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Obama pitches retirement savings options at U.S. Steel's Irvin Plant
Pittsburgh Tribune-Review ^ | January 29, 2014 | Mike Wereschagin

Posted on 01/30/2014 2:57:38 AM PST by Cincinatus' Wife

".......... After the tour and speech, he signed an executive order directing Treasury Secretary Jacob Lew to establish the savings bonds. Named and modeled after existing Individual Retirement Accounts or IRAs, the bonds offer tax benefits that regular savings accounts do not, don't lose value and can be withdrawn tax-free any time.

“It's safe. These balances will never go down in value,” Obama said.

Lew, whose agency will set up the bonds, accompanied the president, whose directive is one in a series of executive orders Obama said he's using to circumvent a divided Congress that's on pace to be the least productive in decades.

Obama said he hoped Congress would adjust the tax code to provide more incentives for people to save for retirement, but “I'm not going to wait for Congress.”

..........The MyRA offers an early example of Obama's limits. He wants to revamp the tax laws to give middle-class workers more motivation to invest, but he needs Congress to act on that.

The program Obama is establishing on his own doesn't offer the retirement security he desires, said Bob Fragasso, founder and CEO of Downtown firm Fragasso Financial Advisors.

“People will not retire successfully earning four, five, six percent interest,” he said.

MyRA could make a useful piece of a person's retirement plan, but if workers rely too heavily on the low-interest growth, it could undermine Obama's goal of offering more people a comfortable retirement, Fragasso said.

“Allowing people a false sense of security by peddling MyRAs does them a disservice,” Fragasso said.

Preparing for retirement security should begin in grade school, he said.....

(Excerpt) Read more at triblive.com ...


TOPICS: Constitution/Conservatism; Culture/Society; Front Page News; Government
KEYWORDS: executiveorder; ira; myra; obamamyra; obamasotu; obamasotutour; retirement; savingsbond
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1 posted on 01/30/2014 2:57:39 AM PST by Cincinatus' Wife
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To: Cincinatus' Wife

Obama says it’s safe! The government will never grab your money!

If you like your life savings, you can keep your life savings.


2 posted on 01/30/2014 3:00:08 AM PST by Arthur McGowan
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To: Cincinatus' Wife

So has anybody said yet how much these so called bonds will pay?


3 posted on 01/30/2014 3:01:52 AM PST by Dusty Road
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To: Arthur McGowan

Period!


4 posted on 01/30/2014 3:02:54 AM PST by ez (Muslims do not play well with others.)
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To: Cincinatus' Wife

Forget about whether these are a good idea or not. You’re missing the big picture. You need legislation to create these. He is just legislating by executive fiat, and taking it to a whole new level, in my opinion.


5 posted on 01/30/2014 3:12:55 AM PST by almcbean
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To: almcbean

If I like your IRA I willl keep your IRA. I guess that is the operative phrase here. Meanwhile, I guess the Treasury under this scheme will be the custodian of these accounts. Seems to me that is not a financial institution covered by any of the IRA legislation to date. Ah, the operative word, legislation.


6 posted on 01/30/2014 3:15:38 AM PST by Mouton (The insurrection laws perpetuate what we have for a government now.)
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To: Cincinatus' Wife

Every manufacturing facility he wanders into goes out of business shortly after. The Irvin works is going to end up like it’s neighbor across the street (Fisher Body).


7 posted on 01/30/2014 3:25:22 AM PST by RS_Rider (I hate Illinois Nazis)
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To: Cincinatus' Wife

$870 billion dollar stimulus bill, tax the rich for economic growth, Solyndra and other global warming ventures, and now more investment advice?


8 posted on 01/30/2014 3:31:09 AM PST by Son House (Democrats want you to use 'Great Recession' instead of 'Jobless Recovery', recession ended June 2009)
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To: Cincinatus' Wife

“Never go down in value” means that they are tax payer guaranteed.


9 posted on 01/30/2014 3:34:10 AM PST by Graybeard58 (_.. ._. .. _. _._ __ ___ ._. . ___ ..._ ._ ._.. _ .. _. .)
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To: Cincinatus' Wife

The program Obama is establishing on his own doesn’t offer the retirement security he desires, said Bob Fragasso, founder and CEO of Downtown firm Fragasso Financial Advisors.

“People will not retire successfully earning four, five, six percent interest,” he said.

MyRA could make a useful piece of a person’s retirement plan, but if workers rely too heavily on the low-interest growth, it could undermine Obama’s goal of offering more people a comfortable retirement, Fragasso said.

“Allowing people a false sense of security by peddling MyRAs does them a disservice,” Fragasso said.


The MyRA as far as I can see has nothing to do with giving a retirement income. It’s all about providing a path for confiscation of 401(k)’s and IRA’s in the name of ‘fairness’ or ‘Income inequality’.

Soon I predict we will see the return of the ideas of ‘Negative Income Tax and the Guaranteed Annual Income’.


10 posted on 01/30/2014 3:40:09 AM PST by The Working Man
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To: Cincinatus' Wife

11 posted on 01/30/2014 3:41:10 AM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: Graybeard58

Even if the dollars you are given won’t buy a postage stamp, their face value will be greater in the end than the beginning. Yippee!


12 posted on 01/30/2014 3:42:19 AM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: The Working Man

I see these accounts as a place for the communists to dump our 401K and IRA funds when they take them from us in the name of fairness and equality.


13 posted on 01/30/2014 3:45:51 AM PST by fishnuts2 (Liberals are anything except liberal.)
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To: Cincinatus' Wife

Another doomed project by Obama.


14 posted on 01/30/2014 3:49:44 AM PST by fortheDeclaration (Pr 14:34 Righteousness exalteth a nation:but sin is a reproach to any people)
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To: Cincinatus' Wife
“It's safe. These balances will never go down in value,” Obama said.

Yes, as the FED inflates and inflates, the value will never go down!

15 posted on 01/30/2014 3:51:09 AM PST by fortheDeclaration (Pr 14:34 Righteousness exalteth a nation:but sin is a reproach to any people)
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To: almcbean

“You’re missing the big picture. You need legislation to create these.”

Even more basic: You need jobs to buy these.


16 posted on 01/30/2014 3:55:51 AM PST by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: Cincinatus' Wife

“It’s safe. These balances will never go down in value,”

Note that he’s saying that the “balances” will never go down in value. The dollars themselves sure as hell will go down in value. More focus-group tested bullsh*t from the Dear Leader.

It’s only a matter of time before we’re told that if our 401Ks are going to enjoy tax advantages it’s only right that they be invested solely in “safe” government bonds.

It’s all just a matter of doing our Fair Share.


17 posted on 01/30/2014 4:00:23 AM PST by Junk Silver
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To: Cincinatus' Wife

Once these get established how long do you think it will take before the left proposeds that all private retirement accounts be forced to be rolled over into MyRA accounts. It’s the first step toward the socialization of all private retirement accounts.


18 posted on 01/30/2014 4:00:43 AM PST by circlecity
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To: Arthur McGowan

“The government will never grab your money! If you like your life savings, you can keep your life savings.”

Really; is there anything easier for the government to attach? When I get a fishing license online, I have to attest to all kinds of nonsense about child support payments before I can get it (and I’ve never had anything to do with child support payments). Shows just one small bit of how far the long arm of the law can reach...


19 posted on 01/30/2014 4:00:45 AM PST by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: fishnuts2

Exactly!

Sometimes these politicians are just too obvious in their maneuverings. On the other hand we’ve become a lot more cynical and suspicious of everything they do.


20 posted on 01/30/2014 4:01:04 AM PST by The Working Man
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To: Arthur McGowan

Amen!


21 posted on 01/30/2014 4:14:51 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: Travis McGee

(Shudda used a picture without Pelosi in it!)


22 posted on 01/30/2014 4:16:29 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: kearnyirish2

They have a phishing license to get you a fishing license.


23 posted on 01/30/2014 4:18:04 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: Arthur McGowan
Obama says it’s safe! The government will never grab your money!

If you like your life savings, you can keep your life savings.

I hope they keep the money in the same lockbox as our Social Security funds so it will be safe.

24 posted on 01/30/2014 4:19:17 AM PST by Senator_Blutarski
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To: Graybeard58

I took that to mean the bonds are indexed to inflation.

Knowing that the inflation is at hand, as soon as the minimum wage is raised, they have cobbled up a debt instrument that will allow the owner to survive the devaluation of the face value.


25 posted on 01/30/2014 4:24:16 AM PST by bert ((K.E. N.P. N.C. +12 ..... History is a process, not an event)
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To: Cincinatus' Wife
There were a few protesters outside the plant during his speech, but it was rather cold:


26 posted on 01/30/2014 4:24:28 AM PST by rightwingintelligentsia (Democrats: The perfect party for the helpless and stupid, and those who would rule over them.)
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To: almcbean
>> You need legislation to create these. He is just legislating by executive fiat,

THANK YOU!!! THAT is the real problem.

Yes, they're a bad investment. Yes, they're being pitched to people who likely won't buy them unless compelled. Yes, they're likely a first step toward stealing our real 401(k), 403(b) and IRA savings.

But worst of all, by far, is that Barry Benghazi DOES NOT HAVE THE AUGHORITY to create them. Hi is acting lawlessly and unconstitutionally. He has created himself God Emperor, and is daring anyone to call him out on it

Barack Hussein 0bama is a criminal and a tyrant and belongs in prison.

27 posted on 01/30/2014 4:27:25 AM PST by NorthMountain
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To: All
Proverbs 23:31
Do not gaze at wine when it is red, when it sparkles in the cup, when it goes down smoothly!.

28 posted on 01/30/2014 4:30:16 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: Cincinatus' Wife

Can’t these same people currently walk into the nearest bank or brokerage and set up an IRA consisting of government bonds of the duration of their choice?

What does this program bring to the table that isn’t already there?


29 posted on 01/30/2014 4:40:42 AM PST by SnuffaBolshevik
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To: Cincinatus' Wife
The sham-wow tour!


30 posted on 01/30/2014 4:43:26 AM PST by RKBA Democrat (Having some small say in who gets to hold the whip doesn't make you any less a slave.)
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To: Cincinatus' Wife

If you like your retirement fund...


31 posted on 01/30/2014 4:44:42 AM PST by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: SnuffaBolshevik

“What does this program bring to the table that isn’t already there?”

A vehicle to bail-in or force conversions into.


32 posted on 01/30/2014 4:46:56 AM PST by RKBA Democrat (Having some small say in who gets to hold the whip doesn't make you any less a slave.)
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To: The Working Man

Correct, it is the rollout “signature” legislation to the legislation from 2008.

Huge See, I Told You So from 2008: Democrats Try To Take Your 401(k)
http://www.rushlimbaugh.com/daily/2010/11/01/huge_see_i_told_you_so_from_2008_democrats_try_to_take_your_401_k

Now, before you condition Alicia, let me refer to what she’s talking about. It’s Mark Hemingway in the Washington Examiner: “ Will the government outlaw your 401(k) plan? It seems like an absurd possibility, yet earlier this month two Democratic senators, Sen. Tom Harkin, D-Iowa, and Sen. Bernie Sanders, I-Vt., held a hearing on Capitol Hill exploring the possibility of doing exactly that. On Oct. 8, the two senators from the Health, Education, Labor and Pensions (HELP) Committee held a hearing on ‘Retirement (In)security in America.’ “Among the proposals discussed was ‘Guaranteed Retirement Accounts,’ or GRAs. The purpose of the GRA proposal is simple: To force Americans to stop putting their retirement savings money into private 401(k) accounts and send their money to the government instead.” Now, this has been in the works for a long time and I remember the first time I mentioned this on the program, Alicia, we were deluged with calls from Washington: “No, no, no! You totally misunderstand. Nobody in the Democrat Party is talking about eliminating 401(k)s,” and they are. ~~From 2010 Rush Limbaugh


33 posted on 01/30/2014 4:50:39 AM PST by EBH ( The Day of the Patriot has arrived.)
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To: Cincinatus' Wife

Invest in government. phooey. Give workers a tax credit to invest in a private Roth. Give them another tax credit to save for their medical care that accumulates.


34 posted on 01/30/2014 4:50:45 AM PST by SueRae (It isn't over. In God We Trust.)
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To: All

Most people don’t have $5 to spare. If anyone had $5 that they could afford to set aside each month, they’d already be doing it.


35 posted on 01/30/2014 4:53:48 AM PST by VerySadAmerican (".....Barrack, and the horse Mohammed rode in on.")
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To: Arthur McGowan

Say goodbye to your retirement funds as Obama takes them and Congress just stands there.


36 posted on 01/30/2014 4:55:40 AM PST by bmwcyle (People who do not study history are destine to believe really ignorant statements.)
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To: Arthur McGowan

Yes...like Social Security was safe until LBJ looted it to pay for his war on poverty.
Only a dim wit would trust this plan.


37 posted on 01/30/2014 5:03:47 AM PST by Yorlik803 ( Church/Caboose in 2016)
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To: Dusty Road
So has anybody said yet how much these so called bonds will pay?

They don't pay you silly, you just give your money to the Government; or else.

38 posted on 01/30/2014 5:10:07 AM PST by Ghost of SVR4 (So many are so hopelessly dependent on the government that they will fight to protect it.)
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To: Dusty Road

I believe it will be 2% and then indexed to inflation. At least that was the plan in 2008 for the GRA’s.


39 posted on 01/30/2014 5:11:32 AM PST by EBH ( The Day of the Patriot has arrived.)
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To: Cincinatus' Wife
When will this shamwow POS realize, people are not buying what he's so desperately trying to sell?

WE DO NOT WANT MANURE.

40 posted on 01/30/2014 5:12:58 AM PST by Lucky9teen (No problem can be solved from the same level of consciousness that created it. ~ Albert Einstein)
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To: Graybeard58
“Never go down in value” means that they are tax payer guaranteed.

What he means is they never go down in face value. 30 years ago you could buy a candy bar for a quarter. Now they cost a dollar. So your matured savings bond is worth exactly 1/4 of it's original value when it is matured.

When I was a kid you could buy that same candy bar for a nickel. Actually I think they were bigger back then.

41 posted on 01/30/2014 6:04:40 AM PST by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: Cincinatus' Wife

Hey Bho ever hear of Social Security?


42 posted on 01/30/2014 6:06:41 AM PST by FreedomGuru (Time for torches and pitchforks.)
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To: Cincinatus' Wife; xzins
he signed an executive order directing Treasury Secretary Jacob Lew to establish the savings bonds.

If he can create these bonds with an executive order, he can confiscate them under the same authority.

This is the act of a totalitarian dictator.

We no longer live in a Constitutional Republic. We are living in a dictatorship completely unmoored from any written constitution. We are living in ObamAmerica.

43 posted on 01/30/2014 6:08:49 AM PST by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: P-Marlowe; Cincinatus' Wife; Graybeard58
Actually I think they were bigger back then.

A baby ruth when I was a kid was half a foot long and an inch wide. And it was a nickel.

The whole thing about not losing face value is bogus.

44 posted on 01/30/2014 6:16:41 AM PST by xzins ( Retired Army Chaplain and Proud of It! Those who truly support our troops pray for victory!)
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To: Cincinatus' Wife

Agitating class warfare thru the grating of hatred of those who have what you don’t.

Grinding this in to agitate class hatred, is Alinsky coming back to the surface.


45 posted on 01/30/2014 6:38:58 AM PST by R0CK3T
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To: Cincinatus' Wife

Sign up now before it’s mandatory. :)


46 posted on 01/30/2014 9:07:48 AM PST by Tzimisce
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To: P-Marlowe
This is the act of a totalitarian dictator.

Do you know what is amazing?

Remember who was it, GWB's Treasury guy that recommended that either your SSI contribution or your Employers go to buy real Treasury Bills, Bonds and Notes not the phony IOU's in the SSI building in Late Senator Byrd's district and they raised Holy Hell?

Now he does this by EO and no one questions it?

47 posted on 01/30/2014 9:13:08 AM PST by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks....)
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To: RKBA Democrat
A vehicle to bail-in or force conversions into.

Some folks are really slow on figgerin' out that...

...none will be able to buy or sell without the number.

48 posted on 01/30/2014 10:22:07 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: P-Marlowe

I know they were!!

(Or else my mouth was smaller!)


49 posted on 01/30/2014 10:23:26 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: Elsie

“They have a phishing license to get you a fishing license.”

That’s right; as another FReeper has pointed out in the past, the last free people here are the illegals - no fishing or driving licenses, no taxes - just like the original settlers on the frontier...


50 posted on 02/01/2014 2:00:20 PM PST by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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