Thoughts on “Excess Savings”

There is phrase that bounces around Washington DC and that phrase is this:  “Excess Savings.”  Nancy Pelosi brought it up again yesterday.  She was talking about how the US Government will take care of seniors in their old age.  Social Security is one fleeting example of how they do that.  Since Social Security and other programs are running out of money because of the welfare waste, Nancy Pelosi and others want to look at each senior citizen and what they have in the bank and in liquid assets.  If a senior citizen has more than they need, according to Nancy Pelosi, the government will take that person's savings and give it to someone else.

It will not matter how people will get to their final place of retirement with savings or not.  It has been shown with Medicare that if a person spends their whole life, buying the latest thing, always having a new car and always having a bigger house, when they reach retirement age, they are in massive debt and have no savings, the government will pay for their healthcare.  Someone who has saved and pinched and drove old cars and lived in a smaller, older houses may enter retirement with a large sum in the bank.  The government will charge them for medicare, because they have excess savings.

The next step, which is coming very soon, is for the government to actually take the money from the people who save so that everyone has a financially poor retirement.  Even in retirement the government will “tax” people into the poor house.

This type of behavior is classic socialism and theft.  I was taught by my parents to save, even a little, no matter where I was or what I was doing.  In the Air Force, I bought Savings Bonds.  The teaching was that if I save now, when I have little or no income in retirement, I will have a comfortable retirement because I will have all this money.  Economists today say that people retiring in the next 25 years will need $2 million dollars in the bank.  Economists don’t realize that the federal government will take that savings and give it to someone who wasted all their money.  That sort of action by the government will cause a revolt and a civil war.

In 2012, Jerry Brown, governor of California, said this:

Revenue means taxes, and certainly those who have been blessed the most, who have disproportionately extracted, by whatever skill, more and more from the national wealth, they’re going to have to share more of that. . . . And everyone is going to have to realize that building roads is important, investing in schools is important, paying for the national defense is important, biomedical research is important, the space program is an indicator of the world leader – all that takes money.

His view is that he and his cronies can waste all the money they want on a Choo-choo train, but when the time comes, they will steal my money to line their pockets. No they won’t.