(AmericanProsperity.com) – A veteran conservative has highlighted the Biden administration’s latest assault on hard-working Americans. The controversial “Inflation Reduction Act” has been widely criticized by economists as being likely to make inflation worse. That could be very bad news for retirees and other Americans who live off their savings.
Ron Paul: Biden’s Sneaky H.R. 5376 Is a Nightmare for Retirement Savers https://t.co/ZyjvZuFWxt
— Mark Hagerty (@MarkAHagerty) January 4, 2023
On January 4 Ron Paul, the former Republican congressman and three-time presidential candidate, wrote an article for Breitbart News slamming the Inflation Reduction Act. Paul, a dedicated free market supporter who’s stood as a libertarian candidate, wrote he was “infuriated” that Biden had refused to give up after Congress rejected his Build Back Better bill over fears it would be inflationary. Instead, he took out a few parts, gave it a new name, and pushed it through. Paul cited Representative Jason Smith (R-MO), who said the bill would add $114 in new national debt and pour gas on the flames of inflation.
According to Paul the new spending package is also an attack on retirement savers. He notes that if the government keeps pushing through new spending packages, and printing money to pay for them, the dollar’s value will eventually collapse. When that happens, anyone whose savings are held in dollars or stock investments will take a beating.
Paul’s advice was to invest in physical gold, which is a traditional safe haven in an economic crisis. As the value of dollars or shares goes down, the price of gold tends to go up. One problem is storage. As a physical metal it’s easy to steal and hard to trace once it’s been stolen, so prudent gold investors tend to spend money on expensive security systems or pay to store their metal in bank vaults.
Paul pointed out that it’s possible to get an IRA that’s invested in physical gold, which is stored by the investment fund. As an IRA it’s also tax-free. Is moving all your investments to gold a good idea? That’s a question for investment professionals, but Paul could certainly have a valid point about Biden’s reckless spending.
~Here’s to Your Prosperity!
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