New Legislation Proposes To “Bail-In’ Social Security
by Simon Black via SovereignMan.com,
ZeroHedge.com
Jul 26, 2016
It was only a few weeks ago that I told you about the government’s annual report on Social Security.
It was a veritable death sentence for the program.
The Board of Trustees for Social Security (which includes the US Treasury Secretary) wrote that major parts of the program have already run out of money, and the rest of Social Security will run out of money in the next decade.
Amazing. Even Social Security knows that they’re bankrupt and unable to keep their promises to taxpayers.
This is going to cause an unbelievable crisis in the United States.
Think about it: half of Americans have ZERO retirement savings and will be fully dependent on the Social Security once they retire.
But by the time their retirement comes, the program will have likely already run out of money.
Well, the government has figured out a solution. And it’s genius.
Two weeks ago a new bill was introduced on the floor of Congress that, just like all the other really dangerous legislation, i.e. USA PATRIOT Act, this bill has a catchy acronym.
It’s called the SAVE UP Accounts Act, which stands for. . .
. . . “Secure, Accessible, Valuable, Efficient Universal Pension Accounts Act”.
I just tasted vomit in my mouth.
In short, SAVE UP mandates certain employers and businesses in the United States, including many small businesses, to start contributing a fixed amount of money per employee into a brand new national retirement fund.
The Rest…HERE
