Obama says it’s safe! The government will never grab your money!
If you like your life savings, you can keep your life savings.
So has anybody said yet how much these so called bonds will pay?
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.
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).
$870 billion dollar stimulus bill, tax the rich for economic growth, Solyndra and other global warming ventures, and now more investment advice?
“Never go down in value” means that they are tax payer guaranteed.
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’.
Another doomed project by Obama.
Yes, as the FED inflates and inflates, the value will never go down!
“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.
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.
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?
If you like your retirement fund...
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.
Hey Bho ever hear of Social Security?
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.