Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Meet myRA: Obama offers IRA plan details
CNNMoney ^ | 29 Jan 2014 | Jennifer Liberto

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 ...


TOPICS: Breaking News; Business/Economy; Constitution/Conservatism; Government; News/Current Events
KEYWORDS: 2percentbonds; barryinyourpocket; corruption; debt; getreallucille; myra; obama; obamafail; obamasotu; redistribution; retirement
Navigation: use the links below to view more comments.
first 1-5051-100101-142 next last
See Also: Treasury to pick manager for Obama myRA retirement program http://news.yahoo.com/obama-launch-government-backed-retirement-savings-program-110255216--sector.html

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.....

1 posted on 01/29/2014 12:46:58 PM PST by tcrlaf
[ Post Reply | Private Reply | View Replies]

To: tcrlaf

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.


2 posted on 01/29/2014 12:49:21 PM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

“If you like your 401(k), you can keep it.”


3 posted on 01/29/2014 12:50:10 PM PST by dfwgator
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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.


4 posted on 01/29/2014 12:51:42 PM PST by albie (ve`)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf
I need the government to put money in the bank for the future....Why????

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.

Ah hah...

5 posted on 01/29/2014 12:52:15 PM PST by Sacajaweau
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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.


6 posted on 01/29/2014 12:53:47 PM PST by Deo volente (God willing, America shall survive this Obamanation.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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.


7 posted on 01/29/2014 12:54:42 PM PST by Buckeye McFrog
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

Just trying to grow a(some) pot to grab(smoke) later.


8 posted on 01/29/2014 12:54:51 PM PST by Paladin2
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

Where is the constitutional authority for the president to do this?


9 posted on 01/29/2014 12:55:34 PM PST by Jim Robinson (Resistance to tyrants is obedience to God!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

“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


10 posted on 01/29/2014 12:56:16 PM PST by griswold3 (Post-Christian America is living on borrowed moral heritage)
[ Post Reply | Private Reply | To 1 | View Replies]

To: albie
thus it will be confiscated by the US government.

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?

11 posted on 01/29/2014 12:57:17 PM PST by grania
[ Post Reply | Private Reply | To 4 | View Replies]

To: tcrlaf
Your RA is now MyRA!

MyRA! MyRA! MyRA! MyRA! MyRA!

-PJ

12 posted on 01/29/2014 12:59:17 PM PST by Political Junkie Too (If you are the Posterity of We the People, then you are a Natural Born Citizen.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson

“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!!


13 posted on 01/29/2014 12:59:41 PM PST by tcrlaf (Well, it is what the Sheeple voted for....)
[ Post Reply | Private Reply | To 9 | View Replies]

To: tcrlaf
"It's a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in," Obama said during the State of the Union.

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.

14 posted on 01/29/2014 1:02:37 PM PST by jiggyboy (Ten percent of poll respondents are either lying or insane)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson

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?


15 posted on 01/29/2014 1:06:45 PM PST by NorthMountain
[ Post Reply | Private Reply | To 9 | View Replies]

To: tcrlaf

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


16 posted on 01/29/2014 1:07:14 PM PST by sten (fighting tyranny never goes out of style)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NorthMountain

Well, until now the congress pretended to have such authority. Now the imperial president thinks he alone does.


17 posted on 01/29/2014 1:10:58 PM PST by Jim Robinson (Resistance to tyrants is obedience to God!!)
[ Post Reply | Private Reply | To 15 | View Replies]

To: tcrlaf
"It's a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in," Obama said during the State of the Union.

snip

The Obama administration has been moving to try and promote savings through executive maneuvers. In 2010, Treasury set up a new program to allow Americans to automatically use their tax refunds to buy savings bonds.

LOL- further proof what economic morons liberals are...
18 posted on 01/29/2014 1:12:19 PM PST by God luvs America (63.5 million pay no income tax and vote for DemoKrats...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

“as clearly as if I was standing 20 years into the future.....” Three or four years should do it.


19 posted on 01/29/2014 1:12:47 PM PST by Glenmore
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson

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.


20 posted on 01/29/2014 1:14:58 PM PST by NorthMountain
[ Post Reply | Private Reply | To 17 | View Replies]

To: nascarnation
I don’t see how this can amount to any significant amount of money.

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%".

21 posted on 01/29/2014 1:16:45 PM PST by Pearls Before Swine
[ Post Reply | Private Reply | To 2 | View Replies]

To: NorthMountain

Yup. It’s not there. None of it passes constitutional muster.


22 posted on 01/29/2014 1:21:20 PM PST by Jim Robinson (Resistance to tyrants is obedience to God!!)
[ Post Reply | Private Reply | To 20 | View Replies]

To: tcrlaf

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?


23 posted on 01/29/2014 1:23:11 PM PST by vpintheak (Thankful to be God blessed & chosen!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Revolting cat!

Who’s Myra? And what’s she done with my money???


24 posted on 01/29/2014 1:27:17 PM PST by a fool in paradise ("Health care is too important to be left to the government.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf
"And when it fails, which it eventually will, they will confiscate those "UNFAIR!" private retirement accounts..."

... 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.

25 posted on 01/29/2014 1:29:02 PM PST by R_Kangel ( "A Nation of Sheep ..... Will Beget ..... a Nation Ruled by Wolves.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

Only a SUCKER would invest in Federal debt that is going to be inflated away! NEVER invest with the DISHONEST!


26 posted on 01/29/2014 1:33:25 PM PST by 2harddrive
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson

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.


27 posted on 01/29/2014 1:33:51 PM PST by Lets Roll NOW (A baby isn't a punishment, Obama is)
[ Post Reply | Private Reply | To 22 | View Replies]

To: nascarnation
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.

That was exactly my first thought. They can't afford Obamacare premiums -- they're going to invest in T-Bonds? Bizarre.

28 posted on 01/29/2014 1:35:32 PM PST by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Sooth2222

Like many of the regime’s schemes, it’s mostly for show.


29 posted on 01/29/2014 1:39:24 PM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
[ Post Reply | Private Reply | To 28 | View Replies]

To: tcrlaf

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.


30 posted on 01/29/2014 1:41:01 PM PST by RKBA Democrat (Having some small say in who gets to hold the whip doesn't make you any less a slave.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf
The government will not get one penny out of me that I do not have to give it. The IRS is a big enough thief and now they want us to willingly trust the Treasury Dept with our retirement savings??? No way in he11 do they get any of my money.

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.

31 posted on 01/29/2014 1:41:45 PM PST by oldenuff2no
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sacajaweau

It goes in the gumint “lockbox” to be guarded by Joe Biden with his shotgun.


32 posted on 01/29/2014 1:42:10 PM PST by TurboZamboni (Marx smelled bad and lived with his parents .)
[ Post Reply | Private Reply | To 5 | View Replies]

To: tcrlaf

How can they create a new program without legislation from congress?


33 posted on 01/29/2014 1:42:26 PM PST by gspurlock (http://www.backyardfence.wordpress.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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.


34 posted on 01/29/2014 1:46:01 PM PST by SueRae (It isn't over. In God We Trust.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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.


35 posted on 01/29/2014 1:46:51 PM PST by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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.


36 posted on 01/29/2014 1:47:05 PM PST by Hillarys Gate Cult (Liberals make unrealistic demands on reality and reality doesn't oblige them.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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.


37 posted on 01/29/2014 1:48:44 PM PST by CincyRichieRich (Living in a surreal world where wrong is now right and right is wrong.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: nascarnation
I don’t see how this can amount to any significant amount of money.

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.

38 posted on 01/29/2014 1:48:57 PM PST by Darth Reardon (Is it any wonder I'm not the president?)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Darth Reardon

They will take money from you for the low-wage, welfare crowds “IRA”


39 posted on 01/29/2014 1:50:18 PM PST by GeronL (Vote for Conservatives not for Republicans!)
[ Post Reply | Private Reply | To 38 | View Replies]

To: Jim Robinson

When has that mattered to this Prez?


40 posted on 01/29/2014 1:50:40 PM PST by GeronL (Vote for Conservatives not for Republicans!)
[ Post Reply | Private Reply | To 22 | View Replies]

To: tcrlaf

If you liked obamacare, you’ll love myRA.


41 posted on 01/29/2014 1:52:48 PM PST by lowbridge
[ Post Reply | Private Reply | To 1 | View Replies]

To: oldenuff2no

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.


42 posted on 01/29/2014 1:55:42 PM PST by Luircin
[ Post Reply | Private Reply | To 31 | View Replies]

To: tcrlaf

You like your retirement funds?

Maybe you can keep your retirement funds.


43 posted on 01/29/2014 2:01:12 PM PST by mojito (Zero, our Nero.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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?


44 posted on 01/29/2014 2:05:23 PM PST by stanne
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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.


45 posted on 01/29/2014 2:05:35 PM PST by aMorePerfectUnion (Truth is hate to those who hate the Truth)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson

“...Constitutional Authority...”

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...


46 posted on 01/29/2014 2:06:50 PM PST by NFHale (The Second Amendment - By Any Means Necessary.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: tcrlaf

This is paving the way for the fascists to take everything over a certain amount. “You already have enough money.”


47 posted on 01/29/2014 2:09:08 PM PST by I want the USA back (Media: completely irresponsible traitors. Complicit in the destruction of our country.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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.


48 posted on 01/29/2014 2:09:52 PM PST by Flint
[ Post Reply | Private Reply | To 1 | View Replies]

To: Buckeye McFrog
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.

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.

49 posted on 01/29/2014 2:10:31 PM PST by NautiNurse (Obama sends U.S. Marines to pick up his dog & basketballs. Benghazi? Nope.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: tcrlaf

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.


50 posted on 01/29/2014 2:18:10 PM PST by Ghost of SVR4 (So many are so hopelessly dependent on the government that they will fight to protect it.)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-5051-100101-142 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson