Obama’s New “MyRA” – Hey Buddy, Can Ya Spare Your IRA?

Behind the scenes, groundwork has been laid for a federal government confiscation of your tax-deferred retirement accounts such as IRAs.  They’ve been quietly working it through backroom committees since 2007.  You see, Uncle Sam has a spending habit….and he’s got it bad.   Now, he sees Americans with $19.4 trillion in retirement savings, and he’s generously offering to help them manage it.  What could possibly go wrong?

national-debt-uncle-sam-1
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broke-uncle-sam(Sovereign Man) -I have an old acquaintance named Sam who has a hell of a deal for you. Sam is actually a pretty famous guy with a big reputation. Unfortunately he has been a bit down and out on his luck lately… but he’s trying to make a comeback. And Sam is prepared to float you a really great investment opportunity.

Here’s the deal he’s offering: you give Sam your hard-earned retirement savings. Sam will invest your funds, and pay you a rate of return.  Granted, the rate of return he’s promising doesn’t quite keep up with inflation. So you will be losing some money. But don’t dwell on that too much.  And, rather than invest your funds in productive assets, Sam is going to blow it all on new cars and flat screen TVs. So when it comes time to make interest payments, Sam won’t have any money left. He´s also been talking the new elektrische scooter from Paris, he´ll soon be riding it all over town going really fast looking really stylish.

I know what you’re thinking– “where do I sign??” I know, right? It’s the deal of the lifetime.  This is basically the offer that the President of the United States floated last night.  And like an unctuously overgeled used car salesman, he actually pitched Americans on loaning their retirement savings to the US government with a straight face, guaranteeing “a decent return with no risk of losing what you put in. . .”6a00d83451bc4a69e2017d419bf606970c-800wiBut don’t worry, he still has that good ole’ credibility. So even though his financial situation gets worse by the year, Sam will just go back out there and borrow more money from other people to pay you back.  Of course, he will be able to keep doing this forever without any consequences whatsoever.

uncle-sam-tax-credit-give-back_366This is his new “MyRA” program. And the aim is simple– dupe unwitting Americans to plow their retirement savings into the US government’s shrinking coffers.  We’ve been talking about this for years. I have personally written since 2009 that the US government would one day push US citizens into the ‘safety and security’ of US Treasuries.

Back in 2009, almost everyone else thought I was nuts for even suggesting something so sacrilegious about the US government and financial system.  But the day has arrived. And POTUS stated almost VERBATIM what I have been writing for years.  The government is flat broke. Even by their own assessment, the US government’s “net worth” is NEGATIVE 16 trillion. That’s as of the end of 2012 (the 2013 numbers aren’t out yet). But the trend is actually worsening.  In 2009, the government’s net worth was negative $11.45 trillion. By 2010, it had dropped to minus $13.47 trillion. By 2011, minus $14.78 trillion. And by 2012, minus $16.1 trillion.

Here’s the thing: according to the IRS, there is well over $5 trillion in US individual retirement accounts. For a government as bankrupt as Uncle Sam is, $5 trillion is irresistible.  They need that money. They need YOUR money. And this MyRA program is the critical first step to corralling your hard earned retirement funds.

At our event here in Chile last year, Jim Rogers nailed this right on the head when he and Ron Paul told our audience that the government would try to take your retirement funds:

I don’t know how much more clear I can be: this is happening. This is exactly what bankrupt governments do. And it’s time to give serious, serious consideration to shipping your retirement funds overseas before they take yours. (Read more...)

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About Ad rem

Millions of little gray cells wrapped in fur.
This entry was posted in A New America, Bailouts, Conspiracy ?, Decepticons, Dem Hypocrisy, Economy, Predictions, Rand Paul, Statism, Uncategorized. Bookmark the permalink.

86 Responses to Obama’s New “MyRA” – Hey Buddy, Can Ya Spare Your IRA?

  1. justfactsplz says:

    This peaked Ted Cruz’s interest last night. He smells a rat too. Every which way we look the government is taking from us. Wake up sheeple!

    Like

  2. Dick Steele says:

    ‘No Risk !’ says Prez Selfie !! God, is this country FINISHED ….

    Like

  3. kadar2012 says:

    Please call it what it really is, ObamaCRAP.
    ObamaCitizensRetirementAccountProgram.

    Like

  4. taqiyyologist says:

    Uncle Sam is an exiled Nigerian Prince?

    Who knew?

    Like

    • Ad rem says:

      Pffffttt….on Nigerian Princes. I got me the real live brother in-law to Mr. El-Gamal Mubarak (President Hosni Mubarak’s son) sending me email….

      FOR YOUR ATTENTION:

      I am sorry for the in prompt request of your assistance since it is obvious
      that we have not met before now. This communication was as a result of Egypt
      crisis that remove president Mubarak from power.

      Please forgive me for this unusual manner of contacting you, but this
      particular letter is of exceptional and very private nature. My name is Mr.
      Adir Kamir, the brother in-law to Mr. El-Gamal Mubarak (President Hosni
      Mubarak’s son) I am seeking for your assistance in accommodating the sum of
      (19.3M United States Dollars) which is currently in a financial house .

      Please in your reply,include your telephone number and your residential or company address
      for easy Communication Remember that this transaction must keep secret forever. More details shall
      be giving upon your acceptance of the transaction.

      Regards,
      Mr. Adir Kamir.

      Like

  5. stella says:

    They have done such a good job with Social Security – what’s the problem?

    Like

  6. Mike says:

    Reblogged this on makeaneffort and commented:
    please watch

    Like

  7. Abagail says:

    “MyRA guarantees a decent return with no risk of losing what you put in.”

    Libcode translation:

    MyRA guarantees you will lose every penny you put in.

    Embrace the suck.

    Like

  8. Dan says:

    Bastards!

    Like

  9. howie says:

    Is this when socialism finally fails here too? They are out of OPM and the Fed is cutting their allowance by 10 billion a month. Every month. China might not finance him either. Last hop. The savings if Joe Six Pack.

    Like

  10. remmy says:

    They talk about wealth distribution. A lot of the wealth the government wants to distribute is from money in 401Ks and IRA accounts. A large portion of that money is passed onto heirs. That is what the government wants. The want to take that and distribute it. They just have to find a way to do it.

    Like

  11. This article hits it out of the park. MyRA is the first step towards individual retirement confiscation – whether it be 401ks, IRAs or whatever.

    The only additional question I’d add is, if MyRA is supposed to be so great why do we need to continue Social Security?

    Like

  12. JAS says:

    The reason to go after retirement accounts is quite simple: they do not want to tax their own electorate. There is a really interesting table (table B2) put out by the IRS in this PDF:

    http://www.irs.gov/pub/irs-soi/13inwinbulratesshare.pdf

    The table is titled “Number of Returns, Adjusted Gross Income, and Total Income Tax Minus Refundable Credits [1], by Size of Adjusted Gross Income, Tax Years 2009 and 2010”. Quite the mouthful, and sadly it only goes to 2010. Simply analyzed:

    The table shows that groups of “taxpayers” that make from $1.00 to $30,000 have a total combined income of $957,643,000,000, as in billions of dollars. These taxpayers not only pay no taxes, they get money back from the IRS so they have a negative tax rate. Wonder who they vote for…..

    The next group, taxpayers with incomes from >$30,000 to $50,000 start to pay taxes, but the only pay $3.10 for every $100.00 they make (average).

    The President tried to get more money from the rich and was very vocal about it, until someone whispered in his ear and said “Sir, that won’t work”. Why? because there is not enough there. The top earning taxpayers in the country, starting with the group making from >$500,000 to $1,000,000 already pay $24.00 for every $100.00 they make (average). That is HUGE compared to the group in the preceding paragraph, as in ~774% more huge.

    So, in their eyes the choice is simple, tax the $957,643,000,000 above and lose their electorate, or tax the investment accounts. Because their solution to everything is more taxes, period.

    Like

    • doodahdaze says:

      There is not enough money available even if they tax the 957 Billion. That is the state of the Union. They are broke. Period. It is going to be a taking. An asset tax. Even the VAT will not solve it. This problem has no solution. Obama might end up like Caligula and Nero combined Calignero. But eventually he will even turn against his own base because he is in a box with no way out.

      Like

  13. Mark Levin has an interview with Teresa Ghilarducci. I can’t check the link at work but a quick Google search of their names together will let you hear it. Must listen to for all. http://www.youtube.com/watch?v=7TTsHel-qbc

    Like

  14. Be Ge says:

    Here is some ad for the ObamaCRAP:

    MyRA is a totally voluntary program–that is not confiscation. There are pros as well as cons and here are the pros:

    + For tax purposes, it would be treated the same as a Roth IRA (tax-free earnings but not tax-deductible contributions).

    + Available to people with annual household income up to $191,000 whose employers choose to participate.

    + Initial investments can be as low as $25 and payroll contributions as low as $5.

    + The plans are set up through the US Treasury Department at low cost for employers

    + The key benefit to the MyRA appears to be the accessibility. Most
    mutual funds have minimum initial deposits of more than $1,000, which is
    not affordable for many Americans. Also, the investment in U.S. Treasury Bonds
    may not be the ideal long-term investment but it is arguably more
    appropriate for beginning investors than leaving them at the whims of
    the market risk associated with stocks, which can be detrimental to a
    beginner’s psyche, to say the least.

    + One of the most difficult steps in the financial planning process is just getting started and this new MyRA plan appears to be just that — a start.

    Note the italic. We all remember the “if you like your plan you can keep your plan”, which turned out to be “if I like your plan you can keep it, maybe”. So it is voluntary for as long as the stompy-footed guy likes it so. And then…welcome to confiscation, the good old Soviet way.

    Like

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