Skip to comments.Meet myRA: Obama offers IRA plan details
Posted on 01/29/2014 12:46:58 PM PST by tcrlaf
President Obama on Tuesday offered up a new kind of "starter" retirement accounts aimed at employees of companies that don't offer such plans.
Obama is calling them the "MyRA" and said he would, by executive order, direct the Treasury Department to create them. Details were scarce Tuesday night, but employees will be able to contribute part of their wages to the savings accounts, which would be backed by the U.S. government.
(Excerpt) Read more at money.cnn.com ...
Creating an unimaginably HUGE political slush fund (run by a hand-picked Socialist, of Course), to buy votes, and make huge payoffs to political cronies.
Your money will buy "bonds, just like Social Security does. WHAT COULD POSSIBLY GO WRONG???
And when it fails, which it eventually will, they will confiscate those "UNFAIR!" private retirement accounts, just like Poland did.
I can see already see the hand-writing on the wall for this, as clearly as if I was standing 20 years into the future.....
I don’t see how this can amount to any significant amount of money.
It’s targeted toward groups that have no income available to save.
And in Baraq’s America, the state of those folks is deteriorating by the day.
“If you like your 401(k), you can keep it.”
contribute part of their wages to the savings accounts, which would be backed by the U.S. government”
...then, it will be confiscated by the US Government.
And I want to lock it up and assume a potential penalty.....Why????
And I want the government to know all about my savings accounts why??
And when I owe a doctor bill, they can raid this money.
They want you to buy bonds. It’s the only way they’ll be able to keep the debt growing without defaulting.
China doesn’t want to finance our out-of-control borrowing anymore. It will be up to ordinary citizens here to keep the gravy train moving.
Ultimately the goal is the Theresa Ghilarducci centrally managed pension scheme. Among other things this will allow them to absorb and cover all of the failing union pension plans out there.
Just trying to grow a(some) pot to grab(smoke) later.
Where is the constitutional authority for the president to do this?
“Your money will buy “bonds, just like Social Security does.”
Remember when President Bush wanted to ‘privatize Social Security’? His mistake was not putting these type of accounts in place first, THEN pulling Social Security benefits. Think Cyprus Annnd It’s gone.....like South Park
Unless that's the aim, there's no reason for another from of retirement account. Roth IRAs can be put in FDIC insured CDs, and the saver gets to take the full amount out after age 65 without penalty. How could the feds controlling the money going be an improvement over that?
MyRA! MyRA! MyRA! MyRA! MyRA!
“Where is the constitutional authority for the president to do this?”
CONSTITUTION???? The God-King Obama don’ need no stinkin’ CONSTITUTION!
Dear leader is not constrained by such an out-dated, racist document like that. Just ask anyone at CNN/ABC/NBC/CBS/NPR/E!/MSNBC/Pacifica/Huffington/DailyKos/AP/WashPost/NYTimes about this!!
We all know now -- because they have told us -- that when a Progressive or Statist uses the term "encourages", they really mean "mandates".
It's not mandatory at first because they need a little time to get the infrastructure set up to accommodate the initial suckers. It becomes mandatory later with the stroke of a pen, or buried in a thousand-page bill.
Where is the constitutional authority for the FedGov to establish an old age pension plan for the general public, run it as a ponzi scheme, and compel participation at gunpoint?
Where is the constitutional authority for the FedGov to support the indigent with monies extracted at gunpoint from the citizenry?
Where is the constitutional authority for the FedGov to ban ownership of any type of firearm by the citizens?
Where is the constitutional authority for the FedGov to compel banks to lend money to people who cannot repay the loan?
Where is the constitutional authority for the FedGov to pay farmers not to grow crops, and to compel the growing of some crops and prohibit growing others?
Where is the constitutional authority for 90% of what the current FedGov does?
they’re already taking 15% of my income... how about we just put that into this new load of bullsh*t?
or are we supposed to forget the 15%, realize all that money’s gone, and ‘trust’ the same people with even more money out of my weekly check?
yea... i’d have to be a special kind of stupid to think this’ll end well
Well, until now the congress pretended to have such authority. Now the imperial president thinks he alone does.
“as clearly as if I was standing 20 years into the future.....” Three or four years should do it.
True ... yet I search Article One in vain for mention of any such authority. I search the entire Constitution in vain for a right to kill babies emanating from the penumbra of anything.
Looks like Maximum Leader 0dinga wants to join the Congress and the Supreme Court in making political power out of nothing at all.