If You Loved Obamacare, Brace Yourself For Obamafunds!





Photo credit: Alex Abian (Also on flickr.com/alexabian)

That’s right – seeking to follow up on his SPECTACULAR efforts to fix your healthcare, Obama now wants to fix your retirement. Last week’s State of the Union speech was downright terrifying to red-blooded Americans who care about the Constitution, about checks and balances, about the free market… and about financial freedom.

Why is this new plan – officially dubbed “MyRA” – so terrifying? Why is it really so awful to offer a payroll deduction retirement option to people who work in jobs that don’t have that in their benefits? After all, the state of our retirement savings, as a nation, couldn’t be bleaker.

Oh yes, we are well aware of the abysmal state of Americans’ retirement plans, with inflation making the effort futile for most.

The problem is the MyRA doesn’t solve the problems that need solving. When the contribution limit is only $15,000 total – not per year, but TOTAL – this is not a retirement account that will do much good for anybody.

But some saving is better than none, people say. It gets people accustomed to the idea, and they start developing better savings habits, people say. Those same people would say that the MyRA is simply meant as a stepping stone, as after the account balance reaches $15,000, it needs to be rolled over to a conventional IRA.

The problem is that the Obamafund doesn’t just roll itself over on its own. People will have to figure out how to do that themselves; and if they can’t be bothered to start a conventional IRA on their own in the first place, who is to say they won’t simply max it out and leave it there? Especially when the government has put a guarantee on the principle in the Obamafund (but in the IRA, it can be lost)?

No. Obamafunds solve exactly ZERO problems where the retirement security of Americans is concerned. What it DOES do is put the camel’s nose under the tent for gaining government access and control of more of Americans’ retirement funds, which our bureaucrats have dearly longed to do for years. You can almost imagine their minds at work: There are so many problems that that would solve! But think of the “problems” that Congress has “solved” by raiding the so-called “Social Security Lock Box” and replacing all funds there with government IOUs. Do you think these same people deserve MORE control over our retirement funds? And yet, investments in Obamafunds will be limited to government bonds. FANTASTIC.

It may seem innocuous now; but when government puts in place a program that solves no problems yet sets up channels to funnel money to its own bonds, you can make a pretty safe bet that eventually, it has the potential to be in a position to divert money from the private sector into government, right where the government thinks it belongs. It might be simple changes in tax policy. Maybe it’s “not fair” that private retirement accounts make a decent return, above stated inflation or above what the Obamafunds make. Maybe coupled with that, the $15,000 limit would be lifted to incentivize more money into government sponsored/controlled/guaranteed accounts that benefit the government, while private accounts and private investment gets pummeled through taxation.

Who knows where this is going; but the way it is presented, it makes little sense. There is information and motivation the administration is not being forthcoming about. Our advice is to be on guard, and yes, maintain your regular additions to your gold-backed IRA account. If you don’t yet have one, find out how you can get started here.

 

Peter Reagan is a market strategist for Birch Gold Group, the Precious Metal IRA Specialists. As one of the nation’s leaders in gold and silver investing, Birch Gold helps clients protect their savings from inflation and the declining dollar. Find on Google+.

 

Photo credit: Alex Abian (Also on flickr.com/alexabian)





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Comments

  1. When this fraud and usurper barack hussein obama is removed from office , and he will be removed from office. Everything this pile of garbage barack hussein obama put his name to will be NULL AND VOID . 2014 is the year this fraud and usurper barack hussein obama will be perp walked to the nearest federal penitentiary .

    • Linda From NY says:

      Hi Charles,
      I pray that you are right, we Americans need to have this usurper remove ASAP before he destroys all of us and transform this Great Nation into another 3rd world nation of poverty for all of us

      • Edwardkoziol says:

        Linda could not agree with you more.I hope Charles is right but some how Blackack Obutthole always come out smelling like a rose.

        • Linda From NY says:

          Hi Edward,
          Americans Patriots are tired of Obozo and right now he doesn't look like much to us and the whole world and trust me he is NOT smelling like a rose, perhaps more like dog crap, even the morons who re-elected him many of them have regrets.

  2. Impeach O!!!!!!!!! When will the process begin??

    • Neleh, I have asked that question many times. This intruder of the Oval Office has already done enormously more harm to this country than any other president has even thought about. Actually, more than all previous presidents combined!! The process won't begin until we get the present Demon-crats out of the Congress. They are all fingers attached to his rump.

  3. It's just another tax…Social Security is supposed to be for retirement. This is just another way for government to bilk honest Americans out of $15,000!

  4. THIS IS ANOTHER SCAM. THE GOVERNMENT WILL TAKE THE MONEY AND USE IT FOR WHATEVER
    THEY WANT THEN WHERE WILL WE BE. BUT THEY ARE GOING TO DO EVERY THING THEY CAN TO
    GET THEIR HANDS ON OUR MONEY. HE (OBAMA) AND THE BILDERBERG GROUP WANT TOTAL
    CONTROL OF THIS COUNTRY AND WE ARE LOSING OUR COUNTRY FAST, THE BILDERBERG GROUP BY THE WAY IS A FEW OF THE BILLIONAIRES THAT MEET TO DECIDE WHAT ELSE THEY CAN DO TO BRING US DOWN. IF YOU READ SAUL ALINSKYS BOOK YOU WILL SEE THAT WHAT OBAMA IS DOING IS IN THIS BOOK AND HE HAS ALREADY COMPLETED SEVEN STEPS.
    INTERESTING.

  5. Will not get a dime from me so they can use it for what they see fit and then tell you its not there any more. After all they have proved how well they manage our money in the past (right).

  6. Edwardkoziol says:

    This taking away your retirement and giving you what he thinks you should get in order to rob you to give to the lazy and illegals is nothing new.He told us that this was his plan after he was elected and the dumb uninformed voted him in again.

  7. priklypete says:

    Do not be confused, anything that comes from the "BO" (current stench within the whitehouse) administration is not to be considered healthy for Americans! This idiot is a compulsive liar and because he is an islamic muslim (the lowest of the pigs) he wishes to trash this nation.

  8. MuslimLuvChrist says:

    king dong has an IOU in this government lock box for everyone’s social security, now trust me to put another $15K IOU in it for you and call it MYRA (My money now You Right wing Americans).

  9. Stupid way to hold a gun…

  10. Another government run nightmare to meet a "need" that does not exist. There are currently plenty of retirement savings options available, at all income levels, for those who wish to save for retirement. We don't need another entire program, with another layer of oversight and regulation (paid for with tax dollars).

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