This page has been archived and commenting is disabled.
The MyRA Propaganda Begins: "A Start To A Secure Retirement" Promises Treasury Secretary
You didn't think the US could at first slowly, and then all of a sudden, expropriate retirement accounts and invest them in the "no risk, guaranteed return" MyRA Ponzi scheme introduced by Obama during the State of the Union address without lots of behavior-modifying indoctrination in the "friendly press" first now did you? Sure enough, here is the first major propaganda salvo, coming from none other than the US Treasury Secretary, Jack Lew, which will be published tomorrow across the McClatchy media empire.
* * *
Just out from the US Treasury Department, "In an op-ed to be published in the January 31, 2014 editions of McClatchy Newspapers, Treasury Secretary Jacob J. Lew discusses myRA - a simple, safe and affordable starter savings account to help low and moderate-income Americans begin building towards a more secure financial future."
myRA: A start to a secure retirement
Over the past five years, our country has accomplished a number of big things. The economy has grown stronger after being shaken to the core by the worst recession in our lifetimes. Our businesses have created more than 8 million jobs. The financial system is more resilient, with better protections for consumers and investors. And investments in domestic energy production have helped put the promise of American energy independence in sight.
In the meantime, health care costs have grown at their slowest rates in years while millions of families now have access to affordable health care coverage so they are not one hospital visit away from falling into financial ruin. Our auto industry is surging even as home values are rebounding. And the federal deficit has been cut by more than half.
So we have made clear progress. But we all understand that we are not where we want to be yet. Too many Americans cannot find a job. Too many Americans who do have a job are not getting paid enough to support their families and make ends meet. And too many Americans do not have the skills they need to succeed in today’s economy.
As President Barack Obama made clear in his State of the Union address, it is time to focus on restoring opportunity for all. That means helping to make sure more Americans can take part in our growing economy and build some economic security for the long term. To get that done, we are putting forward real, concrete solutions to our most pressing problems—from college affordability and job training to fair wages and a stable retirement.
Now, when it comes to retirement, you would think that the vast majority of working Americans would be putting some money away for their future. But the truth is, many are not. For millions of working men and women, it is not easy to save for the long haul. Many employers do not offer a retirement plan. And setting up a retirement account and maintaining it can often be too difficult, expensive and time-consuming.
The statistics paint a stark picture. Only about half of all workers have access to an employer-based retirement plan, such as a 401(k). And left on their own, few workers save. It is estimated that fewer than one out of 10 eligible workers actually contribute to an IRA.
Still, every American deserves the chance to build a secure retirement. That is why the Obama administration has designed a new way for working Americans to start saving for the future. This program, which will begin later this year, is called myRA or My Retirement Account.
This account is designed to help low- and middle-income workers, who are too often overlooked or ignored, begin saving for retirement. We are talking about the waitress who is holding down two part-time jobs to support her kids; the recent graduate who landed a job but is grappling with student loans; the janitor who has never been given the chance to invest in a retirement account.
Here is how myRA, which is simple, safe and affordable, will work.
You will be able to start saving with an initial deposit of as little as $25 and contribute as little as $5 each payday. If an employer chooses to participate, contributions are made through automatic payroll deductions, making them hassle-free.
There are no fees—100% of any contribution goes into the account and is invested in a Treasury security. That means it will be backed by the full faith and credit of the United States, will earn the same interest rate that is available to federal employees for their retirement savings, and the balance will never go down.
Finally, myRA is not tied to any one employer—it belongs to the worker, not the workplace. In other words, the account is portable and can be easily rolled into a Roth IRA. And if myRA savers ever need to, they can withdraw their contributions tax-free, at any time.
MyRA is a specific way in which we can help hardworking Americans save for the future. But there are other things we can do. In particular, the President has consistently called on Congress to help tens of millions of middle class Americans save for the future by opening up access to automatic IRAs in the workplace.
And we will continue to look for ways to help increase economic security, strengthen the middle class, and provide more ladders of opportunity into the middle class. That is how we will help make sure every American can take part in this recovery. And that is how we will help usher in a stronger, more prosperous future for our country.
Jacob J. Lew is the secretary of the Treasury.
»
- 49138 reads
- Printer-friendly version
- Send to friend
- advertisements -
MyRA = bagholders for those who want out of the bond market at the top.
I guess this is easier than kicking in your door and stealing your money in the middle of night.
Inflation and money illusion is the civilized way.
You will have to admit it beats old school.
Could someone tell me why Social Security cannot get the job done? Can the "smartest" man in the world tell me why I need to give up more money to the government? Why is it I will get nothing but Aunt Zeituni gets everything? Screw the POTUS!!!
You may need to come to grips with the fact its not YOUR money. Its not mine, or anyone else's for that matter.
It's not even the Government's..
Hey brother, can you spare an I-bond?
They wont have to expropriate.
They will offer 10 year TIPS
A guaranteed "inflation adjusted" return.
Sheep will line up to be shorn
I don’t think this is a brilliant Machiavellian ploy by the Obama administration to seize private retirement resources. The government's ZIRP and accompanying financial repression are more subtle, efficient and effective. The Myra is nothing more than a crappy Roth with zero investment choices. It looks like something the Obama staff made up twenty minutes before the State of the Union for Obama to have something to say.
so right next to the social security line on your paycheck will be the Myra line you're forcedcontribution to buying US debtthat China and Japan will no longer by doesn't that make you happy?
Get paid weekly, $5 a week into MyRA x 52 = $260 a year. Compound that at say, 3%.
Yeah, sure.
You can retire after several hundred years ...
Nice: The FED's collection agent would like workers to loan them money..
Except we've seen the budget fights as of late and so management of these accounts would be subject to the whims of congress? The current one would get political points for NOT paying up and you want us to loan you money?
really?!? Jack, Jack, Jack... Don't put your name on crap like this any more.. ok. just resign the next time the White House even asks.
And to hell with the embarrassing little details the NSA has on you. Your human, we'll understand..
Who beat who in standing up the fastest last night when our #1 ally was mentioned?? Biden or Boner?
Um, as far as I know you can already buy Treasury Securities in a 401k, traditional IRA, or Roth IRA which offers more retirement saving capacity than most Americans are using anyway. I really don’t see much additional value of MyRA for low and middle income savers over what is already available to them. It’s just more of the same basic investment product wrapped in a different package primarily aimed at steering more investment towards shitty government debt issues which are falling in favor among investors on an international scale.
If they really want to do something to benefit middle class American savers, how about offering something like tax free inflation protected securities (Tax Free TIPS) in all retirement accounts. That might actually pass as a sincere effort to ensure purchasing power of saved money over the long term. What a novel idea. It’s the very least that should be done for middle class savers, but sadly it’s more than anyone on Wall Street earning a seven or eight figure bonus has done and more than anyone in the Federal Reserve or National Government has ever dared to even think about.
The piece I liked was "invested in a treasury security"
No mention of the duration of said security.
MyGOLD account is protected by MyGUNS. Hear that YouPRICKS? Don't push that MyRA shit my way - and don't make me pay for others. Like that's NOT going to happen. Guys - it's time for ALL of us to band together and quit paying taxes. What would happen if 2,000,000 taxpayers decided to not pay taxes anymore? What would happen if 5,000,000 quit? We have 2.6 million adults in prison today - up from less than 500,000 in 1980. HOLY crap! Talk about your growth industry! And it's bursting at the seams. Could they find room for another 5 MILLION of US? As the GGGGGG grandson of the FIRST commander of the american forces in the revolutionary war - I ask us to harken back to those days when men were willing to lay down their lives to fight for an ideal - and an idea - called freedom, freedom from tyranny. Look him up - Artemas Ward - gave up the position so that Virginia would 'have some skin in the game' - aka - George Washington (in retrospect - a wise decision - old Artemas was too old and infirm by that time anyway). Will we continue to stand by and watch the likes of Jamie sell our children's children's futures to the Chinese? I say stand up men, prepare to show the world that the great great great grandchildren of the immigrants who founded and built the greatest nation the world has - oh - wait - The Batchelor is on - gotta go!
There was a lot to groan about. But I saw this and this made me groan.
"and the balance will never go down."
You mean the price of the Treasure security won't fluctuate?
There was a lot to groan about. But I saw this and this made me groan.
"and the balance will never go down."
You mean the price of the Treasury security won't fluctuate?
"This account is designed to help low- and middle-income workers, who are too often overlooked or ignored"
..... by scammers who think they don't have anything left to steal.
So after they reach a certail level in their MyRA, their names can go on the "cull list".