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Will Obama´s proposed retirement account
plan muster bi-partisan support?

Fox News, by Doug McKelway

Original Article

Posted By:SallyHerigstad, 1/31/2014 6:06:25 PM

In the polarized atmosphere of Washington, President Obama may have found that rare idea with bi-partisan appeal - his plan for new, federally-backed savings accounts for low and middle income wage earners called MyRA, short for My Retirement Account. "What it is, it´s a new type of savings bond that we can set up without legislation that encourages Americans to begin to build a nest egg," Obama told a crowd in West Miflin, Pa. the day after he unveiled the MyRA plan in Tuesday’s State of the Union speech.

Comments:
Sounds like the government wants to borrow money from low-income people and pay them about 1%. I´m sure they´d like to get all our retirement accounts in government bonds - for our own good, of course.
Source has been corrected to site style.

      


Post Reply  

Reply 1 - Posted by: pinger, 1/31/2014 6:16:23 PM     (No. 9713721)

My first thought about his program is why would anyone have any confidence in anything that is guaranteed by our government?

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Reply 2 - Posted by: woodenleg, 1/31/2014 6:17:32 PM     (No. 9713724)

There is 19 trillion dollars in private retirement accounts....Everyone has access to IRA´s, ROTH IRA´s and Social Security.....this is just an attempt to get government hands on some of that money.

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: Bur Oak, 1/31/2014 6:19:50 PM     (No. 9713730)

Look for the catch. Don´t trust the government.

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Reply 4 - Posted by: thethirdruffian, 1/31/2014 6:22:11 PM     (No. 9713731)

1. It will become mandated for all.

2. It will have a negative rate of return, like Social Security (I get a negative 1.5% on all calculators.)

3. It will be supported by some new tax or confiscation from people who actually saved up in 401Ks or IRAs.

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Reply 5 - Posted by: Dante, 1/31/2014 6:22:30 PM     (No. 9713732)

Zero promises "guaranteed" rates of return, which of course means taxpayers will be on the hook for those phony promises.

Just another attempt by the collectivist idiot to transfer wealth.

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Reply 6 - Posted by: reilly, 1/31/2014 6:22:33 PM     (No. 9713734)


Reading his script the other night, DingleBarry couldn´t even pronounce "MyRA".
What a joke.


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Reply 7 - Posted by: Lawsy0, 1/31/2014 6:31:08 PM     (No. 9713760)

It will be some cleverly disguised method of cleaning out your savings and checking accounts if ACA leaves anything in them.

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Reply 8 - Posted by: Dodge Boy, 1/31/2014 6:36:48 PM     (No. 9713769)

This is exactly what W proposed back in 2001.. But, the left (and the unions), shot it down. How come it is suddenly a good idea now....hmmmm?

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Reply 9 - Posted by: oh-heck, 1/31/2014 6:37:28 PM     (No. 9713772)

It´s really simple, do you trust the President? If not, keep him away from retirement accounts.

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Reply 10 - Posted by: whyyeseyec, 1/31/2014 6:42:56 PM     (No. 9713782)

Sounds like Obama wants to set up retirement accounts for low income, food stamp, Obamaphone recipients by having the taxpayer deposit money in `their` new govn accounts on a weekly basis.

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Reply 11 - Posted by: jl80863, 1/31/2014 6:46:24 PM     (No. 9713789)

This from the mouth of the individual who said "if you like your Doctor you can keep your doctor". Just imagine what this fraud would do with another pile of money. pelosi has scheming to gain control of retirement accounts for a long time.

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Reply 12 - Posted by: fordtran, 1/31/2014 7:01:20 PM     (No. 9713807)

Who has money left over to save for retirement? Obamacare will drain most working people of every cent of their disposable income.

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B-G1


 
Reply 13 - Posted by: Charactercounts, 1/31/2014 7:10:08 PM     (No. 9713821)

The government (democrats especially) would love to get their hands on people´s IRA money, as #2 said.

They will get their foot in the door by offering this bond, then try to extend their reach. Why let banks keep all that capital?

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Reply 14 - Posted by: Susannah, 1/31/2014 7:10:38 PM     (No. 9713822)

Ever since Obama took office, the government has been trying to figure out a way to get its hands on your IRAs and distribute the proceeds to you according to your "need," which they, of course, will determine. It might be wise to convert them to CDs, even if you lose some in taxes.

Could the OP comment further on this, since it´s her area of expertise?

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Reply 15 - Posted by: lydwho, 1/31/2014 7:27:47 PM     (No. 9713844)

This isn´t new. The Democrats started this before and named it Social Security. Worked well on paper until the Government decided to "borrow" the accumulated money and just put an IOU in the lock box.

Look where that got us now~~~~~~

Art

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Reply 16 - Posted by: plex, 1/31/2014 7:43:10 PM     (No. 9713857)

SS was always designed so that the Congress could borrow it. SSA is only allowed to purchase Treasury Bonds (special ones). What happens to the revenue from the sale of these bonds?? Yes, Virginia, it goes into the treasury as "income from the sale of bonds" just like the bonds you might buy. The Congress is free to spend it. At one time there was a fig leaf of labeled money but all money is fungible.

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Reply 17 - Posted by: ColonialAmerican1623, 1/31/2014 10:03:01 PM     (No. 9713982)

You have to have jobs first Zippy.

How much of the money will leave this country in paper bags to the same old same old since he has been in office ?


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R_DBL_B
  


 
Reply 18 - Posted by: Rumblehog, 1/31/2014 11:07:25 PM     (No. 9714034)

Sounds like another Oboondoggle

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Reply 19 - Posted by: Libertygal, 2/1/2014 4:49:31 AM     (No. 9714119)

The step they neglected to tell you about is, because the government is bankrupt, and pretending they aren´t, they will have to bail these people out. How? Simples.

They will seize all standing retirement accounts, make this standard for everyone under 55, and every chikd born this dayvforward will be born with a starter account of 600.00.

We will all be taxed on our income, for this new Social Security after the Greek-styled "haircuts" on our banks and retirement accounts, and Uncle Sugar will promise everyone wealth and welfare from.that day forward!

Rainbows and unicorns for all!

They started planning this in 2008, Rush did a story on it, for those who have been paying attention.


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Reply 20 - Posted by: Trigger2, 2/1/2014 6:56:16 AM     (No. 9714169)

Like BarryCare´s secret provision of bailing out insurance companies, Barry´s retirement account will contain a secret provision that when you bite the dust, anything left in the account reverts back to the goobermint.

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Posted By: SallyHerigstad- 1/31/2014 6:06:25 PM     Post Reply
In the polarized atmosphere of Washington, President Obama may have found that rare idea with bi-partisan appeal - his plan for new, federally-backed savings accounts for low and middle income wage earners called MyRA, short for My Retirement Account. "What it is, it´s a new type of savings bond that we can set up without legislation that encourages Americans to begin to build a nest egg," Obama told a crowd in West Miflin, Pa. the day after he unveiled the MyRA plan in Tuesday’s State of the Union speech.

   

 



 
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