You’ll Never Guess What Just Happened in WashingtonNov 11 • Categorized as Asset Protection,Investments
By Jeff Schneider, PassportIRA
Congress was hard at work again Thursday doing what they do best, increasing debt.
Although the debt limit no longer makes headlines, the federal government was once again set to run out of money at midnight on Friday. Although no budget can be agreed upon, ~70% both the Senate and House were in agreement to go four more weeks without a budget.
And even more surprising, the House had a 422 to 0 vote in a unanimous effort to…you guessed it…increase debt.
HR 674 passed without any debate. The two largest components were easy to vote for when a balanced budget isn’t a requirement.
First, they repealed a previous passed 3% withholding on government contractors. Although you’ll find no Occupy protests for government contractors, the waste and inefficiency of the government contracting process could stand for a 20% cut without any reduction in service.
Then, although I’m hesitant to mention, the bill included tax credits for hiring unemployed veterans. Of course this is an honorable attempt, but only further interferes with market, skill-based hiring.
You now have multiple categories for a new hire. The right person who happens to be employed, no tax credit. An unemployed person for less than six months ~$600, more than six months nets you ~$1200. The new law will provide tax credits of up to $9,600 for hiring a single veteran.
My point is none other than further evidence of passing beyond the point of no return.
Elected officials have no choice but to buy votes from each and every class, segment, and region. But as each gets their own, they have to pay for the hundreds of other special purposes.
This is a simple trend that’s impossible to break. All leading to an increased reliance on a larger government.
While a vote may impact a position and one chair in the chambers, the printing presses and debt issuances will not be going away anytime soon.
Whether you partake in the election cycles or not, relying on the outcome may be a fatal mistake for your retirement and savings account.
Bottom line, you can’t run your household without a budget or without a plan, nor can you really afford to wait on someone else to make those decisions.
Luckily, each and every day, I have the privilege to speak with people about the long-term benefits of taking control of their retirement wealth.
To no surprise, a vast majority has a major interest in precious metals.
A recent Wold Gold Council has shown a 33% increase in investment purchases of gold. While new finds are at an almost 30 year low and recycled volume not keeping track with the rising price, gold’s 10 year run may be poised for several more.
The gold market may humble you with the timing of your first purchase, but if your measurement is in years, you would have the winningest record of ANY other asset since the end of the Bretton Woods system in 1971.
This interest level is why we created a report called “Turning Your IRA Into Gold”. It’s available for anyone who wants to take control of their retirement savings and diversify out of the faltering, fiat currencies.
Editor’s Note: For updated information on this and related topics, see our new website at PremierOffshore.com.