Posted on 02/02/2014 6:51:20 AM PST by Kaslin
0bama, the TOTUS of “not”.
And the term MyRA is already in use by a South Dakota financial services company so, in a just world, Obama will not be able to use that name for his new boondoggle. How embarrassing for him — unless he does the fascist thing and just uses the term anyway.
Sure...we’re going to give the government an additional opportunity to confiscate our savings.
Other than the government gets to use your money rather than a bank how is this MyRA different than a bank savings account?
“Did I say MyRA? I meant ‘OurRA’. You didn’t build that, so you don’t get to keep it.”
“Artificially low interest rates, declining household wealth, income stagnation”
I’ll digress a tad here. Did my tax return yesterday. I encourage everyone to do as I did. I looked back on my returns of the past (I have them back to 1972). One thing that jumped out to me: My interest income is now lower than when I was working while in college. Yup, my cash savings while 100 times as much as then is actually lower. My disposable income has been in constant decline for the past ten years due to this. One other thing I noticed. In 1972 I reported about 12K in gross revenue. I paid $1200 in TAX. That would be an effective rate then of 10%. Today, those making the equal in inflated dollars pay zero and probably get a check called a tax credit. No wonder we are in decline.
a better question is how is it different than this?
http://www.treasurydirect.gov/indiv/products/prod_payrollsavings.htm
There was a brief someplace that mentioned no early withdrawal.
Oh, joy. Lemme see, what else do we 'contribute' to through automatic deductions? Withholding, FICA, Medicare. our wonderful 'voluntary' income tax system.
Can't wait...
Bookmark.
” ... (My kingdom for a sarcasm font.)”
Thanks, I never knew that program existed.
Not sure what the rate of return is, but it must be better than the .25 % to .50 % a saving account will get...
No, no, I think they are going to put it in the same lock box they put the Social Security in, that way it will be safe and it will be there when you need it.
When Obama refers to our IRA’s as “MyRA”, then you know who really owns it.
Gee Mr. President, did you think of this all by yourself? Or did you assemble all of the best liberal strategists in the country and hash this out as a team?
In baseball they call this playing "small ball".
I have not heard this question asked yet- I can’t believe it hasn’t so let me know if I have missed it, but...
Does ‘MyRA’ money go into the general fund and get spent? Like Social Security?
Is that what makes it different than the current LEGAL ‘IRA’ accounts? (that the government has been dying to get its hands on....)
The camel’s nose protruding into the 401k tent. The left wants to make savings bonds the only investment eligible for 401k plans, which will eventually become akin Social Security and therefore liable to government confiscation at any time. Congress can change Social Security on a whim, (for instance Social Security payments used to be exempt from Federal Income Tax), instituting means tests lowering payments, increasing withholding. If Fidelity tried something like that they’d be frog walking Peter Lynch into Boston Federal Court. When Congress does it, tough cheese.
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