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Obama to launch government-backed retirement savings program
Yahoo Finance ^

Posted on 01/29/2014 3:12:07 AM PST by Red in Blue PA

WASHINGTON, Jan 29 (Reuters) - The Obama administration is scheduled on Wednesday to launch a retirement savings vehicle called "myRA," aimed at enrolling more Americans in a government-backed investment option.

In details provided by the White House on Wednesday, the retirement savings proposal would be similar to a Roth Individual Retirement Account, but with holdings backed by the U.S. government like savings bonds.

"MyRA guarantees a decent return with no risk of losing what you put in," President Barack Obama said in introducing the program on Tuesday night in his State of the Union Speech.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: News/Current Events
KEYWORDS: ira; moneygrab; obama; ponzi; retirement
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With something like 3/4's of the nation distrusting government, I cannot wait to see the numbers for people who use this. LOL!

Will be another obozo failure.

1 posted on 01/29/2014 3:12:07 AM PST by Red in Blue PA
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To: Red in Blue PA

Uh. what’s wrong with 401K and other investment vehicles?

This Mussolini wannabe is delusional.


2 posted on 01/29/2014 3:13:21 AM PST by Westbrook ()Children do not divide your love, they multiply it.)
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To: Red in Blue PA

Actually, I just saw this, and this could boost the numbers as it will not be an apples to apples comparison with IRA’s which have a $500 minimum.

Initial investments could be as low as $25, and contributions as small as $5 could be made through payroll deductions.


3 posted on 01/29/2014 3:13:27 AM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: Red in Blue PA

Just another government scam to get more money to put off the inevitable.


4 posted on 01/29/2014 3:13:56 AM PST by RWB Patriot ("My ability is a value that must be earned and I don't recognize anyone's need as a claim on me.")
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To: Red in Blue PA

“Won’t you come into my parlor,” said the Spider to the Fly.

Right. “Give me your savings. If you like them, you can keep them.”


5 posted on 01/29/2014 3:16:01 AM PST by Arthur McGowan
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To: RWB Patriot

We can already opt for T-bill purchases for our 401Ks. IMO this program will become compulsory, -to fund additional govt. spending.


6 posted on 01/29/2014 3:18:31 AM PST by Justa
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To: Westbrook

“Uh. what’s wrong with 401K and other investment vehicles?”

I didn’t read the article as I’m too annoyed. However at a first blush you’d be buying government bonds. But you’d be paying today’s dollars. You can bet the bond’s interest rate will not keep pace with the Fed’s printing of money. So, you’d be at a net buying power loss when you withdrew it. This is a version of Clinton’s original plan to seize all 401k’s and replace them with IOU’s like they did with Social Security. The woman who designed that scheme is in an office down a few doors from the Oval office.


7 posted on 01/29/2014 3:19:36 AM PST by Gen.Blather
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To: Red in Blue PA

He can call it the First Hackers Bank.


8 posted on 01/29/2014 3:19:53 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: Red in Blue PA

I about fell out of my chair on hearing this one, and he flubbed the intro big time.

So guaranteed, no loss of principle. How does that work?

The country is in the economic doldrums, but expects those living from paycheck to paycheck to come up with cash to invest? Well if it truly is a no lose situation why not?

What benefits does the US government get from this idea?

Maybe competing with the Market, and keeping people wedded to uncle Sam.


9 posted on 01/29/2014 3:20:34 AM PST by wita
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To: wita

God Bless you for being able to watch that lying POS.


10 posted on 01/29/2014 3:23:01 AM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: Red in Blue PA

Yeah, trust Obama with your money, folks.

By the way, where is the LEGISLATION that authorized this crap????


11 posted on 01/29/2014 3:26:36 AM PST by SoFloFreeper
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To: Red in Blue PA

POTUS - “Trust me, would I lie to you” oh wait never mind.


12 posted on 01/29/2014 3:28:38 AM PST by chiefqc
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To: chiefqc

13 posted on 01/29/2014 3:29:48 AM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: Red in Blue PA

This is to get people used to the idea of retirement saving being held by the government. They will try to expand this idea in the future, and will present the trumped-up figures to show how well everyone did.


14 posted on 01/29/2014 3:32:25 AM PST by firebrand
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To: Red in Blue PA

If you liked Obamacare, you will LOVE MyRA!! (Sarcasm)


15 posted on 01/29/2014 3:32:45 AM PST by ZULU (Magua is sitting in the Oval Office. Ted Cruz/Phil Robertson in 2016.)
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To: Red in Blue PA
"If you like your money ,you can keep your money, Period"
16 posted on 01/29/2014 3:33:40 AM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Westbrook

“Obama to launch government-backed retirement savings program”

Government-backed retirement savings program????

I thought THAT was called Social Security!


17 posted on 01/29/2014 3:35:45 AM PST by catman67
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To: Red in Blue PA

I thought i read an article somewhere that accused the govt of going into their employees’ TSP (kind of a 401k for govt workers) and switching all their investment choices over to the govt. bond fund without employee authorization. This switch also included their future contributions. They just went in and did it without telling anyone. IF so, that would be enough for me to bail out.
Hey, If you’re a govt hack, you may want to check out your TSP program today. Nice program you got there, be a shame if something happened to it.


18 posted on 01/29/2014 3:35:49 AM PST by lgjhn23 (It's easy to be liberal when you're dumber than a box of rocks.)
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To: Red in Blue PA

I’ve been giving 15% of my income my entire life... for social security... yet that won’t be available.

instead, I’m supposed to hand over whatever I’ve got left to the same people... and they’re going to ‘guarantee’ I won’t lose my money. yet no mention that the rate of return will be equal to or greater than inflation? if not, whats the point? and if it is... that means it must come out of the govt... the same govt that stole 15% of my income already and has run up a $17.2 trillion debt

yea... you’d have to be a special kind of stupid to follow anything this clown says


19 posted on 01/29/2014 3:36:58 AM PST by sten (fighting tyranny never goes out of style)
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To: Red in Blue PA

They already tried a retirement fund. It’s called Social Security. They robbed the funds to support Johnson’s Great Society, and now there is no fund, just an empty promise.

How many times will the public fall for this?


20 posted on 01/29/2014 3:37:36 AM PST by Rocky (The further a society drifts from the truth, the more it will hate those who speak it. George Orwell)
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To: firebrand
“They will try to expand this idea in the future ...”

Like tying it to your ObamaCare Plan ...

21 posted on 01/29/2014 3:38:00 AM PST by PIF (They came for me and mine ... now it is your turn ...)
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To: Red in Blue PA

btw, wouldn’t inflation have to exceed the rate of return of these bonds by definition? wouldn’t that just drive inflation thru the roof??

brilliant

/s


22 posted on 01/29/2014 3:38:24 AM PST by sten (fighting tyranny never goes out of style)
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To: Red in Blue PA

I understand that mac daddy wanted to become a used car salesman but they didn’t want him to ruin their image with his lies.


23 posted on 01/29/2014 3:46:13 AM PST by chiefqc
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To: Red in Blue PA
I cannot wait to see the numbers for people who use this. LOL!

The people he is trying to scam/help can open Roth IRA's at their local bank or with companies like Vanguard or Fidelity. If they haven't taken advantage of what is available now, I can't see great numbers buying into this new program.

24 posted on 01/29/2014 3:47:12 AM PST by EVO X
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To: Red in Blue PA

I predict this will eventually become compulsory, as will a “mandate” to purchase life insurance with the government as beneficiary.


25 posted on 01/29/2014 3:58:07 AM PST by ScottinVA (Obama is so far in over his head, even his ears are beneath the water level.)
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To: Red in Blue PA

Oh yes. Trust this government, that has 100 Trillion in unfunded obligations, to keep your money for you. This is insulting.


26 posted on 01/29/2014 4:01:36 AM PST by txrefugee
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To: firebrand
"This is to get people used to the idea of retirement saving being held by the government."- - - - - Absolutely. The Left has had its sights set on seizing money held in 401Ks for years. Now all they need is a "banking crisis", and all that yummy cash will be transferred into Myras for our own protection.  photo boiling-frog_zps0fe6558f.jpg
27 posted on 01/29/2014 4:01:59 AM PST by Junk Silver
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To: txrefugee

How else are they going to pay down those unfunded pensions.


28 posted on 01/29/2014 4:03:10 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: Red in Blue PA
MyRA guarantees a decent return with no risk of losing what you put in

He misspoke ... he really means "MyRA guarantees a decent return with no risk of losing what someone else will put in for you."

29 posted on 01/29/2014 4:04:51 AM PST by dartuser
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To: wita

Sounds like the old iron-clad lockbox trick again. :(


30 posted on 01/29/2014 4:08:00 AM PST by ez (Muslims do not play well with others.)
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To: lgjhn23

Hello, FINRA and SEC?! Where are you?


31 posted on 01/29/2014 4:08:55 AM PST by madison10
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To: PIF

...and your religion, and your political party, and your donations to a certain candidate. Fraud-a-licious this is.


32 posted on 01/29/2014 4:10:05 AM PST by madison10
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To: Red in Blue PA

I’m leery of having my money in a private fund where I can’t liquidate it real-time if need be.

You’d have to be insane to pump your money into a Government Fund. At the drop of a hat, he could freeze, limit or require permission to withdraw anything.

It’d be like Germany expecting the Federal Reserve to ‘hold’ its gold for them and try to get it back (actually going on now).


33 posted on 01/29/2014 4:10:10 AM PST by Gaffer
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To: Red in Blue PA

A “government-backed “retirement savings program”. LOL! Obama’s idea? I wouldn’t go anywhere near that mess.


34 posted on 01/29/2014 4:15:26 AM PST by FlingWingFlyer (ObamaCare. The "global warming" of healthcare plans.)
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To: Red in Blue PA

It will be as successful as his health plan - DieRA.


35 posted on 01/29/2014 4:28:41 AM PST by pacobell
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To: Red in Blue PA
"MyRA guarantees a decent return with no risk of losing what you put in,"

It would be illegal for any fund prospectus to say this. It is impossible to guarantee a return and promise no risk.

36 posted on 01/29/2014 4:35:01 AM PST by glorgau
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To: Red in Blue PA

Oh FINALLY, an retirment vehicle that allows a person to purchase bonds. Oh wait, haven’t those been around for over 200 years?


37 posted on 01/29/2014 4:39:05 AM PST by SampleMan (Feral Humans are the refuse of socialism.)
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To: lgjhn23

Kind of. In 2010 the government started automatically enrolling new employees in the TSP with a 3% deduction allocated to the G Fund. Current participants had no changes made to their funds and nothing stops an employe from changing the allocation or dropping out completely.

Lots of private companies do the same thing, automatically enrolling employees into a stable value fund of their 401k, as 401k rules become very restrictive for high earners if not enough employees participate.


38 posted on 01/29/2014 4:41:29 AM PST by Eepsy
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To: All

It’s a government confiscation/redistribution program.


39 posted on 01/29/2014 4:41:41 AM PST by newnhdad (Our new motto: USA, it was fun while it lasted.)
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To: wita

Q: So guaranteed, no loss of principle. How does that work?

A: Inflation. You get back your dollars, after the government has squeezed most of the value out of them.


40 posted on 01/29/2014 4:42:13 AM PST by Atlas Sneezed ("Income Inequality?" Let's start with Washington DC vs. the rest of the nation!)
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To: Red in Blue PA

I thought the gov’t had a lot of debt...

I must be mistaken...


41 posted on 01/29/2014 4:50:20 AM PST by ltc8k6
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To: Red in Blue PA

Uncle Sugar take your money and invest it with a decent return and no risk of loss, eh

Kinda like the guarantees made to those of you 30-somethings paying into social security


42 posted on 01/29/2014 4:56:33 AM PST by silverleaf (Age takes a toll: Please have exact change)
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To: Westbrook

“Uh. what’s wrong with 401K and other investment vehicles”

they rasist because the fo’ks don’t have them, only the “rich” have 401K and IRA (leftover money they can save) because their taxes too low, because there no opportunity for the hard workin’ middle class, income not distributed fair, need government program to do that

yada yada yada
read the democrat party manifesto


43 posted on 01/29/2014 5:02:03 AM PST by silverleaf (Age takes a toll: Please have exact change)
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To: Red in Blue PA
"MyRA guarantees a decent return with no risk of losing what you put in," President Barack Obama said in introducing the program on Tuesday night in his State of the Union Speech.

It wouldn't be an Obastard proposal if it didn't have a slippery word in it. "I decided that 0.01% return is 'decent'!" I'll bet that return will be a sliding scale, dependent on how much of your money they have. Can't have inequality or outcome, you know.

44 posted on 01/29/2014 5:04:12 AM PST by Cyber Liberty (H.L. Mencken: "The urge to save humanity is almost always a false front for the urge to rule.")
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To: glorgau
“MyRA guarantees a decent return with no risk of losing what you put in,”
It would be illegal for any fund prospectus to say this. It is impossible to guarantee a return and promise no risk.

Sounds like another Ponzi scheme. By the way, he did not define what a “decent return” is. I would not call today's rates on bonds a “decent return”.

45 posted on 01/29/2014 5:08:25 AM PST by MRadtke (Light a candle or curse the darkness?)
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To: Justa

This is exactly whats going on, there are trillions sitting in 401ks and this is the beginning steps to pull those in,


46 posted on 01/29/2014 5:11:55 AM PST by captmar-vell
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To: Red in Blue PA

They already offer savings bonds - why would anybody need/want this? Particularly when they’re backed by....

... nothing!


47 posted on 01/29/2014 5:13:54 AM PST by meyer (Who needs gas chambers when you have Obamacare?)
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To: meyer

How long before they are mandating it?


48 posted on 01/29/2014 5:14:49 AM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Westbrook

What’s wrong with those others?
Why, YOU have control of them, that’s what’s wrong with them.

Seriously, that IS what they see as WRONG with them.

What to watch for now is that at first it will be voluntary,
then it will be required.


49 posted on 01/29/2014 5:16:47 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: Justa

People should examine their 401ks to see if there is a true “cash option” anymore.

Many providers have been pressured into removing the cash option and replacing it with Tbills or government bonds as the “safest” vehicle available.

This is a backdoor into the gov’t using your 401k to fund its operations.


50 posted on 01/29/2014 5:18:18 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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