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Friday, March 26, 2010

Death Spiral

I saw two interesting headlines on Drudge a while ago. The first says: Social Security Payout to Exceed Pay-in.......this year! The second headline: Personal Income Drops Across USA.

This whole economic debacle we're in is starting to unravel. Social Security is broke. As personal income declines and payroll tax collections fall, Social Security will become more broke. Since the gubment will have to rob Peter to pay Paul out of the general fund to keep Social Security afloat, the debt, already exponentially magnified by the stimulus and now another trillion plus with Obamacare will be even greater. We're going broke at light speed!

I don't see Social Security happening for me by the time I retire. I am 57. I started paying Social Security when I was 14. I figure I'll get nothing back on my investment. HELL IT'S ALL GONE NOW!

No worries, I have never planned on Social Security from the time I started planning my retirement many years ago. I have tried to make stable and wise investment decisions in the free market for my investment future. I should have been allowed to do this with Social Security. George Bush had the right idea on this one. He was demonized.

Unless Obama and his communist thugs figure out a way to wrestle my retirement money away from me (they may do it) I'll be alright. Unfortunately, there are a whole slew of people out there DEPENDING on Social Security. What a shock this will be. As I told a Facebook friend the other day, "When you put all your eggs in the basket of the gubment, your eggs will be broken every time."

What can I say? I am watching the death spiral happen right before my eyes!

1 comment:

  1. News headline this morning, "Union plans for government to take over all 401K retirement funds, EVEN PERSONAL INDIVIDUAL retirement funds.

    Right Truth