Obama creates ‘MyRa’ accounts

It's all about banks and investment companies making lots of money doing nothing more than money moving numbers around in computers. That's why a person can no longer put money in a saving account, backed by the FDIC, and get a decent interest. Not enough ways for banks to make easy money.

Okay, I read the memo.
How does putting this on the backs of employers help anything?

"Section 1. Retirement Savings Security. (a) By December 31, 2014, you shall finalize the development of a new retirement savings security that can be made available through employers to their employees. This security shall be focused on reaching new and small-dollar savers and shall have low barriers to entry, including a low minimum opening amount. In developing this security, you shall ensure that it:

(i) protects the principal contributed while earning interest at a rate based on yields on outstanding Treasury securities;2

(ii) offers savers the flexibility to take money out if they have an emergency and keep the same Treasury security if they change jobs; and

(iii) is designed to help savers start on a path to long-term saving and serve as a stepping stone to the broader array of retirement products available in today's marketplace."

Today---or tomorrow---if you want to save money for your retirement---can you do it without the government's help? I can tell you here and now---there are millions of us out here who have never participated in the "government-approved" retirement scams (IRAs, 401ks etc.) and we're doing okay because our parents taught us to "pay yourself first" and "save for a rainy day." The pols understand that first one quite nicely thank you very much and do it with all their little stony hearts. It's the second maxim that they don't seem to "get" and we're paying the price for their ignorance.
Meanwhile, those who did save for retirement because we were told to do so, not to depend on government to take care of us in our old age have been scammed by the manipulation of the interest rates and the latest scam----Obamacare, which will take a high percentage of our disposal income.
It seems to me that the only thing this "action" does is to create a whole new department of the Feds to load employers with more obligations. But wait, we haven't begun to see which employers will petition for and receive "waivers" on this new initiative.
Will those employing the illegal alien population be required to set up these accounts for their employees?

reply to post by xuenchen

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

It is another effing government account that only it controls.

Create it so they can rob from it just like the have with SS.

ust 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.” Read more: www.washingtontimes.com... Follow us: @washtimes on Twitter

And people DO NEED to be concerned here.

'Backed by the full faith and credit'.

Our credit is shot to hell.

Downgraded.

And he creates this ?

Bush tried this, and the they wouldn't have it.

But suddenly since it's Obama no worries!

What a crock of effing snip.

Sounds like it is going to be backed by nothing.

Guess SS,IRA,401s and the rest wasn't enough now government wants in the racket YET AGAIN.

That retirement plan call Social Security wasn't enough for them, and hell they have done such a wonderful job running it.

Really all it is is another 'wealth redistribution' plan.

xuenchen
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.

No you got it wrong...

"We must pass it first Then find out what's in it"

Didn't you get the memo?

where's the memo btw..

reply to post by neo96


Exactly, backed by what? by a bailout in case it doesn't work? by whom? by the tax payers as usual, so guess who they will go after if the whole Ponzi scheme crashes down later on, the working class as usual.

Bailout anyone? anyone? I take one is in the good faith and credit of our government.

What a joke, only those that do not understand how the government works could see something good out of this new scam.

reply to post by Flatfish


Sorry to say this to you, but this the result of having a president that no only lies to the public, is ruling under executive orders and got us ACA.

Any person with basic understanding of how our government works this days will not trust Obama and neither his policies he doesn't have a good reputation this days and neither the Federal government and corrupted agencies like the IRS, that remind me also how he has used that agency for his own personal agendas.

No thanks, but you are welcome to try MyRA and let us know how well you do.

reply to post by edmc^2

where's the memo btw..

It's Here; www.abovetopsecret.com...



reply to post by neo96

Really all it is is another 'wealth redistribution' plan.

Or a "debt" distribution plan !!

reply to post by xuenchen


All this is, is an attempt to find a buyer for government bonds now that they are tapering the amount the fed is printing up each month to buy bonds. Basically the government needs suckers, cause the real financial markets don't want any more of our debt at 3 percent.

Anyone that puts their retirement money in government bonds through this program is going to lose all or most of it eventually. That is what happens when you loan your money to an entity 17 trillion in debt and growing, with no plans to ever run a surplus.

proximo
reply to post by xuenchen

 

Anyone that puts their retirement money in government bonds through this program is going to lose all or most of it eventually. That is what happens when you loan your money to an entity 17 trillion in debt and growing, with no plans to ever run a surplus.

Amen to that.

I completely forgot about the 17 trillions in debt.

reply to post by xuenchen

Or a "debt" distribution plan !!

YES!

Once that so called program starts paying out more than it takes in ?

Tax the evil rich!

Raise taxes on the middle class.

EXACTLY like EVERY other government program we know.

My wife was saying something about this last night when Obama was talking about 401k plans..

She said something along the lines of what everyone is going to have to sign up for one like you have to with Obamacare...

Interesting, interesting indeed...

Take all your money so when you do have any money you can beg to give them your money in the 1st place.

Oh and saying this in pgh where the steel industry is all but dried up does sound real appealing eh?

Land in sky for sale, Obama has it cheap.. Hit him up...

“the full faith and credit of the United States government.”

I've seen the credit report on the United States government.
Mine is better. Jimmy Carter and his bunch taught me some valuable lessons, lessons I wish the legislators of today had absorbed.

I've always done my savings plans without the help of gubbermint! How much "help" does one need to save money in a routine fashion? And why, in the name of Paperwork Mountain, must employers be involved?

Please pass the duct tape...

diggindirt
“the full faith and credit of the United States government.”

I've seen the credit report on the United States government.
Mine is better. Jimmy Carter and his bunch taught me some valuable lessons, lessons I wish the legislators of today had absorbed.

I've always done my savings plans without the help of gubbermint! How much "help" does one need to save money in a routine fashion? And why, in the name of Paperwork Mountain, must employers be involved?

Please pass the duct tape...

I will tell you why 'employers must be involved' just like existing SS contributions,401s,

EMPLOYERS HAVE TO MATCH THE CONTRIBUTIONS.

Just like they already do with SS, and Medicare.

Yet another business killer.

Because it will be mandatory.

And this is after raising wages again which translatates to increased SS, and medicaid contributions by employers AND now Myra.

Which should be called HALFNA.

reply to post by xuenchen


haha!

As others have stated this MyRa BS sounds like SS-2014. I assume they will eventually transfer what we are owed in SS into a MyRa account and make the existing SS payroll decduction a MyRa deposit. At that point they get the SS deficit off their books and have all the non-existant MyRa money to play with. I assume it will be mandatory with no option to opt out.

reply to post by xuenchen


Im sure this was Jon Corzine's brilliant idea, or someone of his ilk.

"Yeah....America....we can....take care of your money.....responsibly....! We would never.....steal your....money! Where did you ever get that idea....? Was it those damned conspiracy terrorists.....er....theorists? We know whats....best...for you!"

What obama really means is, "we can further destroy the middle class...with their consent...so we can then blame them for irresponsible investing." Theres no saving the middle class unless the parasites (bankers/politicians/elite) are removed from the host (America).(period!)

reply to post by Flatfish


Well at least you got one thing right.
If 0bama is involved, it is in fact shady.

reply to post by proximo

All this is, is an attempt to find a buyer for government bonds now that they are tapering the amount the fed is printing up each month to buy bonds. Basically the government needs suckers, cause the real financial markets don't want any more of our debt at 3 percent.

VERY good point I hadn't thought of until now. The Federal Government's own projections for debt and the ratio between National and International debt continues to turn to heavy private sector shouldering of a fast increasing debt load ..to see less held overseas. That pattern runs true through 2025 anyway.

I suppose this is one of the ways they manage to get more private people buying government debt? I'd wondered how those projections could possibly be more than fantasy because their numbers require trillions more to be bought by normal people. Hmmmm.. So this may be how...

Well.. Obama calls it a good idea? I call it criminal. Another way to screw We the People.

macman
reply to post by Flatfish

 

Well at least you got one thing right.
If 0bama is involved, it is in fact shady.

For starters, I never said that in any way, shape or form. If anything, it's a figment of your delusional imagination. IMO, only a fool or an idiot would even make a statement like that.

What I've been speaking out about is the current over-abundance of similar "ad hominem" arguments being offered by ATS right-wingers, even to the point that it becomes the backbone of their argument.

It's shallow, it's pathetic and it's really not even worth the effort of debate.