posted on Aug, 25 2012 @ 12:33 AM
Interestingly enough... the numbers would work. For a short time anyway..... It would erase the national debt, by the look of things. At least, for
another year or two. After that, even retirement taken 100% and wiped to the last penny wouldn't do it. Until then though...Well, here are the numbers
I have handy to share from budget bookmarks.
Washington, DC, June 28, 2012 -
Total U.S. retirement assets were $18.9 trillion as of March 31, 2012, up 6.3 percent from $17.8 trillion recorded on December 31, 2011. The increase
in retirement assets was driven in part by the rise in corporate equity values—for example, the S&P 500 Total Return Index grew by 12.6 percent in
the first quarter. Retirement savings accounted for 36 percent of all household financial assets in the United States at the end of the first quarter
The problem is...it would take ALL retirement to do it.
Retirement Assets by Type
Assets in individual retirement accounts (IRAs) totaled $5.2 trillion at the end of the first quarter of 2012, an increase of 7.3 percent from the end
of the fourth quarter. Defined contribution (DC) plan assets rose 7.1 percent in the first quarter to $4.8 trillion. Government pension
plans—including federal, state, and local government plans—held $4.7 trillion in assets as of the end of March, a 5.5 percent increase from the
end of December. Private-sector defined benefit plans held $2.5 trillion in assets at the end of the first quarter of 2012, and annuity reserves
outside of retirement accounts accounted for another $1.7 trillion.
401k alone, isn't even enough to cover 2 years of federal budgets. Maybe 18 months... Maybe.
Defined Contribution Plans (401k)
Americans held $4.8 trillion in all employer-based DC retirement plans on March 31, 2012, of which $3.4 trillion was held in 401(k) plans. Those
figures are up from $4.5 trillion and $3.1 trillion, respectively, as of December 31, 2011. Mutual funds managed $2.8 trillion of assets held in
401(k), 403(b), and other DC plans at the end of March, up from $2.5 trillion at the end of December. Mutual funds managed 58 percent of DC plan
assets at the end of the first quarter.
The source link has a bit more for category data and colorful charts to show it that way.
They COULD do this...and it WOULD solve the Nation's financial problems in the short term. It would utterly destroy a fair % of the population in the
process though, and the Social Security everyone would then be 100% totally dependent on just to live past the working years can't begin to supply a
I think this would represent the ultimate 1 trick pony...and could start true civil unrest in the process. Not even worth joking about in my personal
opinion. I hope they drop the crazy talk.
edit on 25-8-2012 by Wrabbit2000 because: (no reason given)