Argentina stiffs pensioners ~ a look into the future of US government

[Melensdad]

Many people have asked me about what the future of politics in the USA will look like. I argue that we only need to look South, not Mexico, but Argentina.

Argentina was a wonderful country which elected Santa Claus after Santa Claus all trying to outdo each other by promising treats to the mob. The bills are now coming due.

Argentina Stiffs Pensioners | Via Meadia

. . . The U.S. is no stranger to these problems, particularly as politicians try to force pension funds to “invest” in pork barrel projects. Proposals now on the table to reduce the degree to which social security pensions are topped up for inflation will have the effect of transferring money from pensioners back to the government, where it will be used again for whatever purposes politicians want. . .

 

[Short bus]

I guess I will work untill they carry me away. having a couple of 401Ks may not help if they are worthless in the end sould have spent the money on land but hey one little lawsuit and that could be gone too. the only gurantee is to stay healthy and work till you die in other words no gurantee.

 

[muleman]

The theme right now is"we need more taxes" and anything else they can get their hands on for their pet projects. They have been raiding SS since the 60's for wars and great society programs. The days of stealing from one group to hand to another group have to end. Let the reality of life hit home for folks who think someone owes them something. If you paid in, you collect. If you didn't, tough shit.

 

[Kane]

The day of the defined benefit pension has been over for decades, with any responsible employer fleeing to defined contribution (401K) arrangements.

Did I say "responsible" employer?

Even the big corporations are beginning to renege on age-old defined benefits (ATT, for one) but our benevolent government keeps on denying the inevitable. State after state, unions included, see pension plan bankruptcy in the cards, but still hope against hope they can make it work - borrow from one hand to feed the other, rob Peter to pay Paul. But one day very soon the jig will be up. And just to whom will they look to bail them out? The federal government.

And as long as Barack Hussein Obama is in office, the Fed just might do the unthinkable and start bailing out state and union defined benefit pension plans (as if the federal plans are solvent). Sooner than soon the biggest economic bubble of all is on the verge of going ...

POP!​