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Guest Post: Boiling Frog Alert: Congress Wants Automatic Wage Deductions To Pay Down The Debt

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Fri, 07/08/2011 - 15:02 | 1437743 digitlman
digitlman's picture




Fri, 07/08/2011 - 15:08 | 1437774 Pladizow
Pladizow's picture

Do everything you can to get your money out of the US!

Fri, 07/08/2011 - 15:16 | 1437826 max2205
max2205's picture

Yep, next a yard sale or car wash, or upcake stand...weeeeeeeeeeeeeeeeeeeeeeeee

Fri, 07/08/2011 - 15:24 | 1437887 TruthInSunshine
TruthInSunshine's picture

Uncle Sam tells each Amerikan (as Bernank lurks in the shadows):

It puts the lotion on its skin or else it gets the hose again.

Fri, 07/08/2011 - 15:33 | 1437932 Nathan Muir
Nathan Muir's picture

I needed that laugh on this Friday!  On a side note, I tell every proponent of tax increases I know, the IRS lets you mail in extra cash right now, feel free to cut the check.  Funny, I've never ran into a taker.

Fri, 07/08/2011 - 15:43 | 1437981 FEDbuster
FEDbuster's picture

What's next a "Secret Santa tree" for the military?

Fri, 07/08/2011 - 15:44 | 1438000 Bicycle Repairman
Bicycle Repairman's picture

I think they already have a similar program in place.  It's called FICA.


Fri, 07/08/2011 - 16:02 | 1438084 the mad hatter
the mad hatter's picture

Congress: morally bankrupt since 1913.

then: we'll unconstituationally authorize a war as long as we send your kid. now: we'll pay down our drunken sailor spending sprees with your hard earned cash and not ours. future: we're going to repeal the 3rd amendment, make ourselves at home in your house, fuck your wife, and eat your kids while you watch.

how the hell do these a-holes get elected in the first place?

Fri, 07/08/2011 - 16:06 | 1438110 Fukushima Sam
Fukushima Sam's picture

T Rowe Price manages my employer's 401k program.  I just got a letter from them saying that starting August 1 I would be "automatically enrolled" in a 3% deduction for the plan "even if I previously elected not to participate."  Naturally the wording of the letter was about how lucky I was that they made this so easy on me.

This smacks of desperation.  Not sure if this descision is my employer's, or the plan, or if .gov needs to siphon more earnings into the 401ks before confiscating them, but it is very strange.

Fri, 07/08/2011 - 16:11 | 1438138 MsCreant
MsCreant's picture

I hope you can unenroll. 

Fri, 07/08/2011 - 16:53 | 1438282 DaveyJones
DaveyJones's picture

is congress eligible for this deduction?

Fri, 07/08/2011 - 17:02 | 1438326 W T Effington
W T Effington's picture

Fuck those Motherfuckers.

Fri, 07/08/2011 - 17:23 | 1438395 DoChenRollingBearing
DoChenRollingBearing's picture

This what things look like when they get completely out of control.

Shut down your 401ks and your IRAs.  Then buy some gold.  Get to at least 5% (better 10% or more) of your net worth in gold.

Disclosure: I am at 12%, so yeah, I am talking my book a but here.

Fri, 07/08/2011 - 17:29 | 1438411 Fish Gone Bad
Fish Gone Bad's picture








This is so very sad.  It is like they are not even trying any more.






Fri, 07/08/2011 - 17:35 | 1438428 nope-1004
nope-1004's picture

I'm sure mr. weasel head Tim Geithner had some input in this bill.  After all, who else is so inclined and adept at confiscating public funds and usurping private security?

USA is going down.  We're all watching it in real time.

F'in A.



Fri, 07/08/2011 - 18:11 | 1438495 nmewn
nmewn's picture

Brudah, can ya spare a dime ;-)


Fri, 07/08/2011 - 20:58 | 1438829 chumbawamba
chumbawamba's picture

America is the best country in the world.

I am Chumbawamba.

Fri, 07/08/2011 - 21:11 | 1438845 AssFire
AssFire's picture

Yes and I love Norwegian flash mobs.. [hint Norewgian= Nigger]

So that is the new term.. God Dam Norwegians! see it's great

Fri, 07/08/2011 - 21:33 | 1438898 Pez
Pez's picture

You say you want a revolution
Well, you know
We all want to change the world
You tell me that it's evolution
Well, you know
We all want to change the world
But when you talk about destruction
Don't you know that you can count me out
Don't you know it's gonna be all right
all right, all right

You say you got a real solution
Well, you know
We'd all love to see the plan
You ask me for a contribution
Well, you know
We're doing what we can
But when you want money
for people with minds that hate
All I can tell is brother you have to wait
Don't you know it's gonna be all right
all right, all right

ah, ah, ah, ah, ah...

You say you'll change the constitution
Well, you know
We all want to change your head
You tell me it's the institution
Well, you know
You better free you mind instead
But if you go carrying pictures of chairman Mao
You ain't going to make it with anyone anyhow
Don't you know it's gonna be all right
all right, all right
all right, all right, all right
all right, all right, all right

Fri, 07/08/2011 - 23:46 | 1439133 Haywood Jablowme
Haywood Jablowme's picture

Nah, these following lyrics are more suitable since the american sheeple have no balls to revolt.....


Title: The Beatles - Taxman lyrics

One, two, three, four...
One, two, (one, two, three, four!)

Let me tell you how it will be;
There's one for you, nineteen for me.
'Cause I’m the taxman,
Yeah, I’m the taxman.

Should five per cent appear too small,
Be thankful I don't take it all.
'Cause I’m the taxman,
Yeah, I’m the taxman.

(if you drive a car, car;) - I’ll tax the street;
(if you try to sit, sit;) - I’ll tax your seat;
(if you get too cold, cold;) - I’ll tax the heat;
(if you take a walk, walk;) - I'll tax your feet.


'Cause I’m the taxman,
Yeah, I’m the taxman.

Don't ask me what I want it for, (ah-ah, mister Wilson)
If you don't want to pay some more. (ah-ah, mister heath)
'Cause I’m the taxman,
Yeah, I’m the taxman.

Now my advice for those who die, (taxman)
Declare the pennies on your eyes. (taxman)
'Cause I’m the taxman,
Yeah, I’m the taxman.

And you're working for no one but me.


Sat, 07/09/2011 - 00:29 | 1439163 Mr Lennon Hendrix
Mr Lennon Hendrix's picture





But the fool on the Hill, sees the sun going down, and the eyes in his head, see the world spinning 'round!

Sat, 07/09/2011 - 05:30 | 1439303 4horse
4horse's picture

Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
And they always have clean shirts to play around in.

And in their styes with all their backing
They don't care what goes on around
And in their eyes there's something lacking
What they need's a damm good whacking.

Everywhere there's lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.


Sat, 07/09/2011 - 06:59 | 1439331 pupton
pupton's picture

AssFire, the correct new PC term for "Niggers" is "young people". You could also substitute "youths", "teens", or make up your own extraordinarily vague term that gives the reader no idea that the attackers are really just a herd of niggers.

Fri, 07/08/2011 - 23:17 | 1439073 nmewn
nmewn's picture


"America is the best country in the world."

LOL!...we may be going to hell in a basket, but at least I'm enjoyin the ride ;-)


Fri, 07/08/2011 - 18:09 | 1438491 Sudden Debt
Sudden Debt's picture

IT's not the First time the US did this. They also did it during WO II to fund the war and stopped it in 1945.


And as far as i know, the US is still at war with a few countries :)


Fri, 07/08/2011 - 23:08 | 1439058 markmotive
markmotive's picture

I'm pretty sure Canada has been doing this for a while now.

BTW - check out David Einhorn's Q2 commentary:


Fri, 07/08/2011 - 18:19 | 1438492 Sudden Debt
Sudden Debt's picture


Fri, 07/08/2011 - 18:19 | 1438509 coppertop
coppertop's picture

Yeah- Arizona and Texas

Fri, 07/08/2011 - 18:29 | 1438531 Use of Weapons
Use of Weapons's picture

The strategic difference you're missing is that last time it was done, both Germany and Japan became industrial powerhouses and balanced the TPTB's books. Total rejuvenation.

Afgan? Barring oil pipelines, and the fantasy of untold gold deposits [hello, JP Morgue] and vast poppy production, the country is so fucked that it will never rise again.

Iraq? Ok, so 14 major bases and a bit of oil... nope, that's a pump n dump as well. A decent economy reduced to fuck all. Oh, and if you didn't notice [ref: prior ZH post] - the missing billions went to ex-soviet gangsters operating in Israel. (LOL. If you're clued in, you might want to notice that the two largest Russian mafias are... Jewish. Srsly. I've been to more Bar Mitzvahs than most Rabbi's in Israel).

Bottom line: WWII 'worked' because the losers in the equation became stalwart allies in the Capitalist model [ffs, Japan basically became a US protectorate in terms of econ. modelling - GE reactors, cough, cough, and so on].


This time - there's no more growth.



Fish [global] just died out [+70% of all stocks]. This means --- 2.6 billion people rely on the oceans, and they just ran out.


>> Get a clue.



Fri, 07/08/2011 - 19:27 | 1438661 Hook Line and S...
Hook Line and Sphincter's picture

Become an independent contractor BITCHEZ!

Fri, 07/08/2011 - 22:55 | 1439037 Haywood Jablowme
Haywood Jablowme's picture


When, oh when will the dumbed down sheeple stop paying their income taxes???


Sat, 07/09/2011 - 00:18 | 1439158 Sun Tsu
Sun Tsu's picture

No sheepskin Trojan's where you're going next.......

Sat, 07/09/2011 - 10:10 | 1439442 Haywood Jablowme
Haywood Jablowme's picture


Yeah, I prefer latex when I hit the massage parlors after a good day of trading....



Fri, 07/08/2011 - 21:38 | 1438907 Lawrence
Lawrence's picture

Sure, this program is "voluntary" ... for now!

Once they get it established, the payroll deductions will become mandatory.

Sat, 07/09/2011 - 03:57 | 1439276 Petrolia
Petrolia's picture

When people talk of % of net worth in PM's would that be net worth excluding family home ?

I'm up to about 6% of net worth excluding family home. I'd like to go higher but I always worry that TPTB seem to have a never ending box of tools to manipulate the PM prices down.

I'll add that about 85% of the 6% is in Goldmoney.com.  Rest physical.  I've been flying via Dubai quite often recently and I've started buying a couple of 1oz gold coins each time.  It's expensive but I like the anonymity.

A while ago someone here asked about opinions on Goldmoney.  I don't think there were any replies.  I trust them more than any bank but am still not 100% sure the gold is truely allocated.  It's supposed to be but who knows what scams go on in the PM allocation world ?

Fri, 07/08/2011 - 23:24 | 1439084 CompassionateFascist
CompassionateFascist's picture

The sheer effrontery of the scheme dazzles the mind. The gub'mint can have my penny jar...after the cat craps in it.

Sat, 07/09/2011 - 06:53 | 1439326 Zero Govt
Zero Govt's picture

do they take 2nd hand clothes, furniture, past its Sell-By date cans of apricots etc?

..if they're that desperate for handouts they could have my old underpants, sports socks and a poster of Farah Fawcet-Majors (i've moved on) and could at least work a bit trying to flog/swap it as i'd rather hold onto my cash thanks

Fri, 07/08/2011 - 17:01 | 1438321 rmsnickers
rmsnickers's picture

That is your employer's decision...albeit one that TRP convinced them to do.  Basically, the thought is that some people who don't already contribute will be enrolled and of those enrolled, some will not opt out.  Thus...more contributions for your employer (helps for compliance testing the highly comped guys) and more importantly...more funds managed by TRP to siphon off via expense ratio.

Fucking captcha.

Fri, 07/08/2011 - 18:54 | 1438601 Fukushima Sam
Fukushima Sam's picture

Thanks, that's what I figured.  Got a reminder set to un-enroll the same day!

Fri, 07/08/2011 - 17:11 | 1438363 Critical Path
Critical Path's picture

Got the same wording provided to me, however not from T.Rowe Price but rather Fidelity...


They actually include it in the benefits section, "you will be automatically enrolled at a 3% contribution rate"... no thanks assholes.  I'll keep my money and decided how to invest it myself, ticker symbols: GOLD & SILVER.  Fuck you very much though.

Fri, 07/08/2011 - 19:10 | 1438627 BoeingSpaceliner797
BoeingSpaceliner797's picture

My employer attempted the same thing during my first 60 days after start date.  I opted out as well. 

Sat, 07/09/2011 - 00:15 | 1439157 Sun Tsu
Sun Tsu's picture

By executive decision of the FED, June 24, 2011, private pension plans shall......

                - Skynet

Sat, 07/09/2011 - 07:31 | 1439342 Remo Williams
Remo Williams's picture

How can you be enrolled in something that has not yet made it out of the House?  The bill was introduced to the House, it is not yet law.

Fri, 07/08/2011 - 19:45 | 1438699 Dugald
Dugald's picture

Because millions of voters believe the hype and BS and don't bother with due diligence as to a candidates ability, its so easy to just cross fingers and pull the lever.

Then when you realise you have a total twat for a rep you get all upset, and its someone else's fault.

Sat, 07/09/2011 - 01:10 | 1439189 snowball777
snowball777's picture

how the hell do these a-holes get elected in the first place?

You keep driving voters into their open arms with idiotic hyperbole.

Sat, 07/09/2011 - 12:31 | 1439625 DosZap
DosZap's picture

how the hell do these a-holes get elected in the first place?



Easy!!, the welfare 5th Generation type do it.

Folks the sooner we all realize we have at LEAST two separate countries in the US, the better  understood this crap will be.

Also, it gives you SOME idea of how little these people actually have to do.

Nothing worse than a lawmaker with nothing else to do except produce more inane laws.

Face it, if this is not a major wake up call for shutting off IRA's, and CD's, and 401k's.

I do not know what it will take.I am really surprised that they have not forced folks to cash out of IRA's, and 401k's, to make them pay taxes NOW on current savings,at current tax rates, and leave the principal in to start over again.

A double scoop if you will.

Fri, 07/08/2011 - 15:44 | 1437992 Thomas
Thomas's picture

These guys rode the short bus to school.

Fri, 07/08/2011 - 15:47 | 1438018 coppertop
coppertop's picture

The shrimp speakes

Fri, 07/08/2011 - 16:46 | 1438253 akak
akak's picture

But the battery can't spell.

Fri, 07/08/2011 - 18:21 | 1438515 LeBalance
LeBalance's picture


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