Posted on 01/29/2014 3:12:07 AM PST by Red in Blue PA
WASHINGTON, Jan 29 (Reuters) - The Obama administration is scheduled on Wednesday to launch a retirement savings vehicle called "myRA," aimed at enrolling more Americans in a government-backed investment option.
In details provided by the White House on Wednesday, the retirement savings proposal would be similar to a Roth Individual Retirement Account, but with holdings backed by the U.S. government like savings bonds.
"MyRA guarantees a decent return with no risk of losing what you put in," President Barack Obama said in introducing the program on Tuesday night in his State of the Union Speech.
(Excerpt) Read more at finance.yahoo.com ...
Anyone who does not understand what he is doing, just Google “Theresa Ghilarducci”.
this will be the vehicle to federalize and “hair cut” private 401k / ira / 403b funds.
Questions for President Isuzubarkah:
1) What exactly stops the targeted group from buying savings bonds now?
2) How will income tax deferment help people who have such low income that they already avoid taxation?
3) What is the overall cost to the taxpayers of operating this “program”?
4) Has Congress appropriated the funding?
5) Estimated number of participants?
6) Of new gubmint employees?
7) Estimated amount of savings per participant and in aggregate?
8) Will employers be forced to spend their time promoting and tracking this program? Aggregated cost to employers in HR time?
Obama knew this was a farce while the words came out of his yap.
Head’s Up! (h/t: Whenifhow)
Obama To Unveil Treasury IRAs, Or Planning For A Post-Monetization World
Check your 401K and Retirement Plan! Plans being switched to ALL Government Bonds without Approval. Finding out by Retirement End of Year Statements
http://sherriequestioningall.blogspot.com/2014/01/check-your-401k-and-retirement-plan.html
Thanks for the ping, Jane Long. Yeah, I saw that link reading from that same zh link (on page 1) last night.
Very important BTTT!
Will any of you trust the same government that spent all of your socialist security to not spend your retirement account? He wants to seize all wealth and spend it... before the USA falls... not much time left I am afraid.
Will obama put these funds into a lockbox or will they go straight into Uncle Sam’s checking account? This is a way to steal money from idiots.
Note at end of video on the page she says that you need to become an LLC to take control of your stocks.
Link to note within the article:
It is happening. The government IS in the process of getting the Trillions in retirement accounts and they will come after all of them. They will do what it takes for their Wall Street buddies and puppet masters.
My research on how stocks and bonds are put into a company’s name that is owned by the Federal Reserve when you purchase them.
Link to research
http://sherriequestioningall.blogspot.com/2012/03/own-stocks-and-bonds-think-they-are.html
He didn’t say anything like, “If you like your current IRA, you can keep your IRA.”, did he?
If the government can control your savings for retirement they can dictate the terms when you can access the money. Don't kid yourselves, this is the first step in making a "fair" retirement pool for everybody which usually means it won't work out well for those who have planned individually.
Fascinating, MUST READ research! Thank you very much! BTTT!
“No other fund has the wherewithal to print money.”
___________________
“Yes sir, can I help you?”
“Yes, ma’am. I’d like to withdraw some funds from myRA account.”
“I am sorry sir, but we will need at least a day’s notice as we will have to place your withdrawal order with the printing office. They will print your funds along with the guaranteed profit, and send them back here. Fill out this withdrawal slip and we will have your cash ready for you tomorrow.”
“Uh, OK. I guess I’ll see you tomorrow.”
“Anytime after 2:00 pm, sir. Oh, one other thing sir. We can personalize your cash for you if you’d like.”
“Uh...personalize?”
“Yes sir. If you have a favorite photo of your wife, a child, your dog even, we can forward that you the printing office, and all of your cash bills will have that picture printed on them. It’s a very unique feature...authorized recently by one of President Obama’s Executive Orders.”
They don’t need to launch a new government program.
We already have US savings bonds.
Why not just raise the interest rate on US savings bonds to 5 or 6%, make them tax-free, and take off the annual purchase limit to allow citizens to buy as many savings bonds as they want?
In the old days, I’d say there was no way for Obama to push that on us without Congress...but now I’m not so sure.
Or even savings bonds. From the brief description, all Obama is suggesting is a minor variation of existing government investment vehicles.
Yup, his first step is to get in the door. We were warned years ago of this happening and here is the start. Next will be the complete take over of private 401k’s. Its going to happen. The government is broke.
Investing in this country 100 years ago may have been a good idea..
even as the 16th (IRS Progressive Income Tax established), 17th (Popular election of Senators) amendments and the Federal Reserve Act of 1913 popped on the scene...
and then the Social Security act of 1935 sealed the deal.
This was long before the Great Society hit the road in the 60s with 20 trillion to blow the next 50 years on Medicare, Welfare, Housing, ‘Education’..
and for what?
Now we see the fruits.
Why not just invest in a Black Hole?
The return on investment won’t be much different.
Social security money has been stolen by the gov’t since LBJ days. This is another way of stealing from you.
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