Obama, The New Bernie Madoff
At another boring State Of The Union address last week, Obama made another attempt at getting into the pockets of the American people. It is not enough that the Government taxes everything under the sun, now Obama has come-up with a plan that supposedly will make Americans just want to hand over our money to the Government.
To better enable Americans to save for retirement, Obama said he would order a new starter savings plan called My-RA geared at low-income households. The My-Ra account would function like a Roth IRA, allowing savers to put in after-tax money that would then grow tax-free. Now, on the surface that sounds pretty good, but, I have to ask you, after the disastrous Obama-Care roll out, does anyone actually trust the Government to do anything right?
Let me point something out to Mr. Obama, after five years of his so-called leadership, the poor have gotten poorer, people are having a hard time just surviving day to day, what makes him think they have any spare money to give to the Government? Mr. Obama, why don’t you concentrate on what you promised the American people five years ago, creating jobs and fixing our economy, it seems you try to do everything else except what the country really needs?
People who are now investing in a traditional IRA have their money invested in a variety of different platforms, but unlike traditional Roth IRAs, the accounts will solely invest in government savings bonds. I don’t know about you, but I would not give my money to a Government that is drowning in debt and cannot manage its own spending habits.
Obama has the nerve to ask the American people to invest in a Government that has lost billions of dollars in failed green energy companies. What about the Governments investment in the automobile industry, I think they lost somewhere in the neighborhood of ten billion dollars on that one alone. Let us not forget the billions wasted every year on senseless projects like the shrimp on the treadmill. How can we forget the IRS spending tens of thousands of dollars on stupid parody videos of Gilligans Island and Star Trek and we are expected to trust the Government with our hard-earned money?
Americans have so many different ways to invest, we do not need government. There are 401k’s, IRA’s, Roth IRA’s, there are tons of banks around, yet Obama thinks it is necessary to have a government run savings vehicle, which will pay a much lower rate of return I might add. Does anyone really want the IRS to have more oversight into our lives?
While President Obama tried to see the plan as a safe and secure bet for our nation’s retired population, the introduction of the My-RA essentially confirms the notion that the U.S. government can longer find anyone to lend them money. What can an investor in Obama’s new My-Ra expect in return? 1% maybe 2%, why, that doesn’t even keep up with inflation, nice try Obama, but not for me.
“What Kind Of Society Are We Leaving Our Kids” Available here.