# Obamma pushes "savings account"?



## Deebo (Oct 27, 2012)

Obamma is pushing a "mandatory savings account" from employers, that automatically save a certain amount of your pay, into an account.
This "program" would be to ensure hard working Americans have a"nest egg" for retirement.
It would only cost 25 dollars to start, with whatever amount the employee wants deducted each pay period.
OK......F that. 
My questions are
1. Who is holding the money?
2. I thought social security is my retirement?
3. Most banks will gladly start a saving account for you, with $25, so why would I want to tie up my money.
4. Who draws interest on these accounts?
5. Can I borrow against this money?
6. What happens when I die?
7. Is it pretax deposits?
8. Are there "penalties" for withdrtawing MY MONEY from this account?
9. WHY would anyone want the government involved anymore than they already are?


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## retired guard (Mar 7, 2013)

You often hear that Social Security money isn't there what is there are US treasury bonds. However a more popular answer to some politicians is to write off those bonds instead of paying them. With out that debt there will be more money for politicians to spend. Ain't that nice.


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## Denton (Sep 18, 2012)

It ain't your money, and they want it _now_!


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## Piratesailor (Nov 9, 2012)

The "myra" deal is worrisome. I haven't read the entire deal but I did hear of some sort of guaranteed return. Did I get that right? 

Why it's worrisome is that, and no tinfoil here, it's the vehicle that could facilitate a move of private 401k's into the government. Yeah, like I'd trust them with my money.... Or more than they have of my money already.


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## Denton (Sep 18, 2012)

Piratesailor said:


> The "myra" deal is worrisome. I haven't read the entire deal but I did hear of some sort of guaranteed return. Did I get that right?
> 
> Why it's worrisome is that, and no tinfoil here, it's the vehicle that could facilitate a move of private 401k's into the government. Yeah, like I'd trust them with my money.... Or more than they have of my money already.


Guaranteed. Yeah, Obama is all about promises, isn't he?I'm sure there is a disclaimer we just aren't being given.


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## ekim (Dec 28, 2012)

Wait til that savings account gets big enough and the government says it's time to share the wealth with the poor illegals or those on welfare. 
I don't even let the bank keep more than I need to pay bills and they want my money tied in with a bunch of corrupt politicians. Not going to happen. Can you say phonsy<sp? scheme.


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## pharmer14 (Oct 27, 2012)

Piratesailor said:


> The "myra" deal is worrisome. I haven't read the entire deal but I did hear of some sort of guaranteed return. Did I get that right?
> 
> Why it's worrisome is that, and no tinfoil here, it's the vehicle that could facilitate a move of private 401k's into the government. Yeah, like I'd trust them with my money.... Or more than they have of my money already.


Over the long haul, there are mutual funds out there that average 12% a year...

Obviously the short term things are a little less solid, but I think everybody in my generation (about 30 and younger) are going to reap the benefits of the economy being low now.... I know it can definitely get lower... In fact, I predict it to bottom out... But over the long term, it will be helpful for us to ride this thing back up if our country gets our rear in gear...


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## CWOLDOJAX (Sep 5, 2013)

Last year the Cypress govt seized /raided citizen savings account s - the Russians bailed the govt out. Now the Russians are concerned about a run on the banks too who's gonna bail them out? 
Make no mistake it is not about us the Feds want access to cash... Our cash .


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## inceptor (Nov 19, 2012)

Piratesailor said:


> The "myra" deal is worrisome. I haven't read the entire deal but I did hear of some sort of guaranteed return. Did I get that right?
> 
> Why it's worrisome is that, and no tinfoil here, it's the vehicle that could facilitate a move of private 401k's into the government. Yeah, like I'd trust them with my money.... Or more than they have of my money already.


That was my first thought when I heard him say it. It was subtle but it was a warning.



Denton said:


> Guaranteed. Yeah, Obama is all about promises, isn't he?I'm sure there is a disclaimer we just aren't being given.


Darn right! If you like your money, you can keep you money. :lol:


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## pheniox17 (Dec 12, 2013)

ok, Obama wants to introduce another Australian system (that works) and ****s it up

Obamacare = Australian Medicare, except our Medicare system WORKS (barely but it works)

Obamasaving = Australia super (well sounds like it) except our super is a retirement account/voluntary savings account... thats paid by employers, a % of gross wage before tax (think of it as you get paid 30k a year, your super gets paid 3k a year and you pay tax on the 30k, the 3k is separate, and is taxed seprate) 
the biggest problem with this system (outside a financial collapse) the government can borrow those funds for projects, new Zealand done it and wiped out the savings of a generation...

Obama knows the USA can't afford its debt, so is making the people pay for it.... Rome is about to fall... stay safe guys


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## Deebo (Oct 27, 2012)

Deebos's saving account- get more water, get more shiny tools, get more ammo, get more canned goods, get more toilet paper, finish memoirs, disappear....


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## PalmettoTree (Jun 8, 2013)

Sounds like a series E savings bond.

That was how I saved for the down payment on our first house. You could cash them in with no interest penalty any time. You could buy a $100 bond for $75 if memory serves me correctly. I stacked them up buying one every two weeks.

When I got the down payment, I stopped them that $150 per month plus my rent payment was what I could afford in house payment including escrow. 

Enough with my story. Obama is so out of touch. He thinks people not paying any health insurance are all of a sudden going to start. Plus they are going to now start saving when all they have ever done is buy on credit or food stamps.

He is a delusional nut.


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## ekim (Dec 28, 2012)

nobama is a flat out liar. If you invest/ try to save money through the government then you better invest in ky jelly because you will need it in a short time.


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## Inor (Mar 22, 2013)

Yeah well, eff that! If the great and powerful Oz wants to put me in prison for not "contributing" to my government "nest egg", I guess we are going to have a stand off. Bummer...


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## Deebo (Oct 27, 2012)

Inor said:


> Yeah well, eff that! If the great and powerful Oz wants to put me in prison for not "contributing" to my government "nest egg", I guess we are going to have a stand off. Bummer...


If you need someone to put your back against, hit me up!


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## Inor (Mar 22, 2013)

Deebo said:


> If you need someone to put your back against, hit me up!


Will do pal. But I do not expect this will come to much. Obama is just a fast-talking bully. I expect if we stand up to him, he will back down or squirrel around to another point of attack.

I just happen to be at that point in life where I do not give a crap anymore. If he wants to come head on, so be it. Otherwise I intend to be that prick that is a thorn in his side until the end. It is quite the liberating feeling. I strongly suggest that you explore it.


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## Denton (Sep 18, 2012)

Inor said:


> Will do pal. But I do not expect this will come to much. Obama is just a fast-talking bully. I expect if we stand up to him, he will back down or squirrel around to another to another point of attack.
> 
> I just happen to be at that point in life where I do not give a crap anymore. If he wants to come head on, so be it. Otherwise I intend to be that prick that is a thorn in his side until the end. It is quite the liberating feeling. I strongly suggest that you explore it.


I have Irish blood in my veins. It didn't take a particular age to make me a bit anti-authoritarian. :lol:


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## LunaticFringeInc (Nov 20, 2012)

Sounds to me like yet another Ponzi scheme the Government can use to get to more of your money and squander it just like Social Security is now.


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## Notsoyoung (Dec 2, 2013)

As I understand it, the employer will put part of your pay in an account...... Just how is this different from the mandatory Social Security System? Why does the government want to have control of more of OUR money? Is it really for OUR benefit or THEIRS? Obama's attitude seems to be that WE are too stupid or not responsible enough to plan for our old age, so Obama decides that HE will take care of us, and our money, and invest it for us. It's my money, my life, Obama is NOT my father, and I neither NEED nor do I WANT someone to decide how I should take care of myself.


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## rice paddy daddy (Jul 17, 2012)

ekim said:


> Wait til that savings account gets big enough and the government says it's time to share the wealth with the poor illegals or those on welfare.


That will fit right in to the liberal mantra of "income inequality". Those that don't work can't have this "retirement" fund, so the wealth must be redistributed. Of course, the liberals being short on logic as always, would have to stretch the fact that those on welfare can't really retire since they weren't working to begin with. But don't confuse a liberal with facts.


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## inceptor (Nov 19, 2012)

Notsoyoung said:


> As I understand it, the employer will put part of your pay in an account...... Just how is this different from the mandatory Social Security System? Why does the government want to have control of more of OUR money? Is it really for OUR benefit or THEIRS? Obama's attitude seems to be that WE are too stupid or not responsible enough to plan for our old age, so Obama decides that HE will take care of us, and our money, and invest it for us. It's my money, my life, Obama is NOT my father, and I neither NEED nor do I WANT someone to decide how I should take care of myself.


Well let's see.......... Social Security was put into place by Dems.......... Dems decided that they could "borrow" the money. Now Social Security is an entitlement.

In the words of Yogi Berra "It's deja vu all over again"


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## Deebo (Oct 27, 2012)

"Oh, dont worry!" He whispers into your ear. As his cold clammy hands massage each of your tired working shoulders, then painfully inserts himself in your rectum.. 
Its all for the good of the citizens. We need hope and change.


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## retired guard (Mar 7, 2013)

inceptor said:


> Well let's see.......... Social Security was put into place by Dems.......... Dems decided that they could "borrow" the money. Now Social Security is an entitlement.
> 
> In the words of Yogi Berra "It's deja vu all over again"


I also remember George JR's economic advisor saying "We could stop borrowing from Social Security and cut some programs to balance the budget but nobody wants that!" You can blame me I voted for him. When it comes to politicians other peoples money is not safe. They just have different people they want to give it to. Though I will admit Republicans tend to be less bad than Democrats.


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## pharmer14 (Oct 27, 2012)

I don't think it's mandatory... yet...

But this plan is a backwards way of taxing IRA's... this thing outgrows inflation by a measly 2% if you assume this year's 1.5% inflation rate and the supposed 3.6% interest rate the fund would have made a year over the past 10 years... 

I took those figures from a CNN article I saw earlier tonight, so it could very well be worse than that.


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## ajk1941 (Feb 17, 2013)

Just something else the Feds will be able to get their hands on...


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## Piratesailor (Nov 9, 2012)

If there ever was a 401k conversion (confiscation) we as a population would be hard pressed to stop it. Right now you can touch it without significant penalties, yada yada. Some can't touch them at all. We'd be relatively screwed... At least those under 60.


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## 1skrewsloose (Jun 3, 2013)

In my mind, the real intent was not to insure all with obamacare, but to get their hands on the money, as with this myRA crap. More money to buy votes. Folks say he is stupid, but I swear he has read Hitlers playbook, stupid like a fox!!


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## 1skrewsloose (Jun 3, 2013)

I don't have a lot, but been thinking of putting funds outside the reach of the feds. Who knows what will happen here?


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## inceptor (Nov 19, 2012)

Piratesailor said:


> If there ever was a 401k conversion *(confiscation)* we as a population would be hard pressed to stop it. Right now you can touch it without significant penalties, yada yada. Some can't touch them at all. We'd be relatively screwed... At least those under 60.


Those of us over 60 would really be screwed. One day you have money you've saved for 40-50 years to live off of, the next day you qualify for housing and food stamps.

Maybe that's what he means by income equality. Didn't Chavez take a thriving economy and trash it too?

New York Times: The rise and fall of Venezuela?s financial bolibourgeois elite | The Devil's Excrement


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## Smitty901 (Nov 16, 2012)

Most of you have said it. Most get it.
Great Idea turn over some of you money to Obama, he will keep it safe and 30 years from now give you back more.
And you can keep your plan you can keep your doctor and he won't take your guns.
Any of your money turned over to a Democrat is no longer yours, it is gone even before you send it in.
If you have not learned that you went to public school and have been sleeping every sense.


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## Mike45 (Dec 29, 2013)

I would gladly do this, as long as Social Security stops being taking out of my check. Oh, and everything I have paid in up to this point is given back to me.


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## inceptor (Nov 19, 2012)

Mike45 said:


> I would gladly do this, as long as Social Security stops being taking out of my check. Oh, and everything I have paid in up to this point is given back to me.


Good luck with that :lol:


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## SAR-1L (Mar 13, 2013)

Funny how every time we start a new program, 10 years later it is too expensive to keep going, and they are trying to start a new one. How... just how in the hell does it make sense to start another program if you can't afford the ones you have. If the government wasn't mishandling so much, spending so much and raping us so hard, we could afford to do this all ourselves. I want the right to decide in life, which means I want the responsibility. I know most people want the government wipe their ass, but seriously, get the government out of my life... and out of my wallet!


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## shadownmss (Nov 13, 2012)

What everyone needs to be asking is why is the President suggesting this? The obvious answer is the government wants to get their hands on more of your money......Imagine that....... We are 17 trillion dollars in debt and the world knows we are in too deep to get ourselves out, especially with three more years of this administration to come. The world no longer wants to loan money to the U.S. and indeed various governments around the world are actively trying to bring to an end the U.S. Dollar as the worlds reserve currency. So lets make a nice safe little savings account for The American Sheeple and get them to finance this train wreck of an administration for as long as possible. I think this is just another sign that things are getting worse at an ever accelerating pace.


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## Slippy (Nov 14, 2013)

Not on my watch! 

Another FUBAR federal program aimed at taking away freedom.


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## Denton (Sep 18, 2012)

What I find amazing is how the next generation never learns from the mistakes of the previous ones. I'm talking about the generation of citizens, not the politicians. The politicians merely build more and more waste, fraud and tyranny.


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## Ripon (Dec 22, 2012)

Come on guys this is a great opportunity! Look, right now the only people the govt can steal from are the upper working class. We know the elites are protected so there is only one easy govt target. This wonderful program will dramatically increase the target base to the mid level working class! I am guessing a smart Econ admin dude figured out that emptying the accounts of the upper working class wouldn't cover the $17 trillion so more needed to be added!


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## Slippy (Nov 14, 2013)

Probably some truth to that Ripon!


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## Mike45 (Dec 29, 2013)

inceptor said:


> Good luck with that :lol:


I know right? But give and take requires a bit of give from the other party every now and then.


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## StarPD45 (Nov 13, 2012)

Denton said:


> Guaranteed. Yeah, Obama is all about promises, isn't he?I'm sure there is a disclaimer we just aren't being given.


Like "If you like your money, you can keep it." ???


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## Smitty901 (Nov 16, 2012)

StarPD45 said:


> Like "If you like your money, you can keep it." ???


 No Obama said if you like your money I will keep it for you. Just don't plan on getting it back.


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## BamaBoy101 (Dec 9, 2013)

Deebo said:


> Obamma is pushing a "mandatory savings account" from employers, that automatically save a certain amount of your pay, into an account.
> This "program" would be to ensure hard working Americans have a"nest egg" for retirement.
> It would only cost 25 dollars to start, with whatever amount the employee wants deducted each pay period.
> OK......F that.
> ...


I want the government to get the feck out of my pocket and leave my savings accounts to me and my wife. That said Social Security was never meant to be retirement. It was only to augment ones retirement plan. In fact it was originally intended that you would get back only what you paid in and not a penny more. Now you can draw social security even if you have not worked in your life. Just one of many reasons its bankrupt.


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## PaulS (Mar 11, 2013)

Your social security amount is based on the amount you put into it over your life and especially the last few years of your employment. No one could likely survive on a minimum benefit from SS. They take out for medicare as a mandatory process and then you get what's left. 

As far as being bankrupt it isn't. It has been heavily raided to pay for other programs but every year there has been more SSA funds collected than have been paid out. In 2011 only two thirds of the collected monies were paid out. The rest is squandered by the congress on their pet projects.


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## BamaBoy101 (Dec 9, 2013)

PaulS said:


> Your social security amount is based on the amount you put into it over your life and especially the last few years of your employment. No one could likely survive on a minimum benefit from SS. They take out for medicare as a mandatory process and then you get what's left.
> 
> As far as being bankrupt it isn't. It has been heavily raided to pay for other programs but every year there has been more SSA funds collected than have been paid out. In 2011 only two thirds of the collected monies were paid out. The rest is squandered by the congress on their pet projects.


I have a neighbor right now who held a job for 6 weeks in her entire life. She lived with her sister and never married and now draws just over $900 per month and brags about never working. That's a big part of the problem and its a bad pyramid scheme to begin with. You pay in based on your income in 1970 and then draw your benefits in 2014 and there is no way you paid in what you will draw in most instances. That's why it takes so many working just to pay for one persons benefits. If that's not a system headed for bankruptcy I don't know what is.


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