Be worried, be very, very worried

With the liberals in Congress running up massive deficits and debt, they are going to be forced to find money wherever they can. Keep going to the Chinese? That is looking iffy since the Chinese seem to be coming to the realization that our T-bonds and the dollar backing them is getting shakier and shakier. Raising taxes? Of course, they will do that and it will hit everyone--even those whom Obama swore would not be affected by tax increases. What else? One fear is they will look at our retirement savings (401k and IRA accounts) and make some excuse to tap into this huge reservoir of funds. One plan is to simply tax all of them 15% to "protect" social security. This is fallacious, of course since once money hits Washington, it gets spent and social security gets an IOU.
Another idea is to force all of us to cash out a portion of our savings (and pay taxes on the withdrawal) and then invest the residue in government bonds where the money would have to stay.
We need to hope and pray that the results of the Massachusetts election will stave off the thieves.

Read a more complete and better account of this here.