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You know there are few things that people fail to consider when -- think about protecting their retirement.
The first thing is this whole discussion about -- it's really being clouded from what really is going on now there.
You probably heard the same debt debate I did he could turn on the news it night without seeing fourteen point three trillion dollars.
Talked about as what our official national that is moving is -- -- official they just said national -- At that is our official national debt but I'll tell you what.
My life was changed on May nineteenth 2008 there was an article on the front page of USA today you can go look it up if you want to the title of the article.
Was built for taxpayers.
Swells -- -- It in this article what it went on assay values the numbers is it that article was written today.
It would say this that while our official.
Debt is fourteen point three are now fourteen point five trillion dollars are real that.
Is hovering just under 76.
Almost five times bigger and the -- the reason for that what this article went on to say it right plain black and white if you look at you can see what it says here.
It says that the accounting standards for the US government is different -- the accounting standards for state governments and corporations.
And the difference the way it differs is that the US government only needs to report -- In the years that the money actually they spend a year to actually leave the treasury or their -- or how we want to measure.
Where in form for most accounting practices for corporations and for state government.
That money has to be powered his -- when it's committed to what you think of your state if it had it fifty million dollar road project that.
Those dollars -- fifty million dollars even if it's not -- the current year but have to get accounted for.
Four on the balance sheet for future debt so what that means is right now if we never spent.
Another committed to another project another program another anything ever.
Just to fulfill our current obligations it would take 76.
Trillion dollars most of that.
Is being taken up by the Social Security Medicare he entitlement programs that have been committed to and not yet.
Spent so why does all that matter right now it -- -- retirement goes.
Because with the US there's really only two things are spending and there's thing.
And we can't cut our spending which were struggling to do.
Deficits -- your powder a trillion half dollars and and projected to be got over the next decade.
The only way we can get a handle -- -- make a mistake we've got to get a handle on this is to bring in more income and we bring in more income.
What that means from my perspective -- Heston is more taxes because taxation.
Is the income of the government.
And so one of the things people ought to think about all of their money in tax qualified plans 401K if iris that samples.
All of they think they save money on the retirement.
On their taxes excuse me the reality is all they've done -- delay those taxes are still going to be -- and potentially -- tax rates go up they're going to be due at higher tax rates in the future.
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