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US Government Imposes Retirement Curbs On Six-Year Olds
Via Simon Black of Sovereign Man blog,
In 1729, that Jonathan Swift (of Gulliver's Travels fame) penned a famous satirical essay from England entitled "A Modest Proposal." It's still famous to this day as mandatory reading in many a high school literature class.
As you may recall, Swift addresses the problem of the ultra-depressed Irish economy and mockingly advocates that the Irish should sell their children for rich Englishmen to eat. Lovely thought.
I thought about the essay this morning when one of our Liberty Alert Service researchers alerted me to a new bill just introduced in the Land of the Free, HR 1160. The bill aims "to set the retirement benefits age for today's six-year-olds at age 70."
Maybe Swift wasn't so far-fetched. Screw the kids.
No doubt, governments are adroit at finding ways to steal from people. As the case of Cyprus demonstrated over the weekend, they're quite happy to propose confiscating funds at gunpoint.
They're also adept at seizing assets. In the Land of the Free now, there are hundreds of state, local, and federal agencies which have all the power they need to seize your property for violating some obscure regulation.
Then there are more subtle methods like inflation-- a slow, steady theft of people's purchasing power. Or taxation-- outright theft masquerading as patriotism.
This legislation is just another form of theft, and one of the most despicable-- pushing today's obligations onto the shoulders of future generations.
Moreover, based on the government's own monkey mathematics, social security faces an $8.6 trillion shortfall over the next 75-years... which is precisely the window of today's kids.
It seems almost surreal that a politician's solution to this is to move the goalposts back by a mere 3-5 years on receiving benefits.
It's the same sort of thinking that pervades the political elite-- that they can afford to kick the can down the road indefinitely, forever, with only the occasional band-aid fix.
It seldom works out that way. History shows that collapse comes very suddenly, often after months (or years) of false government promises. Just look at Cyprus.
Today's youth is going to have to pay into this bankrupt system for their entire working lives. And when it comes time to collect, there won't be a penny for them.
It's a terrible situation when you think about it-- if this Ponzi scheme collapses soon, it's today's retirees and working adults who get screwed. If the Ponzi scheme collapses in the future, it's today's kids who get screwed.
Neither option is particularly attractive. And anyone under 50 should plan on heading into retirement without government support.
Maximizing IRA contributions certainly helps; just make sure to set up a Global Self-Directed IRA to ship your retirement savings overseas. You'll be able to do things like buy foreign property or store physical gold abroad.
Moreover, if you set yourself up overseas, it's possible to LEGALLY reduce the amount that you're paying into the system through the Foreign Earned Income Exclusion and Double Taxation Agreements.
All of these steps are completely legitimate. And they're some of the best ways to avoid the coming theft.
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Set it for 100 years old, they will never see a penny anyway. Or if they do it won't buy jack-squat.
Off topic, but in NSW Australia, government has just removed your right to remain silent:
http://www.news.com.au/breaking-news/national/oppn-slammed-over-nsw-right-to-silence-law/story-e6frfku9-1226601328430
Toward the end times it was bibliclly said you would not want to be old, young, disabled or without money. And that there would be a great many wars. Seems we are bumping right up against it now, doesn't it??
I've never been a big end time person, but I must admit sometimes I have to wonder.
Logan's Hunger Games Run, I guess, is the future?
If you are going to steal, then it is best to steal from those who can not fight back... Just like fighting, its always easier to beat up the handicapped kid.
Strange, for I've had a number of folks who I've never thought of as particularly spiritual or religious unsolicitedly wonder out loud about end of days, Revelations, etc.
It's gaining traction.
My guess is that it's a significant indicator of the public's current psychology. There is absolutely no get up and go, sense of recovery, triumphing over difficult times, of good winning out, better days ahead.... none.
The animal spirits have flat lined
Which in turn bodes poorly for the economy...
Unlike what the Propaganda Mouthpieces would have us believe that all's well in heaven and upon the earth, so to speak.
Another indicator. Have you all seen that newish (year or so old) quarterly WSJ supplement? The largesse, bling, ticket prices and garishness are astoundingly tasteless and insulting.
Akin to the New Money of the 60's in the UK
New Money Trash
Is indicative of immaturity and questionable values.
I stopped getting the wsj a few years ago (after getting it for 20+years). The news and data flow are just not there anymore. I'm about to dump Barrons for the same reason. Five bucks for minimal investing leads and the data in the back is mostly gone. Certainly what's left is not worth the dinero. O/T- Alan Abelson hasn't been doing his section for the last month or so. Anyone know why?
@knuks- I've see it too. But what is amazing to me is the ones you would always know would be shouting end times scenarios (i.e. the funamentalist Christians) are more focused on the state gay laws passing as proof were near it. Most of them don't have a fucking clue what is really going on.
hey, don't forget praying in school.....even though they don't do it at home. They made a big deal out of that too. Fundamental Christians seem to be the most oblivious...I don't get it either. Shut up and pass the potato salad only goes so far. You'll hear them all thanking God the economy has turned around...pass the collection plate and thank you Jesus. They just have no clue what's about to hit them. They only reason they think the economy has turned around is because of their faith in 401k stock market ramp paper appreciation.
"In 1729, that Jonathan Swift (of Gulliver's Travels fame) penned a famous satirical essay from England entitled "A Modest Proposal.""
Actually, Tyler, the essay was not written "from England". Swift was Irish ("Anglo-Irish") and wrote "A Modest Proposal" from Dublin, while Dean of St. Patrick's Cathedral.
You're addressing the wrong person. Tyler didn't write this article .... Simon did.
are you implying that simon black is actually Gulliver of Gullivers travels?
It's what happens when you let a Govt tell you what you can and can't do. Give them an inch and they take a mile, so give them nothing at all. For sure they'll have a version of this ready to go in Victoria and Queensland - via Royal Ascent of course.
So it's 'legal'.
This is what happens when you let a tyrannical government take your guns. Aussies need to burn their motherfucking government into the ground.
Looks like the shooters party supported the legislation.
Century Bonds bitchez
/LOL
100 yrs for today's six-year-olds is reasonable. Advances in molecular genetics over the next 15-20 years will significantly extend life.
Pre-teens today can expect 20 years of school, 60 years of work, and 20 years of retirement.
One reason governments plan so poorly decades into the future, is that they, by nature, only have a 2,4, or 6 year planning horizon ... and much less vision than people in policy-making positions need to be effective.
The 40-quarter qualification for Social Security, for example, is one blatent example of long-term lack of vision and planning. Work ten years over a lifetime and collect for thirty. How could any program run out of money with that kind of foresight?
I call bullshit:
Today's kids will actually have a shorter lifespan. If you take a look at what (U.C.S.F. pediatric endocrinologist) Robert Lustig put out a few years ago (http://www.youtube.com/watch?v=dBnniua6-oM) you would know we are in an epidemic of metabolic syndrome.
Add to that the constant radiation coming from Japan and the Gulf of Mexico spewing oil, there is plenty to be worried about.
30 years of school, 10 of it remedial
10 years unemployment
30 years part-time employment
0 years retirement
And we’ll see about life-span once the real food & clean-water situation actually pans out. The economic disaster is only part of what is addressed often here: the ecological disaster is huge. Yes, there’s clean water shortages from industrial waste & water isn’t moving as it used to, to regions already set up as farms, thanks to global warming’s effect on humidity uptake & rains. But let’s not forget FUKUSHIMA.
Yes, that will STILL be a problem when today’s 6 year olds are RETIRING.
And yes, that definitely will affect life-span.
Didn't the math actually showed that LOWERING the retirement age would actually reduce the cost??
I remember reading an article about this on ZH...
this only works if you lower the 'dying age'...
Or just move the 'misery index' up a couple of notches and legalize suicide.
obama would tax you and i dont have enought money to kill myself....
Free barbiturates for everyone!
That would very quickly lower deficits and hospital waiting times - guaranteed.
The mathematical effect of declaring that a 6 year old retires at 70, 100 or 50 is just about zilch from a discounted present value perspective.
There is no "savings" today from tomorrow's hamburger 70 years out.
But WTF anyway, given that our Illustrious Leader's Health Care System will ensure Everybody Lives Farily and Equalliy in a Socially Justifiable Manner Struggling in the Mines to 1,000 it will be meaningful to the dead.
I'm in my early twenty somethings. I know that I will be receiving a social security check when I turn 67 (I think it's 67 for me, I don't really give a fuck though). The number on the check signifying its value will be fairly high, however, it will not buy me more than two saltine crackers. If I'm lucky I'll be able to trade one saltine cracker for one piece of cheese.
You were that first Etrade baby right?
But they'll be too old to eat when they're 70.
Sick joke:
Banker and small boy walk into a dark forest after sunset.
Child: Oh no, it's all dark and scary!
Banker: Well how do you think I feel? I have to get out of here by myself.
Suspect they are just setting precedent as justification for when they soon deny retirement to people now approaching retirement age.
And as far as Europe goes, Quick, someone take a hundred dollar bill over there to the euro zone and run it around like super crazy as in the below example and all of the problems will be solved.
http://www.abovetopsecret.com/forum/thread544407/pg1
Say what? I can't predict what sort of mood Mistress du Jour will be in tomorrow morning.
Predicting this kind of stuff is pure lunacy, history shows it. Predicting the future, especially 64 years out, is IMPOSSIBLE... Average folks will be wrong by a ratio of let's say 1000-1. When it's government, it's especially bad... the ratio would be 10 trillion to 1 off the wall.
Yes maximizing your IRA helps... but it just provides another juicy asset for the globally coordinated government crime syndicate to steal.
I store my children overseas for just this reason.
I hope they're segregated and allocated from the rest of the open pit mine slaves
(owwwww touchy Knuks, touchy)
And BTW Fuck Paul Krugman.
Yesterday he'd rattle on and piss and moan about tangential shit but not answer any problematic questions whatsoever. Duck the issues, personal attacks...
He is a threat to the very Existence of Humanity
"All of these steps are completely legitimate. And they're some of the best ways to avoid the coming theft."
For now maybe. But CONgress has a tendency to pass retroactive laws that tax or confiscate the good old days (long past) in order to get around the fact that some people are preparing for the coming heavy hand of government.
Think this won't happen here in the good old US of A? Just you wait. Desperate men can and will do desperate things.
<The games are about to begin.>
I wonder what that little kid's kidneys are worth?
He's got two of them you know.
Where's he from?
Depends... the death panel just might let you harvest both....
Sovereignski Manski should be in Moscow right now
Helping make a deal for the Cypriots to avoid all the bullshitski
Zhirinovski wants Cyprus leave the EU and join the Russian Federation.
Deal Will Be:
Russia bails out the banks (to keep their own hidden illegal illicit offshore money safe) in exchange for gas rights (keep the monopolistic choke hold on Europe) and basing rights for the Russian Navy
Remember, the Dream of Mother Russia has Always Been a Warm Water Port.
Well, actually the whole scam is to warm mother Russia up to allowing NATO to have its way with its wayward mistress Syria. Without the KGB's (Putin) consent NATO can't bring democracy and freedom to the Syrians by bombing it back to the stone age.
In other words allow us to ramp up the carnage, thereby drawing in the Iranians and by default, Hezbollah.
From Spengler:
"Iran responded to the Sunni insurgency in the obvious way, by sending Revolutionary Guard regulars as well as its Lebanese-based Hezbollah auxiliaries into Syria to fight for its ally, the Assad regime. Iran’s involvement prevents the loosely organized insurgent coalition from toppling a minority regime."
In order for Ben to keep printing, the war must go on.
To sum it all up..... Someone always gets screwed in a Ponzi pyramid scam.
Am I the only one who sees how absurd this bill is and by extension this post? H.R. 1160, were it to be enacted, would have to stand unchanged for 64 years. Talk about kicking the can. Allow me to translate: We have no intention of cutting spending now or in the near future, but 64 years from now LOOKOUT!
Absolutely...
Great Political Kabuki Theater
Fits right in with the Hegelian Dialectic divert and distract
Happy Days are Here Again!
-Ben Bernanke (October 4, 2006)
What does a banker know about being productive?
todays 6 yr olds will live to either 150yrs ....(so that retiring at 70 would be great)...or they will only live to the age of 23 so it wont matter. my opinion is that when the shtf, the average live expectancy will be 23 years.
Today's 6 yr olds will not live past 25 as they pick through garbage piles for Fukashima irradiated melon rinds while dodging insane sentient killer drones.
maybe we are too doomer. maybe obamacare actually works and we live for 75 more years....but my luck, obama would be the first dictator for life and those 75 years would be spent waiting for him to speak at an event every fucking day....
Dear Hannah, ObamaKare requires you to report to the Sleepshop, where a Sandman is waiting; say your goodbyes, and thank you citizen. FORWARD!
Those that are hungary salute your contribution to the Soylent Green movement.
fuck that RafterManFMJ ...............i'm a runner with an ankh.
In 64 years, I predict that a 1964 quarter will STILL buy a gallon of gasoline.
That may be true if we have gasoline in 64 years.
Much less be able to afford the car to drive it in.
Hmm, let me see.. So this 'plan' would basically change nothing for about 55+ years when it finally kicks in.. Anyone actually think SS will still be around and paying out in 55 years!? Right...someone is either daydreaming or just plain stupid..
So, Simon Black thinks we should store our wealth overseas ? Where would that be safe ?
Cyprus ? Oh, wait...
New Zealand ? Oh wait...
Argentina ? Oh, wait...
Italy ? Spain ? Portugal ? Hungary ?
Near as I can tell, the only truly safe place might be Iceland, who are very busy prosecuting their banksters. Elsewhere, not at all.
There exist many fine bailed out banks in the cesspool that is 'the city of London'
The bankers are in charge of foreign and domestic policy, including the future of Social Security.
And it turns out that Barack Obama was a key player in this scenario before he became president.
It was at a meeting of the Hamilton Project that young Senator Obama promised the bankers there, including Robert Rubin of Mexican, Citigroup and Goldman Sachs bailout fame, that he would cut SS.
The Hamilton Project is the “think tank” sponsored by Goldman Sachs and ex-Goldman Sachs Chief Rubin, and is cleverly embedded in the Brookings Institution. It was in April of 2006 that Democratic Senator Obama spoke at the inauguration of the Hamilton Project and “lavished praise on ‘my friend Bob’ (Rubin) and said the U.S. needs more NAFTA-type agreements and needs to cut entitlements (like social security).”
Then, in 2010, the New York Times in a front page article beat the banker drum for SS cuts and age increases by claiming that Social Security is “the likeliest source of the sort of large savings needed to bring projected annual deficits to sustainable levels,” giving as an anonymous source for its position three economists who it claimed were “the best minds and prolific authors on Social Security.” It failed, however, to mention that all three had banker ties to institutions (like the Hamilton Project and Goldman Sachs) seeking entitlement cuts.
Of course, it is just another one of this banker-controlled, socialist government’s mathematical tricks to claim SS bankruptcy by lumping together government contract entitlements with people who’ve forcibly paid into the Social Security system with giveaway welfare programs for its imported low-wage-worker base receiving Medicaid, food stamps, 0% to 3% down mortgages…
And those weren’t the only claims on Senator Obama.
The infamous AIG that would receive incredible support from the government was a large contributor to politicians. It’s Number One recipient? Barack Obama.
Not to be outdone, Countrywide’s political contributions put none other than, you guessed it, Senator Barack Obama at the top of its list.
Of course the jist of Swift's satirical "Proposal" was to proclaim without actually saying (in the British press, no less) that it would be less cruel for the Irish to sell their infants to the British for them to eat and for them to skin infants to make fine, uber-soft "skin" gloves than it would be for parents to allow these children to grow up in the cruel system inflicted by the British on the Irish at that time.
Should we consider sending the Banker-Broker Cabal a similar proposal and ponder the lesser evil slaying our children to prevent them from experiencing future life as dained for them by these evil-doers? Certainly these too-big-to-jail pervert bankers and brokers have set a future far worse than the British could ever imagine inflicting on the Irish.
At the time of their retirement, they'll still be paying for their parents and grandparents debt.
It's time to lower the working age to six! Little bastards need to start earning their keep now.
Do you remember this??? Dead Can Dance - Black Sun
Starting to make sense now? You’re watching the last video frames on how this all üýþ_NOUå
IRS got their wealth tax when I closed out my 401K.
The continuous refrain that our kids will pay for the financial follies of the baby-boom generation is likely incorrect (in the interest of full disclosure I have no kids and am smack dab in the middle of the baby-boom generation). Such a refrain implies that "our kids" will experience much higher taxes as a percentage of their income to service all the debt the nation is taking on to keep the benefits flowing, which I doubt will happen. Current conditions suggest we have hit the limits of both measurably increasing taxation and taking on national debt without collapsing the financial asset structure, requiring Bernanke to monetize the entire annual increment to the country's debt. All savers, primarily boomers, right now are "paying", through negative interest rates, for the inability to vote for politicians who can legislate a balance of taxes received with benefits flowing out. And as that imbalance worsens, and the monetization intensifies, "payment" will come from a currency which purchases less and less. The baby-boomers will not escape from the mess we have created.
The sick fucks don’t know whether to milk society on extending longevity based on high medical costs or reduce the bereavement phase to collect personal assets accumulated under government confiscation provisions.
Days Gone By
Here's more of the usual bull shit. Setting retirement dates for babies seventy years out...come on. The problem caused by the baby boomers and Social Security is at most a temporary problem of about 20 years at most. Pete Peterson and his rich cronies will stop at nothing in an attempt to create a crisis over this and destroy one of the most successful programs that benefit the average American. Let's all wise up!
You're absolutely right. We ALL need to go out and VOTE this November....
HenryHub, you are almost as funny as our resident Paul Krugman troll!
You think I'm funny? In what way am I funny? You think I'm a clown? You mean you think I'm here to amuse you? What? In what way am I funny? IN WHAT FUCKING WAY AM I FUNNY?
Generational theft is the name of the game.
What amazes me is the allegiance of the sheeple despite being repeatedly fucked over.
Must have something to do with the Stockholm Syndrome.
Most of the Ignorati "believe" that because they paid into the Social Security System, that they have a right to get their munny out of the System. Is that crazy or what?
Ben is no longer funny. He's just a predictable bankster asshole.
For real entertainment, check this out on liveleak "This Is What Happens When A Journalist Forces A Banker To Actually Answer A Question"
http://www.liveleak.com/view?i=85c_1363743687
[edit] arg, wrong thread. sorry about that.