Once again, they find a way to stick it to the elderly, poor and the meek. Last time they decided that giving $250 dollars to senior citizens was too much money because according to their brain dead methodology inflation was not a threat and so an increase was unnecessary. Now they are looking for ways to collect on debt that was once forgiven or forgotten, and they want to go after those on fixed income. Talk about rubbing acid into open wounds. The story below explains this terrible change of events in more detail. One also wonders why they have to attack this group especially now given that economic conditions are well of their peak. How about reducing the salaries of all those in congress that did not do their job properly or lied; we could save a fortune if we implemented performance standard on congress.
We have been warning our subscribers for years to live 1-2 standards below their means and use this saved money to invest into safe long term investments such as Gold, Silver bullion and other commodities based type investments. Hard assets, especially precious metals always hold their value over time. One Gold coin still buys the same or more of what it could purchase 100 years ago, but one cannot say the same for a dollar. One would be lucky if one could purchase 1/20th of what one could purchase 100 years ago with a dollar.
The best hedge against inflation, the silent killer tax is to make sure you put a portion of your money it hard assets. Look at it as insurance instead of investing. You do not purchase insurance on car because you are going to crash it; you purchase it so that you are protected just in case you do crash.
Defaulted Loans May Haunt Seniors
A little–noticed law could soon result in smaller Social Security checks for hundreds of thousands of the elderly and disabled who owe the U.S. money from defaulted loans and other debts more than a decade old. Social Security benefits are off–limits to creditors, such as credit–card companies and banks. But the U.S. can collect debts to federal agencies by "offsetting," or withholding Social Security and disability payments.
The Treasury currently withholds benefits of 3.1 million Social Security recipients to recover defaulted student–, farm– and small–business loans, unpaid income taxes, amounts veterans owe for health care, and other debts to the government. Previously, the U.S. hasn't been able to withhold Social Security payments to recover most debts delinquent for more than ten years.
But a provision in the 2008 Farm Bill lifted the ten–year statute of limitations on the government's ability to withhold Social Security benefits in collecting debts other than student loans—for which the statute of limitations was lifted in 1997—and income taxes, where the limit remains 10 years. Full Story
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