Glenn Beck slammed President Obama's "myRA" proposal on his radio program Thursday as a "bigger lie than 'if you like your doctor you can keep your doctor.'"
The initiative was unveiled by the president during his State of the Union address on Tuesday as a way to help more people save for retirement. Details are still emerging on the specifics of the plan, but the president said it "guarantees a decent return with no risk of losing what you put in."
President Barack Obama signs a memorandum directing the Treasury Department to create a new retirement saving account after speaking at the U.S. Steel Irvin Plant, Wednesday, Jan. 29, 2014, in West Mifflin, Pa., about retirement policies he highlighted in the State of the Union address. (AP Photo/Carolyn Kaster)
It's an "absolute scam," Beck asserted, adding that it is "'Ocean's Eleven' except there's nobody good-looking in it." The target, the multimedia personality added, is the money Americans are saving for retirement because the government has "burned every other investor."
Beck read a report on Zero Hedge, originally submitted by Simon Black via the Sovereign Man blog, that compares the proposal to investing your money with "Sam," who has a great history but has had growing financial difficulties in recent years.
Granted, the rate of return [Sam is] promising doesn’t quite keep up with inflation. So you will be losing some money. But don’t dwell on that too much.
And, rather than invest your funds in productive assets, Sam is going to blow it all on new cars and flat screen TVs. So when it comes time to make interest payments, Sam won’t have any money left.
But don’t worry, he still has that good ole’ credibility. So even though his financial situation gets worse by the year, Sam will just go back out there and borrow more money from other people to pay you back.
Of course, he will be able to keep doing this forever without any consequences whatsoever.
I know what you’re thinking– “where do I sign??” I know, right? It’s the deal of the lifetime.
This is basically the offer that the President of the United States floated...
The article concludes with a warning: "Here’s the thing: according to the IRS, there is well over $5 trillion in US individual retirement accounts. For a government as bankrupt as Uncle Sam is, $5 trillion is irresistible. They need that money. They need YOUR money. And this MyRA program is the critical first step to corralling your hard earned retirement funds."
See Beck's complete explanation, below:
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