Inflation is a looming threat to the pensions and Social Security of Americans, warns Health Ranger Mike Adams. He has cautioned that this phenomenon will wipe out the retirement savings of many, and this wipeout is already underway.
A state pension fund announcement received by one of Adams’ listeners has revealed that the annual cost of living adjustment (COLA) for pensions Americans receive can only go up a maximum of five percent a year. However, people are already facing inflation of more than 20 percent. Thus, the five percent maximum yearly COLA increase in the said pensioner’s state would not be able to cover much.
Mike Adams cautions that the devaluation of the dollar due to inflation leads to a 30 percent or more increase in the real cost of living each year. Furthermore, while banks may not collapse, the money deposited in them will. Adams states that the currency or money will fail, and pensions will suffer the same fate. While pension checks may still arrive, they will progressively lose their value and become worthless over time.
Aside from pensions, Health Ranger Mike Adams cautions against contributing a portion of one’s income to individual retirement accounts like traditional and Roth IRAs, as no one takes into account inflation that erodes the dollar’s value. The same applies to Social Security, according to Adams, who alleges that it is a form of theft where every American’s paycheck throughout their working life is being robbed of contributions.
Mike Adams claims that the Federal Reserve’s money printing practice gives the Federal Deposit Insurance Corporation (FDIC) the authority to rescue failed banks like Silicon Valley Bank. As a result, the actual cost of living spirals upwards, and Americans’ money becomes worthless. Adams believes that this practice is the cause of inflation.
Mike Adams raises concerns about Russia’s endorsement of the Chinese yuan as a currency for trade with various nations. Russian President Vladimir Putin has expressed confidence that this payment method will be adopted by Russian partners and their colleagues in third countries.
According to Putin, national currencies are increasingly being utilized, and two-thirds of trade turnover between Russia and China already occurs in rubles and yuan. Adams points out that this situation poses a significant threat to the dollar as a declining global demand for it could result in hyperinflation and the currency’s eventual collapse.
As per the Health Ranger’s recommendation, individuals should consider investing in gold instead of contributing to pension funds. Over time, gold increases in value, unlike the dollar that devalues. Additionally, buying and holding gold is more profitable than investing in stocks, bonds, or contributing to pension funds.
It is advisable to listen to the complete episode of the “Health Ranger Report” in which Mike Adams discusses the impact of inflation on pensions and Social Security.