Social Security or Gold - Make Your Choice
A new report from the Congressional Budget Office revealed that Social
Security may go broke long before the Social Security Administration
predicts.
Remember, the SSA predicts its "fund" will be broke by 2037.
The
CBO's brand new "Economic Outlook" report reveals their stunning
prediction that Social Security will be "depleted to zero during the
2013-2022 period."
If you click through to the report, this information is on page
123.
Now, I'm not going to go into great detail on how they arrived at this
information, but in any event - and whether the SSA is right, and we have
another 25 years before the well runs dry, or the CBO is right and we
have less than 10 years - the point stands:
Social Security is in big trouble.
And while I'm the last person who wants higher taxes on anything, it
seems strange that no one on either side of the aisle is pointing out
that the payroll tax holiday we're currently enjoying actually and
directly helps to further demolish the Social Security fund.
At the risk of pointing out the obvious, payroll taxes include money that
gets paid into the Social Security fund. The IRS actually and strangely
points out that the two point reduction in payroll taxes "will have no
effect on employees' future Social Security benefits."
The only words that can describe
this situation are: What in the hell?
Either our leadership is ACTIVELY SEEKING THE DESTRUCTION of the Social
Security Fund - or they ARE COMPLETELY INCOMPETENT.
And in either case, it's you and I who will take it hard in the
shorts.
Now ask yourself one question:
Do you trust the government to fix this problem - or do you expect to
take the brunt of their malice/incompetence?
I for one expect nothing but grief from the government. Which is why I
continue to divert savings into physical gold and silver.
If you're still working, I would strongly suggest you do the same. Take
the 2% payroll tax savings you have and regularly buy gold and
silver.
Who knows what the government will do in order to "fix" Social Security
after they've already broken it irreparably. My guess? They'll be forced
to print up money to make the fund whole.
Owning gold and silver now is the best way I can think of to really
protect yourself from the fallout of massive money printing.
Good investing,
Kevin McElroy
Editor
Resource Prospector Pro
