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Compulsory superannuation is one of the 'biggest con jobs'
Topic Started: 23 Sep 2014, 09:03 AM (1,659 Views)
Count du Monet
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Compulsory savings is really an act of theft. It one thing for a government to tax which has a long tradition. But Super is really a tax given directly to private industry. In reality your money is taken away so you are forced to borrow your own money back from Suits and pay interest on it. This is a really good business for the Suits. In the end the true value of your savings will be inflated away over time. When too many retire then the money will be found wanting, the true value long disappeared or the fund going bankrupt.

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Compulsory superannuation is one of the 'biggest con jobs': a young Tony Abbott tells Parliament

September 9, 2014

Gareth Hutchens

In September 1995, a young Tony Abbott rose in the House of Representatives.

Compulsory superannuation had been introduced just three years earlier, and debate was still raging about its value as a policy.

Political momentum was with the Howard opposition, of which Mr Abbott was an enthusiastic junior member.

It was six months before Australians went to the polls to kick the Keating government out of office.

Mr Abbott warned Australians, via Parliament, that compulsory super was a bad policy.

"Compulsory superannuation is one of the biggest con jobs ever foisted by government on the Australian people..." Mr Abbott said on September 25, 1995.

"The basic objective of compulsory superannuation is that the government is taking our money now so that it does not have to pay us a pension when we retire.

"The government is making us worse off now so that it will be better off in the future."

Almost 20 years on – to the month – the Abbott government struck a deal with the Palmer United Party last week to freeze compulsory super contributions at 9.5 per cent for seven years.

Read more: http://www.smh.com.au/federal-politics/political-news/compulsory-superannuation-is-one-of-the-biggest-con-jobs-a-young-tony-abbott-tells-parliament-20140909-10edos.html#ixzz3E5H4ytMd
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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peter fraser
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I wouldn't call it theft, but if I could have a wish it would be for government to keep their hands off it and stop making changes that are usually to our detriment, or if they can't do that they should just give our money back to us. Every dollar in the scheme was contributed by us either as part of our wage or as voluntary contributions.

Self appointed Do Gooders please don't touch it.
Any expressed market opinion is my own and is not to be taken as financial advice
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Foxy
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Zero is coming...

Yes, do you know the real reason it was established??


To reduce the spending power of the citizens.


It is a stock standard response to inflation.

Peter
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Black Panther
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Its horse shit alright.

It was introduced to supplement your retirement pension.

Now the sheeple have been brainwashed into accepting its there to replace your retirement pension.

I have too much super, I may retire early if I can get it !!!
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herbie
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Black Panther
23 Sep 2014, 12:30 PM
Its horse shit alright.

It was introduced to supplement your retirement pension.

Now the sheeple have been brainwashed into accepting its there to replace your retirement pension.

I have too much super, I may retire early if I can get it !!!
Another one of those are rare moments when you and I actually agree on something.

That's certainly how it was alright - The plebs would have rioted in the streets if it was imposed on us as something that was meant to replace the aged pension. (Rather than 'supplement' it.)
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Massive
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Black Panther
23 Sep 2014, 12:30 PM
Its horse shit alright.

It was introduced to supplement your retirement pension.

Now the sheeple have been brainwashed into accepting its there to replace your retirement pension.

I have too much super, I may retire early if I can get it !!!
yes i agree, thats how it was sold to the public..

but who didnt believe that the story would change within 20 years...
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Black Panther
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Massive
23 Sep 2014, 01:08 PM
yes i agree, thats how it was sold to the public..

but who didnt believe that the story would change within 20 years...
The Pollies know they can theive you when you have that expectation.


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herbie
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Massive
23 Sep 2014, 01:08 PM
yes i agree, thats how it was sold to the public..

but who didnt believe that the story would change within 20 years...
Wonder if/when we'll reach the point when a significant number/sizeable majority even(?) of those who've tried to be productive in the past, start getting the feeling that their own gov is one of their biggest potential enemies?
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Massive
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Black Panther
23 Sep 2014, 02:08 PM
The Pollies know they can theive you when you have that expectation.

no, we know our pollies will thieve from us if we give them enough rope... and super was always introduced to replace pension, but just not sold that way.

Edited by Massive, 23 Sep 2014, 02:17 PM.
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b_b
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Count du Monet
23 Sep 2014, 09:03 AM
Compulsory savings is really an act of theft. It one thing for a government to tax which has a long tradition. But Super is really a tax given directly to private industry. In reality your money is taken away so you are forced to borrow your own money back from Suits and pay interest on it. This is a really good business for the Suits. In the end the true value of your savings will be inflated away over time. When too many retire then the money will be found wanting, the true value long disappeared or the fund going bankrupt.

+1 Count.

My only contribution to this excellent post is I do not think the capital will be inflated away. The value of your capital will be diluted. More and more capital chasing relatively static opportunities means a much lower return on capital (i.e. deflation).

That means every few years the industry will "warn" people will not have enough to retire, and more capital will be allocated to this deeply flawed system, making the problem worse.

Interestingly, I think if you wrote this 3 years ago, you would get a very different response in this forum. Perhaps the mood is changing.
(S – I) + (T - G) + (M - X) = 0
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