Obama creates ‘MyRa’ accounts

reply to post by xuenchen


After reading the link, it does sound like a nice honest way of Obama to help the hard working class, but in an expanding welfare state this will only benefit those that can save money and sadly they are not many in the lower income class that actually depend on some kind of government assistance, meaning that they still own something back to the government.

So when you own money to the IRS, hell they can deducted from your savings within the IRS right?

Who have the funds this days to save, no many poor that live payday to payday.

This will target as usual the productive hard working class and to tell the truth many already have 401ks and retirement accounts already like my husband.

Well, let see,

Maybe Obama is planning to use his executive powers to force every America that works to save money in MyRa for retirement by mandate next

Truly it sound like a good idea but let face reality, we are a growing welfare state this days.

Here's the catch:

But unlike traditional Roth IRAs, the accounts will solely invest in government savings bonds. They will also be backed by the U.S. government, meaning that savers can never lose their principal investment.

It sucks. It wont earn # for you in the long term but it'll permit the government to spend more of your money in the short term.

This is totally going to end up needing bailing out eventually.

ETA Current Rates:

Effective today, Series EE savings bonds issued November 2013 through April 2014 will earn an annual fixed rate of 0.10% and Series I savings bonds will earn a composite rate of 1.38%, a portion of which is indexed to inflation every six months. The EE bond fixed rate applies to a bond’s 20-year original maturity. Bonds of both series have an interest-bearing life of 30 years.

Treasury Direct

I suppose it's better than doing nothing at all but if you can somehow manage to do this little surely you can take a step further and get a real fund.

reply to post by xuenchen


Another opaque corporate welfare scheme for the banking system.

The US tax code (401k, IRA RIRA, MyRa, HSA, 527) are all designed to force you to put your money into stocks and bonds of some sort.
As soon as your money is sitting in a bank, they can lever it up 20x to do their various racketeering schemes.

In particular, the MyRA seems to be designed to force investors into UST notes. Probably so the Federal Reserve Bank can unload its balance sheet. Yes it's peanuts in terms of scale, but add it all up and it might be interesting means of exploitation for the "job creators".

Plus, structurally, it's one step easier to do what's called a "bail in". Look it up.

Stay far away from this one.

Maybe this will be sister to some brand new loan program ?

I bet people will need extra money to pay for medical costs when the high deductible policies don't pay.

What will that be called?

An Obama.Care.Loan secured by your MyRA account?

The possibilities are endless !!!

I smell controlled dependency.

mmm.. i read something about obama wanting to get rid of private 401s ect back in 2010..

Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings marke Read more at www.wnd.com...

www.wnd.com...


i wonder if this current ..anouncment is stemming from what they were thinking about in 2010

this could be a real interesting couple years..Oczara just running around doing whatever he wants...since he is a lame duck pres...but of course he always has been...

reply to post by xuenchen


I think it's some kind of new government sponsored IRA where all poor people and people of color are given $15,000 of taxpayer money to invest as they see fit with a life-long exemption from having to pay any taxes on the money whatsoever.

On top of that, I think it comes with free healthcare insurance included and anyone qualified to participate in MYRA is also granted the ability to vote multiple times in all future elections without prosecution and/or identification. They can even vote by phone, so long as it's one of those Obama phones.

There, I threw enough conspiracy stuff in there to last you at least an hour. Hope you enjoy!

reply to post by xuenchen


I smell another scheme to force Americans specially the productive middle class to invest in the government by mandate, Obama already got away with forcing commerce on the tax payers, why not forcing them now to invest in the government.

We all agree that when one door is open many will be opened also.

What I want to know is since when has it been the business of government to concern itself with personal individual retirement?

Isn't retirement supposed to be up to the individual?

The Fed has announced today that it is going to slow down (stop) buying T-Bills. Guess who is going to buy them for Congress Critters to have pocket change for various projects (pork)?

beezzer
What I want to know is since when has it been the business of government to concern itself with personal individual retirement?

Isn't retirement supposed to be up to the individual?

Great point!

This does look like an awful, slippery slope....

beezzer

Isn't retirement supposed to be up to the individual?

Yes, but it was also getting insurance, and now we are stuck with ACA by mandate by the president.

Now he wants somebody to support the government and why not.

I smell the beginning of just another Tax.

reply to post by Flatfish


Well some people might argue that your outlines already exist !!

Sounds like this new Obama.Plan has struck another nerve or two with you.

Or at least the lack of information and details does?

reply to post by marg6043

Indeed, it will become another tax that will eventually replace Social Security...too bad some will have to pay into both as a bridge during the Social Security phase out plan. Which will be announced after the baby boomers bankrupt it. Because SS only works when enough people are employed in high enough paying jobs to cover it..what do we lack right now with no foreseeable solution?

Can we call it ObamaTirement yet?

Ahabstar
reply to post by marg6043

 

Indeed, it will become another tax that will eventually replace Social Security...too bad some will have to pay into both as a bridge during the Social Security phase out plan. Which will be announced after the baby boomers bankrupt it. Because SS only works when enough people are employed in high enough paying jobs to cover it..what do we lack right now with no foreseeable solution?

Can we call it ObamaTirement yet?

How about TiredofObamament.

reply to post by beezzer


Same thing, I was just being more subtle.

reply to post by xuenchen

This sounds like a way to start transferring the national debt to individuals ??

That's exactly what it is. Right now the Fed is buying up a sizable portion of the US debt so big government can keep spending money they don't have. This shifts the purchase of that debt to the Americans who gets sucked into this, gets the Fed off the hook and keeps the merry-go-round running.

reply to post by Ahabstar


I love it, Obamatirement, well it seems that his legacy is to tag his name to new crafty taxes, soo you never know.

I also wonder it this another crafty way to replace SS, after all since SS is been in effect it should be a surplus by now if nobody was dipping into it, but we all know that the Fed can not keep their dirty and corrupted hands out of other peoples hard worked money, but neither the IRS.

The irony, how ideas are developed, propagandized and executed into law we may witness like I said the next biggest tax after ACA.

xuenchen
reply to post by Flatfish

 

Well some people might argue that your outlines already exist !!

Sounds like this new Obama.Plan has struck another nerve or two with you.

Or at least the lack of information and details does?

It's not Obama's plan or the alleged lack of details and info that strikes my nerves. It's the unending eagerness by ATS right-wingers to vilify it while simultaneously admitting that they know very little, if anything about it that rubs me a little raw.

Apparently, if it's endorsed or sponsored by Obama, that's all the proof one needs to verify that it must be corrupt. Now how pathetic is that?

Just for the record though, you really shouldn't assume that I suffer from a lack of information or details regarding this new MYRA program, because I don't. I pretty much know what it is about and how it will work. I would even go to the trouble to explain it if I weren't already convinced that facts are the last thing you're looking for in this thread.

What was it you said the other day in that other thread? "Anything Obama makes for good conspiracy"

reply to post by Flatfish


well that certainly is informative.

perhaps better than the White House memo itself

reply to post by Flatfish

It's not Obama's plan or the alleged lack of details and info that strikes my nerves. It's the unending eagerness by ATS right-wingers to vilify it while simultaneously admitting that they know very little, if anything about it that rubs me a little raw.

It's pretty simple actually. Divert US debt burden from the Fed and put the debt burden on the American workers.

Personally I wouldn't care if the archangel Michael flew down from heaven and tried to sell me a MyRA. Still wouldn't touch it with a ten foot pole. Just saying.