My IRA or MyRA is designed for the poorest working people to save for retirement with as little as $5 per paycheck being placed into an account that buys U.S. Treasury Bonds. There are already plenty of retirement vehicles out there but the President is adding another. Why? Mandatory confiscation of a portion of your paycheck to support the Federal debt may be ahead. This is in addition to your other deductions of federal, state, social security, and medicare taxes. Oops, I almost forgot your healthcare deduction as well. The rest of your check will be to pay for rising food and rent prices. At the same time, you will be restricted from taking money out of the bank in large and not-so-large sums. After all, you are really an unsecured creditor and that money you put into the bank is similar to an investment. If you try to take out too much cash, the authorities will put you on a watch list.
Welcome to the brave new world.
PS: If this scares you, you should watch yesterday’s Online Bible study on “Fear”. You should not fear men and their devices. Our Heavenly Father will deal with them. Hopefully the Bible study will give you some pointers on how to handle the coming challenges. To watch the recorded version, go to: http://www.ustream.tv/channel/the-baptism-of-love . The title is “Dealing with fear”.