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 ...
For a more historical perspective, I posted this morning...
http://www.freerepublic.com/focus/f-news/3117351/posts
IMO, the demonic party has been stealing elections since long before 2012.
There are other issues, as well, including that the Stupid Party is almost incapable of proposing worthwhile candidates for elected office.
In CA, this plan is already in the works. The public employees unions are the ones that have been pushing it. CALPERS will run it. That way, they can use the money to pay out their constitutionally protected member’s pensions with the poor private worker’s money, and the taxpayers can foot the whole bill.
I have only read the first 50 comments, so this may have been covered and this post is late to the party.
Very few people are aware of a major detail in Obamacare -
The lower income people who do not “qualify” are being forced into Medicaid and will lose any assets they have managed to acquire or inherit, such as a house when they die. The government will take these assets.
Is there potential for the government to take any funds in the myRA, preventing children/spouses, etc. from inheriting these?
Be very careful out there.
Hmmmm....so, Obama can just create a tax deductible MyRA without a vote through Congress? Seems over the line.
It’s no more that a calculated first step to nationalizing (confiscating) private retirement accounts.
It’s not supposed to work any more than ObamaCare was supposed to work.
Ha...and all those video game playing 20-30 year olds resident in parents basements/garages that didn’t buy into Obamacare will also give this a miss.
Sounds like Obamas new "Department of Nudge" has got its first project....
Federal 'nudge squad' led by 20-something wunderkind gears up to change Americans' behaviors – for our own good
By David Martosko In Washington
PUBLISHED: Dail Mail; 14:00 EST, 30 July 2013 | UPDATED: 14:06 EST, 30 July 2013
When does a nudge become a shove?
Americans may find out in coming years, as the federal government is setting up a 'behavioral insights team' to tinker with the way we accomplish everything from saving money and staying in school to losing weight and becoming more energy-efficient.
A document from Maya Shankar, a late-20s Yale graduate and former violin prodigy, sketches out the Obama administration's grand plans for behavioral science.
Shankar joined the Obama administration in April as a senior policy advisor at the White House Office of Science & Technology Policy.
'[I]nsights from the social and behavioral sciences can be used to help design public policies that work better, cost less, and help people to achieve their goals,' says her proposal,
Read more: http://www.dailymail.co.uk/news/article-2381478/Federal-nudge-squad-led-20-wunderkind-gears-change-Americans-behaviors--good.html#ixzz2rxUPRBbm
The Federal "Nudger"
- another low iQ Nudge-er as usual - this one even younger
But the devil is in the details.
It is my understanding that this new plan would allow retirement contributions of as little as $5 per paycheck. Even if the pay period in question is weekly, that would amount to just $260 per year at that rate.
Or $2,600 over a 10-year period.
Or $10,400 over a 40-year period (roughly the length of one's working lifetime).
Who mght be able to retire on just $10,400 plus any extra that may have accrued over that time period?
- The many-moochers that do not save or invest for retirement will simply live on without working the way they always have -
- They will live and retire in leisure by gaming the system Obama style -
- You will pay for the many-moochers and illegal aliens and the lifelong politicians - and you cannot do anything about - unless…..
A better course would be to direct say 15% of the 12% of earned income captured by SS tax to any one of several index funds in a mandatory untouchable savings account.
A lockbox inside the old lockbox.
Way more secure.
It will be voluntary at first, later it will change to mandatory. It’s social security part II. Good luck to the youth who voted for the scumbag
It is important to get people at all income levels in the habit of saving. It’s more important that be done than how it’s done, or which Party does it. There are many responsible people that make minimal wages and yet still save because they pay no attention to the propaganda of media and the advertisers.
My personal outrage comes from a Federal Reserve with their QE programs which have undercut savers, the insurance, pensions, retirees, etc. It was done to pump the pump for their bankster friends on Wall Street, and an Obama DOJ that let many these thieves go unpunished because they were campaign donors.
Bingo! That is exactly what the leftists are planning.
I was reading this thread for a similar response. I don't think it is tin foil at all. The template matches precisely what is happening in health care. First, they build exchanges making signing up with the government for health care a normal thing to do. Then they use the regulatory power to force the competition; i.e., insurance companies, out of the business.
In the case of investments, they already have the regulatory infrastructure in place to make 401K's and IRA's less desirable. Especially since they believe that the market will crash once they quit inflating the markets with QE. I don't think "strong arm" tactics will be required. MyRa may soon appear safer than normal investment.
Of course, siphoning savings into government bonds will sap funds out of Wall Street and guarantee that there will NEVER be a financial recovery for America.
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