Does it even matter? Oft we try to prepare ourselves for the worst and hope for the best. It's been our business to help our clients prepare for the worst so they have the best retirement they possibly can.

What I find troubling is when I hear people speak who do not understand the gravity of America and the world's economic situation. It frightens me. It's what keeps me up at night. This week I heard a representative from a movement that believes a Constitutional Convention is the answer to our woes.

It was an informative and interesting presentation, but what stood out to me was that the speaker believed America has $151 trillion in unfunded liabilities. That's a scary number, but I believe it to be higher. However when the number becomes so large I'm not sure that a couple extra trillion or even another trillion makes that big of a difference. The point is that it is unfunded.

One of the purposes of a Constitutional Convention is essentially to amend the Constitution to put restraints of spending. This is problematic for several reasons. First, we have debt that we have no way to pay. Second, we've promised millions of people entitlements like Social Security. Third, fifty million people are using some type of food assistance program.

Now how exactly do we quit all of these FDR type programs? Or maybe they're actually Cloward-Piven Strategy programs that were designed to implode us from within. I'll let you decide. Sadly, I do not see how a Constitutional Convention will allow us to rein in spending when over half of voters voted for a miserable President like Obama. There is little will to do differently.

More troubling is the fact that tax rates are at historic lows. During WW2 the top tax rates were 94%. Postponing taxes in qualified plans may be the worst mistake you make. Like the old saying goes "one in the hand is better than two in the bush." Of course, I'm not a tax accountant, but procrastinating often leads to a painful outcome.