A One-Two Punch for the Self-Employed Baby-Boomer
I got my letter yesterday.
I was self-employed for my business career. No retirement after 20 years and no pension. I was required to save for my retirement and rely on the expected historical yields that I have come to expect from my 60 years.
The major insurance company with which I have had my family health insurance for over 20 years said they are no longer offering the policy under which I am covered. It was a high deductible. In other words, I paid nearly all of my bills out of pocket. Didn't particularly like it, but settled for it. Now it is gone.
Ben Bernanke has removed any fair return on my savings. He has done all he can to keep rates at zero and push inflation to 2%. Over a five-year period, this in none other than a net accumulated tax of 10% on savers.
I have two major costs: health insurance and real estate taxes.
Despite my house falling in value, the real estate tax burden has been steady to higher over the past 6 years. I think this is determined by government.
My health care premiums are about to skyrocket. My policy -- the coverage I was promised to be able to keep -- is no longer available. I want to keep my doctor, and Obama guaranteed that I can, but my doctor doesn't want me. I think this is determined by government.
Perhaps this could have been revealed by an honest press conference, with honest questions. But the president doesn't lower himself to such cross examinations.
So return on savings goes to zero.
Health care plans are canceled, and people are forced to new products at higher costs and lower coverage. Real estate taxes are readjusted by "multiplier" magic to keep the money flowing to the municipality despite a lower evaluation of the real estate.
And the thievery that sank Detroit is being compensated with millions of taxpayer dollars. The thieves go unpunished.
It seems the self-reliant are being punished and made to provide compensation to others. And we all know what that's called.