All along, the Congress has been setting the precedent of ignoring Article 1 Section 8. So, if congress can ignore the enumerated list, it's just a small next step for the executive to ignore Article 1 Section 1.
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 ...
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.
“...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...
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.
Eventually, Obama and his cronies will have all the power and all our money. When you have the power to execute the laws and write the laws, you know that you live in a dictatorship.
This crew thinks far larger than that. All they have to do is immediately yank QE and the markets crash (which many 401k's are vested in) and they can strong arm the American populace into going along with myRA ("my" in this instance means "theirs"). Little tinfoil, I know, but I never thought the SCOTUS would find the ACA "legal" (and actually HELP make it legal).
Bingo.
I think most are wrong though. It’s not that they’ll take everyone’s money.
This is just the foot in the door.
Once they get this in there, they will cry how unfair it is that the poor don’t have matching funds. How unfair it is that rich fatcat 1%ers have employers who match contributions.
So then they’ll come up with an entitlement for the poor. Which may very well be funded by seizing 401k accounts... sorry... not seizing... but forcing those accounts into the MyRA program.
Anyone opposing this just wants poor people to never be able to afford to retire... probably racist too!
fwiw, my suspicion is that it will be a federally insured annuity. Once a person dies, the principal will be gone.
And what little disposable income they have supposedly is going toward Obamacare premiums lol.
All along, the Congress has been setting the precedent of ignoring Article 1 Section 8. So, if congress can ignore the enumerated list, it's just a small next step for the executive to ignore Article 1 Section 1.
Yep.
Anyone who puts their money into a scheme that, at its core, relies on the “promise” by a Government that they will honor their word - 20 years down the line - is a sucker.
Roth’s and 401k’s aren’t listed in the Bill of Rights or outlined as a Right in our Constitution.
They giveth - and they most certainly WILL taketh.
Your only hope is to die first.
What possible "bailout" solution could the government come up with to stick the tax payers with the commitments made by unions to their members and save the poor union thugs???????
Funny post! Constitutional authority? Barack don’t need no stinkin’ Constitutional authority, he has a pen and a phone.
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