Baby Boomers, Watch Out!

To The Editor:
High Social Security payroll taxes have contributed to yearly Social Security Trust Fund surpluses until the proclaimed surplus is now in excess of $2.42 trillion. However, Congress has elected to sacrifice Social Security on the altar of corruption by spending the entire surplus requiring the U.S. Treasury to cover the embezzlement by issuing non-negotiable IOU bonds to the Trust Fund. Such economically irresponsible and morally reprehensible behavior by the politicians demonstrates total disrespect for working people.
After looting the Social Security Trust Fund, Congress is planning to loot corporate pension plans, individual 401(k)s, and IRAs. The press first reported the issue of confiscation of these retirements plans in 2008 regarding hearings the House committee on Education and Labor conducted on proposals to confiscate workers’ personal retirement accounts. On Oct. 7 of that year, testimony was provided to the House Committee recommending that our government confiscate workers’ retirement plan accounts. After confiscation, our accounts would be converted to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
The confiscation of our retirement and savings plans would require our government to sell equities in the private accounts to exchange equities for the “safety of treasuries.” There is no safety in treasuries as they are Ground Zero when it comes to fiat (paper) currency risk. The Obama administration’s 10-year budget plan predicts that the national debt of the U.S. will exceed $25 trillion in 2019. At some total debt level, a tipping point will occur when our government can no longer pay the interest causing the debt bomb to explode. When that happens your “safe” GRA will become worthless.
ROBERT A. DAHLQUIST
Orange, Calif.