But the real point of this can be found on the top]right of page 12 under the header "Why not simply expand Social Security?"
"If subsidies for 401(k)]style plans and IRAs can be reallocated to Guaranteed Retirement Accounts, why not use this money to shore up and expand Social Security? This is certainly an option."
This is an admission that there is no "lock]box" in effect on the GRA money, and it would be a FLIPPING FREE FOR ALL. The 401(k) and IRA assets in the United States are currently pegged at over SIX TRILLION DOLLARS. The Obama regime would instantly "borrow" against that money and burn through it in the blink of an eye in the Ponzi Scheme method of SocSec. It is widely thought that the first group to be bailed out by GRA siezure money would be . . . wait for it, wait for it . . . unions. SEIU is massively underfunded on its retirement obligations.
Sadly, I am not shocked by this. It is something I whispered to my wife several years ago, hoping that the demons who give ideas to the federal government would not hear me. Apparently they did.
This would make me very unhappy. It would be theft and a gross violation of the social contract, and it would not surprise me at all to see it attempted.
I heard Mark Levin interview the brainchild of the GRA about a year (or was it two) ago. At the time I said, IMPOSSIBLE! Now, it doesn't sound so.
ReplyDeleteIt would be criminal. But, they will go all-out 24/7 for months on end trying to tell us that it's the only way to save Social Security. And there are a lot of people headed toward retirement who have little or nothing in their accounts that will be all for it.
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