More unicorn farts.
If they want people to save just stop holding interest rates artificially low.
Contrary to Obamaknowledge, most people who earn their own money are smart enough to figure out that savings accounts paying interest rates below the rate of inflation costs them money.
It’s a scam.
He’s boxed in, having promised to deliver the moon to the poor, and unable to borrow a red cent from China anymore.
He has no choice but to fail or seize yet another great store of wealth and this time he has drawn a bead on our retirement savings.
The legislation will be another 1400 page bill no-one is allowed to read before they vote on it, and when the dust settles, the government will own your entire retirement account.
Rational argument will not change his course of action.
How bad do YOU want to keep YOUR money?
Right! Current CDs are 1 year at 1% Stagnant money growth. Fed Reserve bank discount rate is close to zero. Banks will mortgage you for 4.75 but will NOT pay you 4.75 if YOU loan them money by putting it in their bank. No sense to this.
Earlier post is right- The ALARM should go out on the “streamlined” automatic 401K/IRAs. If, by this legislation the Feds are trying to tap into private savings plans by changing the rules to make them “public”, in order to raid them for “general revenue” funds (like they have done every year since LBJ with Social Security) then we need to STOP this NOW! Find out now. If it is this raid then a run on the accounts needs to occur- but where to put it since it is all paper. Imagine the theivery of a govt. that causes money to be withheld from pay, gets that money monthly and then, having overtaxed us, offers to “refund” our overpaid taxes back to us in the form of “conversion” to a savings bond. This costs them nothing- except interest payments for the bonds. Already loaned them the money for a year at no interest. Thanks, I’ll keep the cash upfront.
If China wont buy our T-bills maybe we can soak the regular tax payer by making their private accounts public and raiding them. Bastards. We must stop this NOW!