A nation deserves whatever government it gets. And ours just granted this administration another four years. (By a slim margin, however.)
"Reuters and zero hedge posted articles this past week about the EUs serious plan for the wholesale confiscation of the personal savings accounts of over 500 million EU members to prop up their moribund economy. Zerohedge pointed to the possibility that Obama’s MyRA could end up being the same thing, a theory we have discussed here for three years, most recently in January.
"It’s not just a possibility, Mr. Obama has enunciated this plan in his 2008 and 2013 budgets. He clearly wants the $17.5 trillion in personal retirement savings accounts and he believes the government should be the steward of our money
....
"It’s coming. Obama wants your personal retirement savings. He will start with a deceptively helpful retirement plan for people who don’t have one, but I think we all know where this is going. We are talking about $17.5 trillion and if you think the government doesn’t want it, you are naïve."
"The myRA account is intended to help low- and middle-income employees who do not have retirement accounts start saving for retirement. The incentives to start saving include:
- Automatic payroll deductions of as little as $5 a pay period after a $25 initial investment.
- A safe investment where the principal is guaranteed by government bonds.
- No fees whatsoever.
- Ease of decision making as the only investment available is government bonds.
What's All the Fuss About myRA Accounts? "The myRA earns interest from the federal government at the same rate federal employees earn through the Thrift Savings Plan Government Securities Investment Fund. In 2013, holders of that fund earned 1.89%."
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