Saturday, March 23, 2013

Cyprus and taxing your savings

The question everyone wants to know is can this happen here.  Some talking heads and elected officials say no.  So lets look at our history.  When Social Security was created, all the monies collected was going into a so called locked box.  Today between the employees and employer contributions approximately 13% to 15% are paid into this fund every paycheck.  However, in 1964 with President LBJ's Great Society, we saw government take the Social Security fund and put into the general fund for our illustrious politicians to spend.  But remember, government did not put a penny into this fund but felt they could just take it and spend on projects they wanted.  And now they call this an entitlement when it was our money set aside for our retirement.  The government has spent so much of this money and just put an IOU in the box that they could never pay it back and have brainwashed us into believing this is an entitlement.  So, if you think government will not reach into your savings, 401K or other private retirement plans, remember what they did to the Social Security Fund.  Trust in God, not government.

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