Loading ...Just A Thought on the $30+ Trillion US National Debt
We have seen lots written that the $30+ trillion national debt will never be paid down and that is likely true. Here is a thought as an alternative to the “Great Taking” playing out where someone(s) gets everything and everyone else ends up with nothing. What if all the money in IRA’s and 401k’s (As of December 31, 2022, a total of $37.8 trillion was held in U.S. retirement plans and accounts, of which $26.3 trillion was in employer-sponsored plans and $11.5 trillion was in IRAs.Sep 20, 2023.) was used to payoff that debt. Would eliminate the debt but seems a bit unfair. However what if you could do both. Payoff the debt but not have to confiscate everyones wealth? Just convert all those funds into buying up the US Treasury debt. The debt is paid off but the ownership stays in each account owners name. They may have preferred to stay in stocks or other vehicles but given equities are overvalued and likely headed for a long period of underperformance they will probably end up better off. Of course this type of reset would best be coupled with conservative elected officials who start balancing future budgets so we don’t get right back into the same mess again.
Of course this doesn’t eliminate the debt but much like the SS Trust Fund which started out buying US Treasuries, the debt would be in retirement accounts and would basically make the phrase that the “debt is owed to ourselves” more true than currently. It would help mitigate the fact that foreign purchases of US debt will likely continue to decline.
This idea is essentially Marxism.
These too big to fail criminals, need to fail.
This wipes them out.
Agree it is essentially Marxism, BUT better than the Great Taking. Prefer neither, but the lesser of two evils. At least the public doesn’t lose everything to one entity or individual that already has too much.
Armstrong is scoffing at the great taking Scenario
I think he’s right
he points out that if you take EVERYTHING from EVERYBODY that includes the Military ….so why would the military protect the great takers ?
Au Contraire my Dear Watson
I “scoff” at him or anyone who uses the bogus military argument. The US military isn’t protecting anyone in the US from others in the US, the law doesn’t allow it. You have police, state militia and all the Federal agencies like FBI, DEA, Homeland Security etc. They are the ones who act within the US. The Federal cops all are part of the administration and will follow orders to keep their jobs.(They may or may not get exempted at the higher levels like some might have been with the vax.) As I said recently in answer to a previous comment(not sure if you or someone else) on the topic of the military not going along. They didn’t get exempted from the vaxx and many lost jobs, benefits etc. I hope the Great Taking doesn’t occur but they didn’t go to the trouble of changing the laws for nothing. You can see in so many areas the decline and elimination of property rights more so in blue states like California. The Great Taking is just the final step along those lines. It also fits in perfectly with roling out a CBDC and UBI. If all assets are taken from everyone people will go along or starve.(Unless they live on a farm or cooperative and or have physical gold and silver to barter for life’s necessities.