Americans have accumulated roughly $19.4 trillion in retirement accounts. The government has accumulated roughly $16 trillion (and counting) in debt. Hm-m-m-m.
You don’t suppose…the U.S. Consumer Financial Protection Bureau (CFPB) is weighing whether it should take on a role in “helping” Americans “manage” those retirement funds, do you? According to Bloomberg, that’s exactly what they’re doing.
Of course, it’s not a done deal. It’s only one “of the things we’ve been exploring and are interested in, in terms of whether and what authority we have,” said Richard Cordray, bureau director.
Oh really? Why don’t they try “exploring” ways to be fiscally responsible and leave our hard-earned savings alone?
They won’t though.
Government has never seen a dollar it didn’t spend. And you can bet the old spin cycle will be running overtime trying to make it sound like it’s for our own good.
For instance, the Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. But in 2010 (right around the time it became obvious the U.S. debt had reached the point of no return), they established the CFPB to “protect” the consumers’ finances. Uh-huh.
Apparently, the CFPB is worried that many Americans, especially retiring Baby Boomers, may be victimized by financial scams. It is the bureau’s job to prevent this.
Of course nothing has been decided. Congress is still in the fact-finding stage. But do we really want the same political system that allows taxpayers’ funds to be spent for a study of why bees can fly looking at ways to ‘help’ us manage our retirement accounts?
The hard truth is this: Our government is desperate. In spite of all the rhetoric about taxing the wealthy, there is simply not enough money in that group to even make a dent in the debt. So they need to look at other options. The devil, as usual, is in the details and the details are not being disclosed.
A wise man once said: “What is the national debt but the visible indicator of gross fiscal mismanagement on the part of our leaders?” –Larry Burkett, former President of Christian Financial Concept, Inc.
“No servant can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and money” Luke 16:13.
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