Coming Soon: Substituting Government Annuities for Your 401(k)?

“Forcing people into Treasuries as an ‘annuity’ is exactly what Social Security allegedly is. Except that Treasury stole the money that was collected in FICA taxes and spent it!”

And he’s right. The fictitious “Social Security trust fund” is just a pile of Treasury notes. If we’re all forced to buy trillions more of them — because the government has over-borrowed so dramatically that nobody else will — all we’re going to get in return are more IOUs with nothing backing them up but the promises of politicians.

Those politicians will be retired themselves — on rich taxpayer-funded pensions that you and I aren’t eligible for — long before the IOUs come due. But they’ll have taken your money to pay for their games, and if you think you’ll be getting it back, I have some oceanfront property in Atlanta that you might be interested in. Coming Soon: Substituting Government Annuities for Your 401(k)?