In the event you watched the über boring and predictable State of the Union (SOTU)address yesterday I hope you don’t fall for the President’s “No Risk, Guaranteed Return” Retirement MyRA account scheme. That’s the only thing I can call it -a scheme.
It’s a scheme to part the fool from his money! I have warned about this here, here and here -governments confiscating private pension plans, bank accounts and 401Ks. And the very first public mention of it for us Americans was cunningly slipped into the President’s State of the Union address yesterday. Oh make no mistake they’ve been planning this for years, but last night was the public pronouncement.
“Let’s do more to help Americans save for retirement. Most workers don’t have a pension. Social Security isn’t enough on its own. That’s why tomorrow I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA is a new savings bond that guarantees a decent return with no risk of losing what you put in.”
What he doesn’t tell you is that the bonds are government bonds ~basically the bad debt (mortgage backed securities & toxic derivatives) that China no longer buys and that the Fed is being criticized for buying in the deficit-soaring ($85 Billion/month) QE program. A decent return with no risk? Is that like —
“If you like your retirement plan you can keep it . . . . period.”?
I think it is. Ponder back a few short years ago to the pitch for Obamacare. Something like too many who are people living paycheck to paycheck and pray every day that they don’t get sick because it will bankrupt them . . . . . oh maybe that was from last night’s SOTU address, but never mind it’s always the same old meme. At any rate now the government is doing the same with retirement accounts. Making them seem attractive to suck you in to a false security (student loans same smell) to eventually get control of you and your money.
Don’t go there. I promise you it won’t end well.
Aloha, Mikie ~just a blogger (fightin’ like a girl)