Where is the missing rage that Congressional theft ought to provoke in the American people?
Congress put our savings at-risk, and set up to rob pensioners—I posted about it both before and after passage of the CrOmnibus that enacted it—and crickets chirped on my Facebook feed and elsewhere. Why, we have so much greater priorities to keep up with, like the Kardashians! Yep, we get the government we deserve.
Here is yet another warning from the United Kingdom paper, The Guardian: “Where’s the outrage? Congress changes savings accounts and retirement funds, and America sleeps.”
Nothing is permanent in this wicked world except banks getting whatever they want, whenever they want, regardless of the risk to their own customers. Two major provisions in the US budget bill spell doom for US savers and retirees.
Congress has passed, and President Obama has said he would sign [and he did sign], a budget bill that allows banks to use your savings when they make giant financial bets called derivatives. Again.
And because those savings are insured by the federal government, you, the taxpayer, would be on the hook if those bets go south. Again.
And a proposal in this same budget bill would allow some pension plans to cut current benefits to employees who are retired – if those plans can show that they’ll otherwise run out of money in the next 10-20 years. The proposal applies to multi-employer pension plans, which cover a diverse cross-section of blue-collar workers such as truck drivers and people in construction.
This isn’t supposed to be legal.
And if you say: Hey, I don’t have a pension, nor enough savings to worry about… well, just remember: Once you allow the precedent that these demons can steal from your neighbor—you know, like those “evil one-percenters”—it won’t be long before they’re eating whatever you have, and you’ll have ZERO right to complain, because you didn’t speak up when it was someone else being robbed!
If your neighbor’s wealth is fair game then so is yours. How sad that it takes a British media outlet to talk about this robbery!