Obama creates ‘MyRa’ accounts

AS "promised", Obama has signed a memo that apparently "creates" some kind of new IRA account system primarily *Intended* to help the struggling Middle Class.

Don't know exactly what this is or what it really is supposed to do.

But Obama says it is supposedly backed by the *Full faith and credit of the U.S. Government".

I imagine that means you can't lose right?


Obama creates ‘MyRa’ accounts

At the second stop of his post-State of the Union road trip, President Obama on Wednesday officially established a new retirement plan for working Americans and promised his broader economic agenda will help rebuild a struggling middle class.

Just after speaking at the U.S. Steel plant outside Pittsburgh, the president signed an order establishing the so-called “MyRa” savings plans, which will allow workers to deposit money into a secure interest-earning account that is backed by “the full faith and credit of the United States government.”

related story;
What you need to know about Obama's 'MyRA' retirement accounts (CNN)


How does this differ from regular 401k style and individual IRA systems?

Is anything "Hiding" in the Shadows ?

reply to post by xuenchen


There has to be a BIG BIG "but" in here, since IRA's already exist and already have annual limits to invest, along with draconian penalties to early withdrawl which make it almost exclusive to the Middle Class now??

It's too small an ammount for the really wealthy to play with as anything but a 'while we're at it..may as well' situation and it's too much for poor to even consider ...so I'm missing why we needed another?

There has to be fine print with a real zinger here.

reply to post by xuenchen


Like Obamacare, like the auto bail outs, like the bank bail outs, this will need to be "bailed out" because. . .


It's the peoples money! So they are going to combine 401k's into this so government has a bigger pot to "redistribute" money.

This will get the economy rolling!

WooHoo, we are all gonna be rich...

What is social security for $200?

MyRa accounts? sounds like Ra who built the pyramids is involved. So another pyramid scheme where the money flows to the top I guess.

KawRider9
This will get the economy rolling!

WooHoo, we are all gonna be rich...

Yep or it will be another you can keep your doctor or health plan kinda thing.. Sorry I did not even read the link; oh me of little faith.....

reply to post by camaro68ss


Damn near gone!

It seems a bit strange that all the details and variables have not been discussed or even outlined.

Very suspicious indeed.

I wonder if anybody actually read this?

No wait.

We need to try it first.

How long before he comes out with Obamadollars?

They'll show up when the stock market 'resets'.

IF YOU WANT YOUR MONEY, YOU CAN KEEP YOUR MONEY

reply to post by xuenchen


Wait a moment or let stop the press, he is creating another way in whish to steal more of the peoples money by the IRS? you got to be kidding, our oversea financiers do not longer trust Americas mighty dollar that they are dumping everyway the can, but we the hard working Americans can trust the IRS and should be depositing our hard earned spare change for retirement accounts?

What the F++++whatever. he, he.

I have to give it to the fed they will do anything to keep screwing the tax payers.

Now I will read more on the subject, because this sounds fascinated, more Ponzi schemes and the IRS is going to guard our money also. he, he. incredible.

reply to post by beezzer


Where have i heard that before?...ohh yeaaaa obama caressssssss

beezzer

IF YOU WANT YOUR MONEY, YOU CAN KEEP YOUR MONEY

But we need to take it and hold it first....
then you can have it back....
The checks in the mail....

reply to post by xuenchen

I wonder if anybody actually read this?

Oh, surely you jest.... Don't ya know by now? We need to have it before we get to learn what's in it. Once it's far too late to object, it'll be common knowledge down to school kids, how this screws us in new ways....I have no doubt.

This is a first step in forcing all existing IRA's to invest in T bills. People won't be able to keep their money away from the government without paying the huge taxes and penalties for early withdraw. Once the Government establishes this practice and it is followed, then basically they can confiscate all the value of IRA's and just hand out worthless T bills for the "investment". This stated goal is redistribution of wealth. They say only rich white people have IRA's (and 401K's are to be included), so these people should have to pony up the $ to cover the ridiculous deficit the Government has, and will continue to, create. Free stuff for the dipstick masses, steal savings from the hard workers to cover the debt. Classic redistribution of wealth. It will go over much smoother than just stealing out of bank accounts the way other countries did.

reply to post by xuenchen


Read it? Hahahah, Budweiser out my nose!

marg6043
reply to post by xuenchen

 

Wait a moment or let stop the press, he is creating another way in whish to steal more of the peoples money by the IRS? you got to be kidding, our oversea financiers do not longer trust Americas mighty dollar that they are dumping everyway the can, but we the hard working Americans can trust the IRS and should be depositing our hard earned spare change for retirement accounts?

What the F++++whatever. he, he.

I have to give it to the fed they will do anything to keep screwing the tax payers.

Now I will read more on the subject, because this sounds fascinated, more Ponzi schemes and the IRS is going to guard our money also. he, he. incredible.

No doubt

Then again, I know people who are accepting the incredible taxation and penalty for closing out their 401Ks now for emergency funds for whatever catastrophe is happening in their lives at the moment.... and stopping the withdrawal from their checks. Those "middle class" who were once able to save now cant save in the current economy. The MyRa should REALLY be great for the middle class... pffft.

butcherguy
How long before he comes out with Obamadollars?

They'll show up when the stock market 'resets'.

I actually think his picture on a five dollar bill would look funny. Well, I suppose all new money is starting to look like play money so I suppose it will fit right in. I think they want to make money look play money, that way they can tell us that we shouldn't have put our faith in such a rediculous looking thing when the shtf.

The part about backed by the full faith and credit of the government thing sounds like these accounts will all be invested in U.S. Treasury securities ??

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

I don't know.

here's an article from Forbes;

In his State of the Union speech, the president pledged to “Offer every American access to an automatic IRA on their job.”

The prior White House statement expanded on the rationale:

Obama's myRA Plan Doesn't Go Far Enough To Fix Broken U.S. Retirement System

One part that scares me is they are using the old "Access To" phrase.