President Trump dumps another Obama legacy item as he eliminates MyRa government retirement plan
Amongst all the chaos and duplicity that has come from Donald Trump during the first six months of his Presidency, the one big surety from his office has been to try to reverse many of the Socialist policies that Barack Obama and the Democratic Congress instituted on the American people to try to scam more money out of them. ¬†And by this I mean¬†Trump’s order to stop the Obamacare fines¬†that forced individuals to pay for a product they didn’t want under the guise of taxation, and now on July 31 we can add the ending of the MyRa retirement scheme in which the government sought for investors to put their money into U.S. debt, rather than into their own privately controlled retirement accounts.
Fortunately depending on your perspective, this is yet another component of the ‘Obama legacy’ that taxpayers will no longer have to pour millions of their hard-earned cash into propping up as the Trump administration has just announced that the program was axed last Friday.
An Obama-era program that created savings accounts to help more people put away money for retirement¬†is being shut down by the Treasury Department, which deemed the program too expensive.
The 30,000 participants in the program, known as¬†myRA and intended for people who did not have access to workplace savings plans, were sent an email on Friday morning alerting them of the closing.¬†Participants were informed that they could roll the money into a Roth individual retirement account, the Treasury Department said. –¬†Zerohedge
Even before President Obama implemented the MyRa program, Congressional leaders such as Nancy Pelosi suggested that the government confiscate privately held retirement accounts and forge them into government controlled ‘annuities’ as a means to scam more cash from the people, similar to the way former President Bill Clinton exchanged $3 trillion in the Social Security Trust with U.S. Treasuries (debt) that will never be paid off.
During this crisis, the Democratic Party Caucus concocted an idea which involved the nationalization of 401K‚Äôs, IRA‚Äôs, and other retirement instruments. The idea was purely political to seize control of the assets to ‚Äúbail out‚ÄĚ Social Security and provide a guaranteed return for all American citizens in their golden years, even if the retirement age is eventually extended to one hundred and two.¬† The initial program was concocted by a tax evading Congressman from New York, one Charles Rangel and the Botox Queen of California, Nancy Pelosi. The idea was to provide a guaranteed return of 3% plus the official Bureau of Labor Statistics Consumer Price Index calculation for that year. The idea was to exploit the declining stock market and unpopularity of the Bush administration by offering a ‚Äúreset‚ÄĚ which put everyone who voluntarily participated in the program (eventually to become mandatory) a pass by setting the valuation of the participant‚Äôs account back to the original value on the selected date (i.e., December 31, 2008). –¬†John Galt FLA
With the Federal government completely broke, having a debt level ($20 trillion) higher than the nation’s annual GDP ($18.75 trillion), it should come as no surprise that the fiscally irresponsible leaders in Washington would jump at the chance to confiscate the last real bastion of wealth available in the markets to provide the means to continue spending as they see fit. ¬†And for now we can thank President Trump for at least temporarily ending the possibility of the government seizing your retirement, but as financial conditions continue to get much worse for Washington, the idea of this type of seizure is never completely laid to rest.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.