Is Biden is going to take away our cash savings accounts?

[Woodznutz]

The topic is savings accounts

MM accounts are saving accounts.

 

[Cellblock2429]

I get 4.4 percent on my Marcus online money market account.

Home | Marcus by Goldman Sachs®

Marcus by Goldman Sachs® is committed to helping customers reach their financial goals. Learn about our online savings options, including high-yield savings accounts and CDs.

www.marcus.com

/——-/ Look at Schwab’s money fund SWVXX with 5.16% yield that works out to about 6% a year return. No load in or out and dividends paid on or about the 20th of the month. https://www.schwabassetmanagement.com/products/swvxx

 

[Woodznutz]

/——-/ Look at Schwab’s money fund SWVXX with 5.16% yield that works out to about 6% a year return. No load in or out and dividends paid on or about the 20th of the month. https://www.schwabassetmanagement.com/products/swvxx

My Marcus MM fund is FDIC protected. Most of my savings' accounts are as well.

 

[Cellblock2429]

My Marcus MM fund is FDIC protected. Most of my savings' accounts are as well.

/----/ Schwab SWVXX is not FDIC but they maintains SIPC coverage.

How does SIPC coverage work?​

SIPC protects against the loss of cash and securities—such as stocks and bonds—held by a customer at a SIPC-member brokerage firm. The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash.

 

[The Irish Ram]

Is Biden is going to take away our cash savings accounts?​

no

Yes. Use Social Security as an example...

 

[The Irish Ram]

2024 is the election that dumps the evil....we start securing the border again, inflation drops and we can afford to eat, and people who actually voted for this Reich take their heads out of their pelosis and don't let it happen again.

From your lips to God's ear.
But, the banks are preparing to switch over to CBDC now. Our youth has been perfectly poised to hand us over to the NWO. We are a nation in huge debt. Our military is woke. Our border belongs to Mexican drug cartels. You take you life in your hands if you leave your house at night.
We are preparing our own demise.
Trump set their timeline back 4 years already. I hope he does it again, but it is a postponement at best. The Bible lays it all out perfectly.

 

[Mr Natural]

Best thing to do is take your money out and stuff it in your mattress where you know it’ll be safe.

 

[rightwinger]

Yes. Use Social Security as an example...

It is Republicans trying to cancel Social Security through killing its revenue source

 

[The Irish Ram]

It is Republicans trying to cancel Social Security through killing its revenue source

That's Demo propaganda. Democrats are calling it an entitlement now, that we don't deserve. That idiot AOC said that if we wanted money from the government we should work for it!
And as with everything else, our paychecks are their revenue source.
The government decided we needed an old age insurance policy, so they started to remove money from our paychecks, but not to worry, the government wasn't allowed to dip into it. Then they decided they were allowed to dip into it, but just to borrow it. Trillions of it. And instead of paying us back, they are borrowing our children's "insurance", and trying to stretch it out to all the baby boomers, and it's not working...

 

[rightwinger]

That's Demo propaganda. Democrats are calling it an entitlement now, that we don't deserve. That idiot AOC said that if we wanted money from the government we should work for it!
And as with everything else, our paychecks are their revenue source.
The government decided we needed an old age insurance policy, so they started to remove money from our paychecks, but not to worry, the government wasn't allowed to dip into it. Then they decided they were allowed to dip into it, but just to borrow it. Trillions of it. And instead of paying us back, they are borrowing our children's "insurance", and trying to stretch it out to all the baby boomers, and it's not working...

Social Security has worked for 90 years
It is not a pot of money that you eventually draw from.
Retired workers are paid by current workers.

Before SS, people worked until they died or lived with whatever child would support them.
The idea of an eventual funded retirement was rare

 

[Cellblock2429]

It is Republicans trying to cancel Social Security through killing its revenue source

/——/ Explain how that would happen, Spanky.

 

[The Irish Ram]

NO, it was NOT suppose to be paid for by the next generation. That is what they are doing now to cover the deficit they have created. Social Security is over 2 trillion short. The money goes right into the General Fund to be sucked dry. When the people in this country had jobs and could be robbed to pay retirees it worked for a while.
Now, the next generation lives in their parent's basement, and haven't the money to replace the trillions of dollars the government helped themselves to. So the gov. calls it an entitlement that we don't deserve...

 

[rightwinger]

/——/ Explain how that would happen, Spanky.

Social Security relies on current workers to pay retired workers.
If you cut back on the amount current workers pay and put it into other funds, SS dries up

 

[BackAgain]

FDR took away the right of people to physically possess gold.

Eventually (post FDR), the previously enjoyed right of the people to possess physical gold was restored.

 

[Cellblock2429]

Social Security relies on current workers to pay retired workers.
If you cut back on the amount current workers pay and put it into other funds, SS dries up

/——/ Where is the GOP bill to cut workers SS contributions. Got any specifics?

 

[Woodznutz]

From your lips to God's ear.
But, the banks are preparing to switch over to CBDC now. Our youth has been perfectly poised to hand us over to the NWO. We are a nation in huge debt. Our military is woke. Our border belongs to Mexican drug cartels. You take you life in your hands if you leave your house at night.
We are preparing our own demise.
Trump set their timeline back 4 years already. I hope he does it again, but it is a postponement at best. The Bible lays it all out perfectly.

The "mark o' the beast" is coming soon (just before the "four horsemen of the puckerlips")!

 

[Crepitus]

Is Biden is going to take away our cash savings accounts?​

No.

 

[Orangecat]

Best thing to do is take your money out and stuff it in your mattress where you know it’ll be safe.

Inflation dwindles it no matter where you stash it. Best to keep rolling it over with investments the government can’t track.

 

[Orangecat]

And instead of paying us back, they are borrowing our children's "insurance", and trying to stretch it out to all the baby boomers, and it's not working...

Sounds like a Ponzi scheme.

 

[Woodznutz]

NO, it was NOT suppose to be paid for by the next generation. That is what they are doing now to cover the deficit they have created. Social Security is over 2 trillion short. The money goes right into the General Fund to be sucked dry. When the people in this country had jobs and could be robbed to pay retirees it worked for a while.
Now, the next generation lives in their parent's basement, and haven't the money to replace the trillions of dollars the government helped themselves to. So the gov. calls it an entitlement that we don't deserve...

No worries. All the money the government borrowed from SS is now being returned to SS with interest.