Congress Eyeing ‘Idle’ Private IRA and 401k Money?

WolfMany don’t know that Congress owes Social Security big bucks to repay all the Social Security surplus money it has ‘borrowed’ without repayment. Most do know Congress is broke, running on borrowed money it has no idea how to repay. And if anyone doesn’t know by now that Congress loves to spend, it must be someone working the last fifty years under the ice in Antarctica. So, Congress feels unsatisfied…there isn’t enough to spend!

Funny thing; a lot of citizens are having to adjust to exactly that in their own finances. And with the extended-to-almost-infinity unemployment benefits running out for more folks, the pinch is hurting for a lot of people. More Raid Retirement Accounts To Pay Bills explains how some are forced to deal with their finances. A chancy solution with Social Security under threat.

So both citizens and Congress need money. Congress gets its money from citizens who aren’t earning enough to satisfy it anymore. What to do? Congress has an idea: There are trillions sitting idle (as Congress sees things) in folks’ IRA and 401k plans. Surely those citizens will be grateful if Congress takes over those plans and guarantees the money? Like it guarantees Social Security? Now Obama Wants Your 401k Will explain for you.

You gotta love your compassionate Congress, right?

About Jack Curtis

Suspicious of government, doubtful of economics, fond of figure skating (but the off-ice part, not so much) Couple of degrees in government, a few medals in figure skating; just reading and suspicion for economics ...
This entry was posted in Barack Obama, Congress, Debt, Domestic Policy, Finance, Fiscal/Financial Responsibility, Overspending, Politics, Recession, Social Security and tagged , , , , . Bookmark the permalink.

4 Responses to Congress Eyeing ‘Idle’ Private IRA and 401k Money?

  1. the unit says:

    JCurtisBlog…I get a feeling you are not a younster like unit isn’t. Luke 23:46 Jesus called out with a loud voice, “Father, into your hands I commit my spirit.” When he had said this, he breathed his last. Today he might add to that…”Lock and Load!”

  2. Jack Curtis says:

    Agnus Dei, qui tollit peccata mundi, miserere nobis…We’re going to need it. I did not understand, but saw the Great Depression. This one comes with understanding; I believe many will be grateful for having timed their exits to rather than too long after, its onset…

  3. I would say, “What will they think up next” but I’ve found that question always gets me into trouble.

    • Jack Curtis says:

      By that, one assumes certain types of trouble habitually seem to seek you out… Reminds that someone or other said that you can judge the charity of people by their friends and their quality by their enemies…

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s