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CGI's BillsBest: The Federal Reserve Is Systematically Destroying Social Security……And The Retirement Plans Of Millions
Posted By: Susoni [Send E-Mail]
Date: Monday, 24-Sep-2012 20:10:26
Last week the mainstream media hailed QE3 as the “quick fix” that the U.S. economy desperately needs, but the truth is that the policies that the Federal Reserve is pursuing are going to be absolutely devastating for our senior citizens.
By keeping interest rates at exceptionally low levels, the Federal Reserve is absolutely crushing savers and is systematically destroying Social Security.
Meanwhile, the inflation that QE3 will cause is going to be absolutely crippling for the millions upon millions of retired Americans that are on a fixed income. Sadly, most elderly Americans have no idea what the Federal Reserve is doing to their financial futures.
Most Americans that are approaching retirement age have not adequately saved for retirement, and the Social Security system that they are depending on is going to completely and totally collapse in the coming years. Right now, approximately 56 million Americans are collecting Social Security benefits. By 2035, that number is projected to grow to a whopping 91 million.
By law, the Social Security trust fund must be invested in U.S. government securities. But thanks to the low interest rate policies of the Federal Reserve, the average interest rate on those securities just keeps dropping and dropping. The trustees of the Social Security system had projected that the Social Security trust fund would be completely gone by 2033, but because of the Fed policy of keeping interest rates exceptionally low for the foreseeable future it is now being projected by some analysts that Social Security will be bankrupt by 2023.
Overall, the Social Security system is facing a 134 trillion dollar shortfall over the next 75 years. Yes, you read that correctly. The collapse of Social Security is inevitable, and the foolish policies of the Federal Reserve are going to make that collapse happen much more rapidly. Read more>>
http://chasvoice.blogspot.com/2012/09/the-federal-reserve-is-systematically.html
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3 comments:
Not only do I think we should Audit The Fed after all of the hard work and money raised by Ron and Rand Paul and their organization, but I also think we should hog-tie and stuff a dirty sock in the mouth of Harry Reid who doesn't want it to happen. It just shows that he is a corrupt politician and needs his career ended like right away. The government has been borrowing money from the Social Security Fund for a long time, and they never should have touched it. The Rockefellers and Rothschilds have personal funds that they make interest of 1500% in 90 days on. Why isn't the social security money being paid interest after all of these years? You people running the federal reserve which isn't even a part of OUR government heap money and interest upon yourselves, and care nothing about the people who live in America. You are "borrowing" = stealing the money (when it isn't paid back) from social security for all kinds of reasons. I think we should make You...Rockefellers and Rothschilds pay back all of the social security money that was taken from the American people, with compounded interest for all of the years since it's been taken. Ron Paul, the American people want a complete Audit of The Fed With Both Sets of Books, Of The Crooks! Go Ahead And Do It!
I don't believe this.
Social Security is a legal Trust Fund held by the UST.
It's a huge amount of OUR money, set aside for US. (money We earned) and allow congress to keep for use in old age or in case of disability.
Discretionary funds have been raided since the 60s.
These crooks have been trying to get their hands on our money ever since they saw it accumulating in the Trust...
Social Security has been, and IS being attacked POLITICALLY by those in both parties who would raid and plunder discretionary funds..
Then try to make US feel guilty for using our own money...
This is from Wikipedia:
Program costs are expected to exceed non-interest income from 2011 onward. However, due to interest (earned at a 4.4% rate in 2011) the program will run an overall surplus that adds to the fund through the end of 2021. Under current law, the securities in the fund represent a legal obligation the government must honor when program revenues are no longer sufficient to fully fund benefit payments. However, when the trust fund is used to cover program deficits in a given year, the Trust Fund balance is reduced. By 2033, the fund is expected to be exhausted. Thereafter, payroll taxes are projected to only cover approximately 75% of program obligations.[3]
There is controversy regarding whether the U.S. government will be able to borrow sufficient amounts to honor its obligations fully to recipients or whether program modifications are required. This is a challenge for the Federal government overall, not just the Social Security program.
According to the Social Security Trustees, who oversee the program and report on its financial condition, program costs are expected to exceed non-interest income from 2011 onward. However, due to interest (earned at a 4.4% rate in 2011) the program will run an overall surplus that adds to the fund through the end of 2021. Under current law, the securities in the fund represent a legal obligation the government must honor when program revenues are no longer sufficient to fully fund benefit payments. However, when the trust fund is used to cover program deficits in a given year, the Trust Fund balance is reduced. By 2033, the fund is expected to be exhausted. Thereafter, payroll taxes are projected to only cover approximately 75% of program obligations.[3]
There is controversy regarding whether the U.S. government will be able to borrow sufficient amounts to honor its obligations fully to recipients or whether program modifications are required. This is a challenge for the Federal government overall, not just the Social Security program
and Inflation According to the Social Security Trustees, who oversee the program and report on its financial condition, program costs are expected to exceed non-interest income from 2011 onward. However, due to interest (earned at a 4.4% rate in 2011) the program will run an overall surplus that adds to the fund through the end of 2021. Under current law, the securities in the fund represent a legal obligation the government must honor when program revenues are no longer sufficient to fully fund benefit payments. However, when the trust fund is used to cover program deficits in a given year, the Trust Fund balance is reduced. By 2033, the fund is expected to be exhausted. Thereafter, payroll taxes are projected to only cover approximately 75% of program obligations.[3]
There is controversy regarding whether the U.S. government will be able to borrow sufficient amounts to honor its obligations fully to recipients or whether program modifications are required. This is a challenge for the Federal government overall, not just the Social Security program
Hidden inflation/off ledger (Shadow) Banking IS a problem.. But even That won't affect Social Security too much as it is mandated to adjust for inflation...
Political thieves are our main concern.
They should be identified and weeded out... Recalled, impeached, and imprisoned if necessary.
The Federal Reserve was formed to promote sustainable economic growth by: stability of prices to help preserve the purchasing power of the dollar, moderate long-term interest rates, ensure high levels of employment, and overall, make sure the U.S. has a sound banking system and healthy economy.
Thanks
financialpolicycouncil.org Team
http://www.financialpolicycouncil.org/default.aspx
Financial Planning
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