Congress has three ways that it can address this looming economic crisis. #1, they can print more money. #2, they can raise taxes. And #3, they can spend less. Well, we know #3 is not even something they would EVER consider. So, we are left with the first two choices. And this is where it gets ugly. Not just for us, but our children and grandchildren. 40% of all money printed in the history of the US was printed last year! And taxes; be prepared for significant increases and changes to our tax code. Our government desperately needs the money!!
If ever you want to get angry, upset, and super-depressed (just kidding), visit www.usdebtclock.org. That is where you will find the real story, with the actual numbers. Though the government will tell you our current debt is ONLY $22 trillion, our TRUE Unfunded Liabilities are over $213 trillion. Where in the world is the money going to come from to pay for this? It’s going to come from you and me (sidebar: only 30% of Americans pay taxes)
Ever wonder just how much a trillion is? Let’s put it in perspective.
A million seconds is 11.5 days. A billion seconds is 32 years. A trillion seconds is 32,000 years. AND OUR UNFUNDED DEBT IS $213 TRILLION!! How are we ever going to get out of this mess, and what can WE do TODAY to protect our wealth?
May I be so bold as to suggest NOT funding a retirement account (a traditional 401(k) plan, IRA, SEP, where taxes are simply deferred to an unknown tax environment) and opting instead to pay the taxes TODAY and grow the money TAX-FREE for future retirement income! Yes, TAX-FREE. Why risk being in a higher tax bracket and having to pay more than had you chosen to pay your tax obligation TODAY?? Ed Slott, America’s CPA, has stated that “the single biggest benefit in the income tax code is the tax exemption for life insurance.” That’s right, life insurance. Ask me how!
You do have options, and you can take back control of your money.
The choice is YOURS!
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