How exactly is Obama going to offer a new retirement plan where your money is “invested” in U.S. Treasury bonds with no risk of losing money? The last time I checked, if you invest in a bond at 2.5% and interest rates go up to 5%, you have a big fucking loss. So, if I’m understanding this lying prick, he is going to use your tax dollars to cover any losses in this new investment. Has anyone told this blithering idiot that Roth IRAs already exist for everyone. This is a ridiculous proposal and appears to be a first step in setting up a system where the government will force all retirement funds in the country into U.S. Treasury bonds when the next financial collapse arrives. Do you think it is a coincidence that this executive order is being used in the same month where the Fed is beginning to taper their purchase of U.S. Treasury bonds? I think not.
Here are the words of the Commander in Thief:
Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401ks. That’s why, tomorrow, 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. And if this Congress wants to help, work with me to fix an upside-down tax code that gives big tax breaks to help the wealthy save, but does little to nothing for middle-class Americans. Offer every American access to an automatic IRA on the job, so they can save at work just like everyone in this chamber can…
Here’s what will happen as soon as you transfer money into the new Obama IRA: