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And now the Obama IRA ... money you thought was yours.. but the Democrats are getting ready to steal.. imagine that a Ponzi Scheme from the Debtocraps

iamnothere 2014/03/22 11:50:53

Obama’s MyRA Scam: Your Savings Pays for US Debt

Written by Damon Geller

In one of the most shocking State of the Union Addresses in recent memory, President Obama announced he will create a new kind of retirement account – the MyRA – which uses your retirement savings to buy U.S. Treasures and pay for U.S. debt. Obama’s announcement follows a number of startling events which demonstrate how desperate the government is becoming: with nowhere else to turn, the government is making a last-ditch effort to seize personal savings & retirement to fund the nation’s insurmountable debt. And there’s only ONE thing you can do to stop it from happening.
MYra ira


The Government Needs A New Source for Funds

The U.S. debt, not including unfunded liabilities, is over $17 trillion dollars. And the U.S. Treasury estimates our debt to go over $28 trillion by 2018! In order to finance this debt, the Federal Reserve has been buying 90% of the U.S. Treasury market through money-printing stimulus, to the tune of $80 BILLION per month for the last several years. And we all know that the Fed has begun tapering its stimulus program because they can no longer afford to fund the national debt.

So if the Fed is going insolvent, who do you think the government will lean on to pick up the slack? The answer is YOU. 10,000 Baby Boomers will turn 65 years-old every day until 2030. And while the government has a debt problem of $17 trillion, not so coincidentally, our country's IRAs, 401Ks and other retirement accounts amount to right around $19 Trillion. What a convenient resource for the Federal Government!

So the federal government is licking its chops staring at YOUR share of the $19 trillion in retirement savings. Now, if there were only a way for them to get access to your money…MYra ira

Master Plan, Stage 1: Get YOU to Finance the Debt

Obama suddenly announces in his State of the Union Address that he’s got a great “no risk” idea for Americans saving for their retirement. His exact words: “I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in.”

In other words, YOU the American taxpayers will start buying U.S. Treasuries because the insolvent Fed can no longer do so. Whenever anyone tells you an investment is “no risk,” you know you’re being sold another Wallstreet.gov scam. No risk? Nonsense. If you buy a 10-year Treasury bill now, you’re locked in at a low interest rate – a rate that has been kept artificially low by Fed stimulus. Well, Fed stimulus is ending. And that means we’re headed into an inflationary environment where interest rates have nowhere to go but up. So in other words, your bond investments lose significant value EVERY SINGLE YEAR. Hardly no risk.

And how do you feel about investing in a mountain of unsustainable debt? Most experts (and anyone with common sense) have demonstrated how our national debt levels can NEVER be paid off. And now, those same experts are predicting the imminent collapse of the U.S. dollar as the world’s reserve currency. So if the market for U.S. Treasuries is drying up and the demand for U.S. dollars implodes, does investment in America’s debt seem like a “no risk” move to you?
confiscate
Master Plan Stage 2: Confiscation of Retirement Accounts

So, what happens if you’re not willing to invest in Obama’s MyRa? How does the government get the funding it needs to continue financing and growing the debt? The answer: FORCE you to make your retirement funds accessible to the government.

If you do some research on US Bill “HB5337,” you will find the plan to nationalize retirement wealth. On May 6, 2012 Lauren Schmitz, a research analyst at the Bernard L Schwartz Center for Economic Analyst (SCEPA), introduced HB5337. This 401(k)/IRA de-privatization is the brainchild of Teresa Ghilarducci, whom through funding from the White House and the Ford & Rockefeller Foundations engineered a new “Regulatory & Tax Incentive.” The purpose is to force Americans to convert their Retirement Accounts into Government Managed accounts.

The government will nationalize retirement accounts like IRAs, 401Ks, pensions, 403Bs, etc. so that you will be forced to use a portion of your retirement wealth to purchase U.S. government debt – debt that will ultimately default, as it is not possible to sustain our astronomical debt nor the deficits that create it.

This plan to nationalize private 401K and IRA retirement accounts is being deceptively publicized as the government protecting the public against business failings or state bankruptcies. But the reality is, your cash, your retirement funds, your bank deposits and your investments are at huge risk of being confiscated by the government through some contrived reason or another.
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  • jmc07806-PWCM-JLA 2014/03/24 14:48:31
    jmc07806-PWCM-JLA
    +1
    Iyt's not just Democrates that are trying to stell it or think that it is theirs more and more Republicians do to.
  • hasher 2014/03/23 23:25:12
    hasher
    +1
    i dont think the american ppl will let this happen. we are too smart for that at least i hope so.
  • Charles R. Anderson 2014/03/23 05:00:43
    Charles R. Anderson
    +2
    The Democrat Socialists claimed they own our minds and bodies under ObamaCare. That makes us all slaves, so of course we cannot own anything else. It all belongs to the Master.
  • Captain-Morgan 2014/03/23 02:12:03
  • ChiTownGirl 2014/03/22 23:17:24
    ChiTownGirl
    +2
    Of course, Obama & Co have been trying to nationalize everything and they can't wait to get their hands on middle class Americans last line of wealth, their IRAs, 401Ks, Pensions and 403Bs, yep, yep, yep.

    Retirees are screwed, first by Obamacare raiding $800 Billion from it and now going for blood thru their bank accounts and retirement savings.
  • RJeffreySavlov 2014/03/22 22:42:09
    RJeffreySavlov
    +2
    He can go screw himself. He is beyond stupid and with the help of his Dumbocrats in congress he has highjacked the country and now our retirement. Time for him to walk the plank.
  • moknowsky 2014/03/22 22:20:04
    moknowsky
    +1
    What else can you expect from a thief and a liar?
  • jumpboots 187th PIR 2014/03/22 21:17:35 (edited)
    jumpboots 187th PIR
    +2
    It blongs to obama now...He said that he can spend a lot more wisely then you can.... pile s of money
  • Aqua Surf BTO-t-BCRA-F 2014/03/22 21:06:29
    Aqua Surf BTO-t-BCRA-F
    +3
    Put your money under your mattress. What they are proposing is unconstitutional anyway. It's OUR money, NOT theirs.
  • Swampdog PWCM 2014/03/22 20:52:13
    Swampdog PWCM
    +3
    More intrusion from the communist party of Amerika!
  • ur XLNC-PWCM 2014/03/22 19:29:56
    ur XLNC-PWCM
    +3
    Tell me AGAIN how Obama is NOT systematically making it rather difficult to recover from him and his junta of crooks!
  • TaxCodeIsLaw 2014/03/22 19:29:36 (edited)
    TaxCodeIsLaw
    +1
    Do you geniuses have any capacity for thought or critical reasoning? There is no such thing as HB5337. You can verify this on Thomas.gov but there are two give always that this is false; bills started in the house bear the designation hr not hb; and they are introduced by congressman not by research analysts. Your paranoia would be funny if it weren't so demonstrative of the stupidity that is leading the decline of this country.
  • iamnothere TaxCode... 2014/03/22 20:31:57
    iamnothere
    +2
    guessing you did not see the state of the union. this is what it is all about

    http://www.sbcgold.com/blog/u...
  • TaxCode... iamnothere 2014/03/22 21:22:31
    TaxCodeIsLaw
    +1
    I saw the state of the union. Did you see your own idiotic blog?
    "If you do some research on US Bill “HB5337,” you will find the plan to nationalize retirement wealth. On May 6, 2012 Lauren Schmitz, a research analyst at the Bernard L Schwartz Center for Economic Analyst (SCEPA), introduced HB5337. This 401(k)/IRA de-privatization is the brainchild of Teresa Ghilarducci, whom through funding from the White House and the Ford & Rockefeller Foundations engineered a new “Regulatory & Tax Incentive.” The purpose is to force Americans to convert their Retirement Accounts into Government Managed accounts."

    It is a complete fabrication.
  • iamnothere TaxCode... 2014/03/22 23:32:10
    iamnothere
    you are a complete fabrication
  • TaxCode... iamnothere 2014/03/23 01:01:56
    TaxCodeIsLaw
    So we can add infantile and willfully ignorant to the list of your character traits.
  • iamnothere TaxCode... 2014/03/23 02:32:26
    iamnothere
    what you think about me is not relevant. knowing that the government plans to draw down on the savings of the individuals in this country is relevant.. you say OH no will never happen.. But one only has to look at what the government has already done that are far and away not legal
  • TaxCode... iamnothere 2014/03/23 03:03:46
    TaxCodeIsLaw
    Your "knowledge" is objectively paranoid delusion. Your knowledge is based on a house bill that does not exist.
  • iamnothere TaxCode... 2014/03/23 12:00:55
    iamnothere
    Explaining Obama's myRA


    NEW YORK (CNNMoney)
    In his State of the Union address, President Obama announced plans to create a new 'myRA' retirement account aimed at helping millions of Americans to start building a nest egg.http://money.cnn.com/2014...

    On Wednesday, Obama signed a presidential memo directing the Department of Treasury to create the government-backed retirement accounts.

    Here's a look at how myRAs will work, according to the White House:

    Who can open a myRA? The accounts are targeted at the millions of low- and middle-income Americans who don't have access to employer-sponsored retirement plans. That includes roughly half of all workers and 75% of part-time workers.

    The White House says it will "aggressively" encourage employers to offer the program, noting that they won't have to administer or contribute to the accounts. myRAs will initially be offered through a pilot program to workers whose employers sign on by the end of the year.

    Once the program reaches full implementation, anyone who has direct deposit for their paycheck will be eligible to sign up, Treasury said.

    Share your story: Would you open a myRA account?

    All workers may invest in the accounts, including those who would like to supplement an existing 401(k) plan, as long as their household income falls belo...































    Explaining Obama's myRA


    NEW YORK (CNNMoney)
    In his State of the Union address, President Obama announced plans to create a new 'myRA' retirement account aimed at helping millions of Americans to start building a nest egg.http://money.cnn.com/2014...

    On Wednesday, Obama signed a presidential memo directing the Department of Treasury to create the government-backed retirement accounts.

    Here's a look at how myRAs will work, according to the White House:

    Who can open a myRA? The accounts are targeted at the millions of low- and middle-income Americans who don't have access to employer-sponsored retirement plans. That includes roughly half of all workers and 75% of part-time workers.

    The White House says it will "aggressively" encourage employers to offer the program, noting that they won't have to administer or contribute to the accounts. myRAs will initially be offered through a pilot program to workers whose employers sign on by the end of the year.

    Once the program reaches full implementation, anyone who has direct deposit for their paycheck will be eligible to sign up, Treasury said.

    Share your story: Would you open a myRA account?

    All workers may invest in the accounts, including those who would like to supplement an existing 401(k) plan, as long as their household income falls below $191,000 a year.

    How will the account work? The account will function as a Roth IRA, which allows savers to invest after-tax dollars and withdraw the money in retirement tax-free.

    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.

    Workers will be able to keep the accounts when they switch jobs or contribute to the same account from multiple part-time jobs. They will also be able to withdraw their contributions at any time without penalty. However, anyone who withdraws the interest they earned in the account before age 59 1/2 will get hit with taxes and a possible penalty, just like a Roth IRA.

    Another plus: while private retirement accounts of any size can come with a host of administrative expenses, the myRAs will be free of any fees.

    Related: Explaining Obama's myRA

    "This deals with the small saver problem," said David John, senior strategic policy adviser at the AARP Public Policy Institute. "Very often the administrative costs of those tiny accounts actually eat into the principal."

    How much can I invest? Initial investments can be as low as $25 and workers can contribute as little as $5 at a time through automatic payroll deductions. Like a traditional Roth account, savers will be allowed to contribute up to $5,500 a year under current limits.

    Once a participant's account balance hits $15,000, or the account has been open for 30 years, she will have to roll it over to a private sector Roth IRA, where the money can continue to grow tax-free. Workers will have the option to switch to a Roth IRA at any time.

    What kind of returns can I expect? While the accounts will offer a safe place for many first-time retirement savers to put their money, they shouldn't expect big returns.

    The White House said the accounts will earn the same rate as the Thrift Savings Plan's Government Securities Investment Fund that it offers to federal workers. That fund earned around 1.5 % in 2012, and had an average annual return of 3.6% between 2003 and 2012.

    Related: Will you have enough to retire?

    With an average 2% interest rate, for example, a worker contributing $100 a month would accumulate around $6,300 in savings after five years, including around $300 in interest.

    "The good news is you don't have any risk on this account," John said. "The bad news is of course you're not going to have a huge amount of earnings on this account either."

    Will this help solve the retirement savings crisis? Retirement advocates are cheering the new savings program as an important step. But no one thinks this alone will fix the fact that millions of Americans have little-to-no retirement savings.

    Obama's annual budget will again include a separate proposal to automatically enroll workers in IRA accounts, a long-touted plan which would require Congressional approval.

    "This is a start," John said. "Without the actions of Congress, there is a limit on what can be done." To top of page
    (more)
  • TaxCode... iamnothere 2014/03/23 15:31:32
    TaxCodeIsLaw
    You are still not posting anything remotely related to nationalizing accounts or "hb5337". I'm well aware of the Myra proposal. I'm not certain you have any clue what myra accounts actually are.
  • iamnothere TaxCode... 2014/03/23 15:54:39
    iamnothere
    here is the deal I posted this.. you read it you disagree.. you say it has not been proposed.. I posted where it was .. leave it at that before I decide that you are just a dimbulb ( I do not think that you are)
  • TaxCode... iamnothere 2014/03/23 16:05:52
    TaxCodeIsLaw
    "I posted where it was"

    You posted nothing of the sort. The president's myra proposal is not a House Bill. You are familiar with the "three branches" of the federal governmen, yes? So copying and pasting a post about the president's myra proposal is not related to a bill you claim exits. There is a website you can go to www.Thomas.gov that lists all bills proposed for the last 20 years or so. I challenge you, if you have an ounce of integrity, to find and post the bill you claim to exist. If you are unable to you should post an apology for misleading people.

    You are right in that you posted this stupidity and I refuse to let it go unchallenged. I also love the assertion that issuing treasuries (i.e. issuing debt) is somehow being used to pay down debt. You do realize that the principal and interest on the securities still needs to be repaid?
  • iamnothere TaxCode... 2014/03/23 16:59:57
    iamnothere
    you really do make me wonder if you read the article. it is pretty self explanitory it tells what has been proposed it mentions the house bill .. that is not going to happen with the current occupants in there. Still the bill was proposed.. that is why it had a number.

    Obama did push out an executive order.. you can deny as much as you wish.. reality like obama bites a big one
  • TaxCode... iamnothere 2014/03/23 17:15:33
    TaxCodeIsLaw
    Once again you are offering up incoherent talking points and not the bill you describe as a "plan to nationalize retirement wealth." All it will take for me to admit I am wrong and go away is a simple link to the official record of that bill.

    Until then your character for honesty and perception of reality, biting or otherwise, is painfully wanting.
  • TaxCode... iamnothere 2014/03/23 17:33:06
    TaxCodeIsLaw
    I know you struggle with reading comprehension, so maybe pictures are easier for you to follow:
    http://thomas.loc.gov/cgi-bin...

    dolt

    So contrary to your claim that "you will find the plan to nationalize retirement wealth. On May 6, 2012 Lauren Schmitz, a research analyst at the Bernard L Schwartz Center for Economic Analyst (SCEPA), introduced HB5337," instead you find that there is in fact not a new way for unelected citizens to introduce legislation, and that the bill introduce by Rep Buerkle on May 7, 2012 to temporarily suspend a duty on certain chemical compounds.
  • TaxCode... iamnothere 2014/03/24 13:55:07 (edited)
    TaxCodeIsLaw
    As I suspected you have no integrity.

    Edit to add* I have forced the original author to take down his false statements. As your post original post contains libelous statements about Ms. Schmitz I'd advise you to remove your dfalse and defamatory statements or be prepared to face legal action.
  • iamnothere TaxCode... 2014/03/24 15:24:22
    iamnothere
    as I suspected you have no intelligence .. we should leave it at that before we find out you are also a child molester or something
  • TaxCode... iamnothere 2014/03/24 16:26:56 (edited)
    TaxCodeIsLaw
    No the only thing I'm molesting is your wilful ignorance. I have 100% beyond a doubt shown you to be either intentionally dishonest or willfully ignorant. Which is it? Why can't you just show the bill you are claiming exists. Are you lazy or does it not exist?

    Edit to add* We can add coward to the list
  • david abe 2014/03/22 19:23:58
    david abe
    +3
    As time goes on ,official fraud increases!
  • D Hanes 2014/03/22 19:01:51
    D Hanes
    +3
    Knew this was coming.. got my money all locked up, even the b*tch Obama cannot get it! Bloody Crook!
  • marcuss LIBERALS ARE TRAITORS 2014/03/22 17:59:14
    marcuss LIBERALS ARE TRAITORS
    +4
    I cashed in my 401k just before the democrats took control of the senate in 2006. If I left my money in there instead of yanking it out I would have lost $34,000.00. I invested it on my own and have made my retirement funds grow using my own resources.
  • Idiot r... marcuss... 2014/03/22 22:57:46
    Idiot repubs
    +1
    34,000 dollars? LOL, took you a lifetime? Bury it in the back yard.
  • marcuss... Idiot r... 2014/03/22 23:06:26
    marcuss LIBERALS ARE TRAITORS
    +1
    No I would have lost $34,000 in earnings.
  • Frank 2014/03/22 17:26:38
    Frank
    +5
    Obama legacy, Obamacare and MyRa.
    Obama's famous pre-election speech 2008... "I will cut the deficit in half my first term." That's worked out well hasn't it?
  • Kane Fernau 2014/03/22 16:54:17
    Kane Fernau
    +8
    Democrats believe everything belongs to the government and they are the government.
  • JamesChevyII 2014/03/22 16:53:39
    JamesChevyII
    +3
    It is s scam, and I would not trust anything they say. You will never see the money come back. It's the same as you can keep you medical, doctor if you want and not purchase obamacare. Same words, just different subject.
  • DeeB 2014/03/22 16:37:53
    DeeB
    +3
    Ready to tell these freaks where to get off yet?
  • sbtbill 2014/03/22 16:09:24 (edited)
    sbtbill
    +2
    Banks are backed by FDIC a government program. Most money market funds are an indirect way to buy T-bils (Federal government short term debt). Contracts are denominated in dollars. In the 30's the government banned private ownership of gold and required it all be turned in. Now Obama wants to come up with a modified e-bond.



    E-bonds were originally created to finance the huge deficits created by WWII which were somewhat paid down by Eisenhower. They were a great way to save. You could buy them at the post office or you could by stamps until you had enough for a bond.



    What Obama is proposing is just a reformation of E-bonds. It is nothing sinister. We should use the USPS to sell them.
  • D Hanes sbtbill 2014/03/22 19:02:56
    D Hanes
    +1
    HA HA HA HA HA HA HA!!!!!!!!!!!!!!!!!!!!!!!!!!!...
  • iamnothere sbtbill 2014/03/22 20:33:10
    iamnothere
    f the fdic this has zero to do with them

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