idea along. But, any such change in existing laws would have to come from Congress. Does that mean Obama wont try? Nothing is out of the realm of possibility when it comes to the current occupant of the White House. As the dollar continues to lose its purchasing power, many seniors are finding their 401(k) accounts are not going to get them through through their golden years: 401 Ks are a disaster According to the Center for Retirement Research at Boston College, the median household retirement account balance in 2010 for workers between the ages of 55-64 was just $120,000. For people expecting to retire at around age 65, and to live for another 15 years or more, this will provide for only a trivial supplement to Social Security benefits. And thats for people who actually have a retirement account of some kind. A third of households do not. For these people, their sole retirement income, aside from potential aid from friends and family, comes from Social Security, for which the current average monthly benefit is $1,230.
Posted on: Tue, 15 Oct 2013 22:02:12 +0000
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