[Clairity]

The government will MAKE you save money, you have to take action to opt out.

This article doesn't mention, but other ones do, that the default is a Roth IRA, so you can't even save on taxes. The government will tell you how to invest it, there are only 3 options (see above), with the default investment a US "R-bond", retirement bond

Related article with additional information:

7 Ways the Automatic IRA Would Impact Retirement Savers

We are all too stupid to decide for ourselves, we need the government to force us to save and to take away any personal options of how to invest.

[neodad]

I’m sure this one will have a lock box to make sure the money is actually there when you retire /sarc

[kabar]

This is really a tax increase. The government will use the money and deposit IOUs into the IRA accounts. Then down the road, they will have to figure how to come up with the money. Let’s get rid of SS and let the people have personal accounts.

[Marty62]

Well they are trying to force Americans to buy HC, Why not go for the retirement mandate.

One of their Wall Street buddies must have come up with them.

Remember the float of Gov getting control of Pension plans. Guess they are serious. If there is money to be stolen the Dums will try to get it.

[dirtboy]

The government will tell you how to invest it, there are only 3 options (see above), with the default investment a US "R-bond", retirement bond.

In other words, this is just another scam, like the Social Security trust fund, to get our hard-earned pay to finance government deficit spending.

[Da Coyote]

Oh boy, the D’s behind the names, and the sleazy names themselves gives the laugh to this plan.

These two clowns have never nor can ever do anything creative or beneficial.

Good gawd, folks, they’re members of the stupid - er - ruling class.

[Jackson57]

So they’re basically recreating Social Security by instituting mandatory savings and retirement plans? Right now employees can opt out, however, how long will it be before it is compulsory?

[Myrddin]

I smell a RAT. What is to prevent the government from FORCING you to rollover your private held IRA investments into their government held investments as prelude to stealing everything from you?

[ravingnutter]

The rumors I have been hearing are that they want to seize individual 401(k)s and IRAs and convert them to a Government run pension. See:

ABC News: Movement to Scrap 401(k)s Gains Traction

US News: Would Obama, Dems Kill 401(k) Plans?

[taxcontrol]

How much you want to bet that the government is going to force these IRAs into government bonds? The Feds need more people to buy the debt / bonds so they can continue their quantitative easing program. Got to spread the wealth .... err debt don’t you know.

[OB1kNOb]

Time to go sharpen my pitchfork again and reheat the tar........

[TYVets]

I am from the government and I am here to help you. (/s)

[Clairity]

More -- the default investment will be in gov bonds, MANAGED by the government:

"One new feature of the new version is a temporary US Treasury bond account that would allow new savers to accumulate up to a certain level without paying administrative costs. Once it reaches that amount, the account would be transferred to private sector management. This eliminates the problem of costly small accounts where a worker's savings are depleted by administrative costs that exceed the earnings on the account."

New Legislation Helps Build Retirement Security

[sickoflibs]

RE :”All automatic IRAs would offer the same three standardized investment options, each to be developed with regulations and fee guidelines issued by the Treasury and Department of Labor. The options would include a “principal preservation fund” (which would include a special Treasury Retirement Bond , the R-Bond, designed for use within an automatic IRA)”

PROOF DEMS ARE FULL OF S..T: Here we have democrats concerned we are not 'saving for retirement'. Yet to stimulate the economy they keep interest rates at zero (yes, Bush-Greenspan did this too) and as I pinged you with the below, Dems claim to have to tax us so we dont ‘save’ our own money. so they can ‘stimulate’ the economy with it. Peter Schiff lectures coming back to me each day.

REF::”Critics say that this amounts to increasing taxes at a time of high unemployment, and that instead the tax cuts should be extended as a stimulus measure. This overlooks the fact that tax cuts are an inefficient form of stimulus, because many people choose to save their additional income instead of spending it. If the goal is to encourage growth and employment immediately, it would be better to let the tax cuts expire and dedicate some of the increased revenue to real stimulus programs. “
NY Times: The Bush Tax Cuts and Fiscal Responsibility comment #24

[Little Ray]

This ain’t a retirement account. Its a TAX.
“You WILL buy our worthless bonds.”

[Don Corleone]

B.O.H.I.C.A.!!!!

[Buckeye McFrog]

All automatic IRAs would offer the same three standardized investment options

-General Motors Stock
-Chrysler Stock
- US Treasuries

[Tucker39]

You also left out one other detail, which is understandable since the cretans in DC don’t want anyone to think about it. Once this phoney baloney program actually accrues some serious money, the gov’t will dump it all into the General Fund, just like LBJ did with the SS “Trust Fund”. And you CAN take THAT to the bank! Pun intended.

[Bloody Sam Roberts]

Fine with me. As long as the leave my current Roth IRAs and 401k the hell alone.

Yet, somehow, I get the feeling that what this looks like on its face is not what is actually underneath the covers. It never is with the 'Rats.

[The Old Hoosier]

I can support this, if it’s created to replace Social Security.

[nagdt]

Time to withdraw all money and keep what you can safe in a mattress or offshore account.

Screw the DemonRATS.