Editor’s note:  I would advise everyone to subscribe to Wall Street on Parade. There is more relevant, useful, honest reporting done on that site than most places on the web. 

By Pam Martens and Russ Martens: December 30, 2019 ~

Broken Piggy BankFive days before Christmas, while the impeachment debate distracted voters, the President signed into law the so-called Secure Act – which was a sickening bi-partisan attack on the wealth-building capability of the middle class.

Making the dirty deed even more Grinch-worthy, the attack on the assets of the middle class comes after the Trump tax overhaul in 2017 gave a windfall to the super wealthy by doubling their estate tax exclusion from $11 million per couple to $22 million. Now someone has to pay for that and both Democrats and Republicans in Congress have stealthily decided it’s going to be Millennials – who are already buried under student loan debt with a meager average net worth of $8,000.

The only people that will gain security from the Secure Act are the Wall Street wealth advisors who are already looting two-thirds of the average 401(K) over a worker’s career through fees; the insurance industry that browbeat members of Congress into signing the legislation into law and got an insurance annuity payout option included; and the lawyers who will rack up millions of new billable hours from rewriting trusts that no longer make any sense as a result of this wholesale sell-out of the middle class in America.

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