Posted on 01/30/2014 2:57:38 AM PST by Cincinatus' Wife
".......... After the tour and speech, he signed an executive order directing Treasury Secretary Jacob Lew to establish the savings bonds. Named and modeled after existing Individual Retirement Accounts or IRAs, the bonds offer tax benefits that regular savings accounts do not, don't lose value and can be withdrawn tax-free any time.
“It's safe. These balances will never go down in value,” Obama said.
Lew, whose agency will set up the bonds, accompanied the president, whose directive is one in a series of executive orders Obama said he's using to circumvent a divided Congress that's on pace to be the least productive in decades.
Obama said he hoped Congress would adjust the tax code to provide more incentives for people to save for retirement, but “I'm not going to wait for Congress.”
..........The MyRA offers an early example of Obama's limits. He wants to revamp the tax laws to give middle-class workers more motivation to invest, but he needs Congress to act on that.
The program Obama is establishing on his own doesn't offer the retirement security he desires, said Bob Fragasso, founder and CEO of Downtown firm Fragasso Financial Advisors.
“People will not retire successfully earning four, five, six percent interest,” he said.
MyRA could make a useful piece of a person's retirement plan, but if workers rely too heavily on the low-interest growth, it could undermine Obama's goal of offering more people a comfortable retirement, Fragasso said.
“Allowing people a false sense of security by peddling MyRAs does them a disservice,” Fragasso said.
Preparing for retirement security should begin in grade school, he said.....
(Excerpt) Read more at triblive.com ...
What he means is they never go down in face value. 30 years ago you could buy a candy bar for a quarter. Now they cost a dollar. So your matured savings bond is worth exactly 1/4 of it's original value when it is matured.
When I was a kid you could buy that same candy bar for a nickel. Actually I think they were bigger back then.
Hey Bho ever hear of Social Security?
If he can create these bonds with an executive order, he can confiscate them under the same authority.
This is the act of a totalitarian dictator.
We no longer live in a Constitutional Republic. We are living in a dictatorship completely unmoored from any written constitution. We are living in ObamAmerica.
A baby ruth when I was a kid was half a foot long and an inch wide. And it was a nickel.
The whole thing about not losing face value is bogus.
Agitating class warfare thru the grating of hatred of those who have what you don’t.
Grinding this in to agitate class hatred, is Alinsky coming back to the surface.
Sign up now before it’s mandatory. :)
Do you know what is amazing?
Remember who was it, GWB's Treasury guy that recommended that either your SSI contribution or your Employers go to buy real Treasury Bills, Bonds and Notes not the phony IOU's in the SSI building in Late Senator Byrd's district and they raised Holy Hell?
Now he does this by EO and no one questions it?
Some folks are really slow on figgerin' out that...
...none will be able to buy or sell without the number.
I know they were!!
(Or else my mouth was smaller!)
“They have a phishing license to get you a fishing license.”
That’s right; as another FReeper has pointed out in the past, the last free people here are the illegals - no fishing or driving licenses, no taxes - just like the original settlers on the frontier...
I've heard that sentiment somewhere else...
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