State of the Union: IRAs, already exist, but Obama wants the MyRAs for “the millions of low and middle-income households” the promise – “the account balance will never go down in value” and will be totally secure because it will be “backed by the U.S. government.” He means guaranteed by the U.S. taxpayer, so if you pay any taxes at all look in the mirror, that’s you. The Social Security trustees reported that projected obligations are $9.6 trillion, you guys in the late forties, that’s sufficient to pay 77 percent of your benefits. Good-luck fixing that broken system, so moving on, Obama is creating another government free lunch program that will drive up the national debt and doing it without a single law being passed. If the president really wanted to enhance retirement savings of low and middle income Americans, create real savings, investment while addressing the fiscal disaster of Social Security, let people opt out of the Social Security black hole and use the funds to open a real retirement account. Chile did it & it worked. The Chilean economy grew because the new retirement accounts directed investments into the real economy (as opposed to creating more government debt) and Chilean workers have achieved real returns and newly created wealth. (Star Parker)
Posted on: Mon, 03 Feb 2014 03:00:58 +0000
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