The government can send me the $25,000 that I have contributed towards my retirement for the past twenty-five to thirty years and I will immediately invest that money into my future. They do not even have to pay me the interest that would have accrued on such a loan for that length of time, even though, if I, as a private citizen, by law, would be compelled to pay such interest on a loan of that amount.
This, however, is an unsecured loan so under federal law, seeing that we the citizens and not a government entity, can discharge the debt. However, for those who have had to claim bankruptcy due to the events that followed 9-11, they were still responsible for any debt that they may have had to the government, including any penalties and interest charges.
I am just one person. Multiply me by millions and that is what the government is trying to take away from the people within a decade of my age bracket and below. It is unfair for the government to think that this is all right.
What are they offering us besides the ability to handle our own futures? They are telling us that we can do this for a price and the price; years of investments into our futures that we have already made. Thanks for the contribution, now you are on your own and should be glad of it because it will be so much better.
The logic of it all is totally lost to me, because as far as I can discern, there is no logic to it. You spend you life working toward a goal of retirement only to find out when you are over half way there that it has all been for naught.
It will be interesting to see how this plays out. Not all people have been able to invest in the 401k plans or Roth Accounts. Those people will need their social security and they will not have it. Homeless at 70, I can see it now.
