Home More advice Politics & Law
Obama wants to use your 401K to put toward government debt, I think this sucks.
I agree with your assessment on neoconservatives sabotaging essential entitlement programs. I have made the same assessment on other threads here. They offer a false premise. I think that certain entitlement programs need to be overhauled to try and prevent abuse... but for the most part... paying for perpetual wars and bailing out banks who lose on speculations should be the first item on the agenda.
I'm not sure how you have addressed my point.... or why you felt the need to reply to my comment. Is there a government agenda to accrue debt? Yes. Is it partisan? No. Clinton looted SSI to pay a debt that we did not owe... at least not the portion paid to the Federal Reserve. When a banking system has the ability to buy debt without actually leveraging anything of value... they are not taking a risk... they are not forfeiting assets. There is no debt owed them. The problem for us.. however... is that when the government sells the central bank the Treasury bills... because it has surpassed its budget... the central bank can then create new loan money through the fractional reserve lending policy... which inflates our dollar that much more. If you haven't noticed... we are awash in federal reserve notes... and paying $4 per gallon of gasoline. You can blame it on conservatives if it helps you sleep better at night... but I am not one for smoke up my a$$.
We are in debt because conservatives who have been in power most of the last 30 years want debt. Ronald Reagan, Grover Norquist, Cheeny and lots of other conservatives advocate "Starving the beast." Economist Paul Krugman advised Republicans not to talk about unpopular spending cuts but instead to talk about popular tax cuts which would lead to unsustainable budget shortfalls necessitating cutting popular programs. I am all for an honest debate between liberals and conservatives about the proper role of government in our lives and about the cost and benefits of every government program. What I dislike is the way conservatives are sabotaging entitlement programs in order to justify eliminating them.
Considering that our financial system is debt-based. The Federal Reserve operates by buying up Treasury bills with Federal Reserve Notes...ie US currency... that is created for this expressed purpose. Why should the people be accountable for repaying debt owed to the Federal Reserve? Our debt is settled by virtue of the fact that our purchasing power is diminished. We owe the bankers nothing. Japan... China... private holders... we owe them... not sure how we go about repaying them... maybe they learn a lesson and in the future demand collateral for debt.
AFAIK the Obama Administration has not endorsed "Retirement USA." Some labor unions are behind this plan. There have been a few proposals to consolidate the various retirement plans into one plan. None have made it very far.
