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.
I read another analysis which makes it seem like a savings plan to get entry into a "real" Roth IRA.
It's feelgood BS directed at people who don't save. "Have a retirement account, just like the 1%".
Yup. It’s not there. None of it passes constitutional muster.
What a joke! But I missed the details? I guess it doesn’t matter, it has to be a plan before we know what’s in it. Right?
Who’s Myra? And what’s she done with my money???
... There have been plans in the works ever since the start of this administration to take control of Retirement Accounts and I have been warning people about this since day one. I fear you are correct .... this is the initial step towards the government takeover of private retirement plans.
Only a SUCKER would invest in Federal debt that is going to be inflated away! NEVER invest with the DISHONEST!
The Social security ponzi scheme is not enough, they need another way to get you to give them real money today so they can pay you back with monopoly money in the future. Then when that isn’t enough they will start confiscating your 401(k), it’s their money, you just have temporary custody of it.
Its targeted toward groups that have no income available to save.
And in Baraqs America, the state of those folks is deteriorating by the day.
That was exactly my first thought. They can't afford Obamacare premiums -- they're going to invest in T-Bonds? Bizarre.
Like many of the regime’s schemes, it’s mostly for show.
A honeypot for retirement monies. Which will be bailed in at the soonest opportunity. Or, perhaps even more likely, you will be required to convert your 401(k) to these. THEN it’ll be bailed in.
Can we all say income redistribution?? OK Say it again until you understand that Obama always wants to take your money and give it to people who don't/won't work so he can buy more votes with it.
Will you willingly walk down this path to communism.
It goes in the gumint “lockbox” to be guarded by Joe Biden with his shotgun.
How can they create a new program without legislation from congress?
I’ve told my daughter that I would help her open a Roth IRA at TDAmeritrade. ($1000.00 to open). I would match what she puts in it to the max limit. She can put it in a good stock or mutual fund and re-invest dividends or collect them in cash and let it grow.
After 5 years, she can w/d principal w/o penalty, while gains can grow. Unless the government fiddles with the Roth..I prefer that option. She is only working part time..and that sporadically.
Treasury Direct already allows individuals to buy bonds directly from the government. All this does is remove the due date of the bonds and replace that with your age.
There are also many mutual funds that are solely inflation-proof treasuries. I don’t see how Obama’s MyRA is any better than these.
Or ask the basic question of how can you trust any financial advice from an administration that has proved several times over that they can’t even do simple math.
Know what these are; trial balloons of things to come, and, it isn’t just 0bvmmer who wants our IRA$, it is (Rep)e as well!
Venezuela style, they just take it.
You think the plan is to have it remain voluntary?
First you make it completely voluntary. Then you compel employers to make it the default and force employees to opt-out. Then you force employees to opt-out again yearly. Then you make the opt-out process such a pain that no one does.
They will take money from you for the low-wage, welfare crowds “IRA”
When has that mattered to this Prez?
If you liked obamacare, you’ll love myRA.
I’m not even sure that’s communism. That’s pretty much feudalism. Squeeze the peasants for everything they have in order to make your drinking buddies happy, except without the excuse of protecting them.
You like your retirement funds?
Maybe you can keep your retirement funds.
well, he just took away my cola, which would cover my Ira. He’s taking hundreds per month away from people with Obamacare, which would cover an Ira, for anyone with enough self discipline to purchase a $2000 Ira.
So what is he doing?
I believe the intent is to launch this by Exec. Order, establish a mechanism, and at the next financial crisis, order IRAs into this program.
This is not accidental. It is foundational and anticipatory.
$17 trillion of untaxed funds that the government could waste, if only it had control.
Why, don’tcha remember? HE’S a “Constitutional Scholar”!!! The dems told us so over and over... So if HE says he can do it, then who are we to disagree???
I mean, he can’t utter a single intelligible sentence without a teleprompter, but da boy does know his Constitution!!!!
Umm.... yeah... or something like that, anyway...
This is paving the way for the fascists to take everything over a certain amount. “You already have enough money.”
tcrlaf, You have hit the nail on the head. That’s exactly what is going on. Just one more place for liberal/progressives to plunder. I wouldn’t put a dime more in their hands.
Ah yes. Berkeley graduate Teresa "spread the wealth" Ghilarducci. In addition to social security withholding, she promotes an additional 2.5% mandatory government slush fund.
After hearing this news last night (about this myra crap); I am concerned that this is the camel’s nose under the tent (again). The bastards just took over our healthcare system (1/6th of our economy) without firing a shot. How long will it take them to convince the drooling masses (drooling from stupidity) that they need to convert all 401k’s to myRA? They had to vote on something before so we could know what was in it. This whole thing to me seems like the pre-cursor to raiding our 401k’s. Once they do that, the borrowing can REALLY start again at ridiculous speed and that pesky 17Trillion won’t matter much, the lender countries now have direct access to our individual wealth via Uncle Sam.