Has Obama Finally Gone Too Far?

Obama Feeds America SC Has Obama Finally Gone Too Far?

Obama is having great political success by opposing wealth accumulation.

He’s doing it by attacking the rich. You might be a victim yourself!

According to the president, it’s unfair that some Americans have been able to stash away more money than others.

Now, based on information obtained by Capitol Hill Daily, President Obama’s latest move is likely to infuriate you.

His fiscal year 2014 budget – to be released this week – will target tax deductions associated with popular Individual Retirement Accounts, or IRAs.

These accounts are used by millions of Americans to reduce current taxes and augment retirement savings.

Under Obama’s proposed changes, a tax-preferred retirement account shouldn’t produce more than $205,000 per year.

Obama also wants to heap other major tax increases on the wealthy. (To him, the significant tax increases that were passed as part of the Fiscal Cliff deal in January weren’t steep enough.)

He’s demanding that Congress raise additional taxes and stop people from stashing away (what he considers to be) too much money.

Of course, this is just the beginning of the government’s latest actions to swipe money out from under us…

They’re Robbing Grandma, Too

The budget also includes significant cuts in Social Security benefits.

The cuts to Social Security include a sly reform called a “chained CPI.” This would change the numbers used to calculate the annual cost-of-living adjustment.

You see, the government currently uses the Consumer Price Index (CPI) to measure inflation. According to the Department of Labor, the CPI measures how much the cost of a “market basket of consumer goods” changes over time. That basket includes things like food, clothing, computers, and other consumer goods.

The new chained CPI adjusts the traditional CPI for potential changes in goods purchased as a result of price increases.

For example, with a chained CPI, the Labor Department would suppose that – if the cost of fish increases – you’ll likely choose to eat chicken instead. And when chicken prices go up, these all-knowing federal employees speculate that you might (again) choose a less expensive alternative.

As a result, they’re constantly changing the basket of goods to minimize the appearance and effects of inflation on government finances.

Yet this same deceitful move proliferates the impact of price increases on grandma’s social security check.

It Gets Worse: The Buried Taxes of Inflation

If you use U.S. dollars, then your money is taxed by inflation.

Here’s how…

If inflation is running at 3% – and you don’t get a 3% raise – you’re making less money in real terms by the end of the year.

Your money buys you less food, less gas, less real estate, and less anything than it did at the start of the year.

Translation? You’re literally poorer.

And not only are you paying more in prices, but you’re paying higher taxes on these goods, too…

That’s because inflation relentlessly pushes taxes up. When prices increase, the sales tax on all goods sold goes up as well.

When real estate prices rise, real estate taxes go up. When prices on imported goods increase, the duties and fees on these goods grow, too.

Makes sense, right? Well, it gets more complicated than that…

What most Americans don’t realize is that when you purchase many goods, you’re paying an entire string of hidden taxes.

Merchandise has embedded energy taxes, corporate taxes, and numerous other fees and costs associated with government regulations.

And if you think inflation kills your wages, wait until you hear what it does to investments.

More specifically, anyone who saves in inflating dollars gets slaughtered. Savings in a bank serve as a good illustration to understand inflation as a tax. For example, the bank today might pay you 1.5% in interest on a CD. If inflation rises 3%, then you actually have less money a year later – even if your balance grew.

The Thievery is Relentless

The government’s official word is that inflation is low – between 2% and 3%.

And by cooking the books, they can keep this number low.

All they do is adjust the way they calculate the rate of inflation. If they calculated it the same way it was done in 1990, it would show that inflation is truly much higher than the number that the Bureau of Labor Statistics now releases.

Indeed, what the government is doing with our money is atrocious.

They’re sneaky and manipulative. And let me assure you, they know exactly what they’re doing and have no intention of stopping any time soon.

 

This article originally appeared at CapitolHillDaily.com and is reprinted here with permission. 

Photo credit: Dan Jacobs (Creative Commons)

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Comments

  1. Comrade Obama thinks it's not FAIR that some folks who may have worked hard and saved may have more retirement savings and others not. Does he even realize how absolutley stupid he sounds?!!! $200,000 wouldn't last the King and Queen Obama ten minutes! We can eat cake and live our golden years on less as the Royal family jets on one vacation after another, eat kobe beef every week and throw lavish star studded parties. When are the low information sheeple going to get it ? The royal Obama's throw an extravagant Memphis music night gala at the White House this week loaded with stars, yet there's NO money for innocent wide eyed kids to have the awe of touring the White House over spring break! Their EVIL-ness could never be more clear.

    • Edwardkoziol says:

      Your right Comrade Obutthole and the Grape Ape could never live on 200,00 a year when Sambo spends that every day.That 20,000 he claims he is giving back isn't enough to keep that fat ass wife in burgers.

  2. I can't understand why the County Sheriff's across the country haven't already arrested Obama/Soetoro (or whatever his real name is)

    • wayne mann says:

      the county sheriffs have been empowered financial aid by the Obama aheriffs.dministration they are trying to buy our Sheriffs. And once you empower any agency they usually become corrupt with that power. Don’t count on your sheriffs or police to protect you ma’am they will not. We cannot trust anyone…. except that fellow true patriotic Americans. The county I live in has already been given new helicopters and tanks Along with a new assault rifles and some ammunition. They have been at our county airport with their tanks and helicopters playing with their new toys. They will not be any help and I have lost all faith in state county and federal government.

  3. wayne mann says:

    Who cares what this FAKE president says Our Constitution says any laws made by Congress or the president that are unconstitutional are not laws.!!! And then he is not the president so executive orders also mean nothing. Stand Up America start fighting back scream as loud as you can contact your senators and congressmen by phone and email. Sign any petitions you can but do not sign petitions on the White House blog…. They are never seen by Congress. join the 10 million man march in Washington and start any much you can on your own. Stand up and start screaming America or we will not get them out.!!!

  4. SantaClause says:

    IMPEACH ,,,BRING TO JUSTICE,,, HANG A TRAITOR TILL HE QUITS KICKING !!!!!!!!

  5. jamesbaxter says:

    dont let obama get away with cutting social security to low income at all

  6. wayne mann says:

    We don’t need North Korea’s Emperor we have our own madman. Lol so now they can take their 401k and IRA IRA and put them in offshore account or shift money to swiss accounts. Etc. This dirty lawyer who lost his law license in the state of Illinois will do anything to take this country down. Or anything to start a war too. Lock and Load America this is going to get bloody I’m afraid

  7. wayne mann says:

    There was a gentleman in the military who was on this website last night. He said if the American people do not stand up and start protesting yelling and screaming…. and start emailing and phone calling your senators and congressmen…. that if we did not heed the warning we would be sorry later. So the army knows what is coming please stand up America get angry and start protesting to save your country.!!!! If our congressman and senators do not hear from us they think we are okay with what they are doing please stand up America AND GET ANGRY.!!!! If you value your freedom and your lives please start protesting.!!!!

  8. Dan Hanoian says:

    impeach obama and the admin. for War Crimes acting outside the Constitution and crimes against humanity, end the criminal federal reserve and let congress do its job of currency regulation!!!!!do it now!!!!!

    • wayne mann says:

      You said it very well sir now let’s get as many people motivated as we can if we don’t do something now it will be too late…… Our military knows what is coming.!!!! Contact your congressman and senators start protest marches join the 10 million man march…. Sign petitions …. Tell everyone you know and scream and yell as loud as you can to anybody. I have been sending emails and making phone calls to all three of my senators and both of our congressman for the last 3 months. I know they are sick of me but I am NOT going to stop.

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