Remember when Obama was laying the groundwork to confiscate retirement accounts? WELL?
During one of the State of the Union Addresses – Obama discussed the MyRA program. The aim was simple – dupe Americans and dip their dirty fingers into your retirement savings and move them into the US government’s shrinking coffers. According to the Employee Benefit Research Institute, there is well over $23 trillion in individual retirement accounts in the US. For a government as bankrupt as we are, $23 trillion is irresistible. They need the money. They need your money, and this MyRA program is the critical first step to corralling your hard earned retirement funds.
As Obama stated, they will allow everyone to voluntarily invest in MyRA accounts and other state-sponsored programs. But when not enough Americans are making it their patriotic duty to invest their money into those state-sponsored programs, they’ll mandate compliance with the stroke of a pen just as they did with Obamacare.
And just like Obamacare it will be enforced and failure to comply will mean confiscation without recourse and prison time.
All they need now is a trigger.
And that trigger will likely come in the form of another stock market collapse. Wipe out Americans in a stock market crash and scare the heck out of them with more economic bad news, and millions of our countrymen will be all too willing to hand it over to Uncle Sam.
Panic is a powerful motivator and what better way to get people on board than by threatening them with squalor and destitution in their old age if they don’t go along with it?
You can put your head in the sand or cover your ears and pretend this is not happening, but that won’t change the outcome.
They will take everything they can get their hands on under Obama, Mitch McConnell, and Paul Ryan – BUT?
It looks Obama, the democrats, and elite republicans did not have enough takers to make the program MyRA work. As we all know we have been through many programs whereby the government was going to help us save our money – saving and loan crash, the social security debacle (now they are telling us it isn’t our money – but theirs. The government doesn’t own money – they just spend ours – and they are giving it away to illegals every day who did not put a dime into these accounts), the housing crash, and the stock market crash.
If you really want to save money, you can do it on your own if you discipline yourself and set aside (on your own) money. As you can see from the past – it doesn’t take a rocket scientist to see why the government tried to help you in the past. It was always to build a nest egg for them.
Now with our new President who is trying to help the American people and not like the elite republicans, the communist/muslim democrats, and Obama who have harmed the country – the people have found out these scoundrels and so very few people invested in the MyRA program and it is being shut down by the new administration. Hurrah!
U.S. Department of the Treasury
Treasury Announces Steps to Wind Down myRA Program
Washington, D.C. – The U.S. Department of the Treasury today announced that it will begin to wind down the myRA program after a thorough review by Treasury that found it not to be cost effective. This review was undertaken as part of the Administration’s effort to assess existing programs and promote a more effective government.
Demand for and investment in the myRA program has been extremely low. American taxpayers have paid nearly $70 million to manage the program since 2014.
“The myRA program was created to help low to middle income earners start saving for retirement. Unfortunately, there has been very little demand for the program, and the cost to taxpayers cannot be justified by the assets in the program. Fortunately, ample private sector solutions exist, which resulted in less appeal for myRA. We will be phasing out the myRA program over the coming months. We will be communicating frequently with participants to help facilitate a smooth transition to other investment opportunities,” said Jovita Carranza, U.S. Treasurer.
Retirement savers have options in the private sector that offer no account maintenance fees, no minimum balance, and safe investment opportunities.
Participants in the myRA program are being notified of the upcoming changes, including information on moving their myRA savings to another Roth IRA. Participants are encouraged to visit http://www.myRA.gov for additional information or to call myRA customer support with any questions.
“We are committed to promoting retirement savings, and, as Treasurer, I plan to devote a substantial amount of my time to ensuring more Americans have the tools and knowhow to save for retirement,” said Carranza.