Many 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?