The dangers of Obama’s ‘MyRA’ scam

President Obama introduced several new government programs during Tuesday’s State of the Union address, and one involved the federal government taking over your retirement account. According to President Obama, the ‘MyRA’ account would “guarantee a decent return with no risk of losing what you put it.” Sounds too good to be true, right? Well, that’s because it is.

Glenn opened the radio program this morning by reading an excerpt from a great post on Zero Hedge by Simon Black of Sovereign Man blog that sums up the program laid out by President Obama on Tuesday:

I have an old acquaintance named Sam who has a hell of a deal for you.

Sam is actually a pretty famous guy with a big reputation. Unfortunately he has been a bit down and out on his luck lately… but he’s trying to make a comeback. And Sam is prepared to float you a really great investment opportunity.

Here’s the deal he’s offering: you give Sam your hard-earned retirement savings. Sam will invest your funds, and pay you a rate of return.

Granted, the rate of return he’s 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 last night…

Read the entire post HERE.

“It's a great article from Zero Hedge, and not a lot of people are talking about this. During the State of the Union address, our president looked our people straight in the face and he said we're going to give you a decent return with no risk of losing what you put in. Mr. President, I don't think I'm going to take or recommend [that] to anybody,” Glenn said. “What they're going to do is you will sign over your IRA And then the government is going to use all of that money to pay the bills and pay for things that we can't afford. But don't worry.”

President Obama laid out the following plan in Tuesday’s State of the Union:

OBAMA: Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401ks. That’s why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in. And if this Congress wants to help, work with me to fix an upside-down tax code that gives big tax breaks to help the wealthy save, but does little to nothing for middle-class Americans. Offer every American access to an automatic IRA on the job, so they can save at work just like everyone in this chamber can...

While President Obama tried to see the plan as a safe and secure bet for our nation’s retired population, the introduction of the MyRA essentially confirms the notion that the U.S. government can longer find anyone to lend them money.

“Well, okay, we can't get China to invest anymore, but it's not like we can't get Japan… Okay, we can't get Japan to invest anymore,” Glenn joked. “It's not like we can't sell our treasury bonds anymore to the world. Okay, we can't actually sell our treasury bonds to the world anymore, but we have the Fed. The Fed already owns, what is it, $4 trillion of our debt… If the Fed loses that $4 trillion, don't worry. I mean their balance sheet isn't all upside down.”

Regardless of how this program shakes out, Glenn was confident the Obama Administration will enjoy the support of organizations like the AARP, which may very well allow this giant ponzi scheme to get off the ground.

“You watch – AARP will be at the lead of this,” Glenn concluded. “You know what? This is a good idea. Why? Because the elites will be the ones that will benefit from your money. And you will be left penniless. It's like saying, ‘Is that you, Bob?’ ‘Yeah, it's me. I'm Bob. I got a bank. I'll put my money in my pocket. Thanks for going to Bob's bank.’ Nobody would do it. Wise up, America! Wise up!”

Front page image courtesy of the AP

POLL: Should Universities allow pro-Hamas protests?

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Just one day after Hamas’s surprise attack on Israel, which left over 1,400 people Israelis dead, 34 different student groups from Harvard University wrote a joint statement pinning the blame of Hamas' terrorist attack on Israel. In the following days after publishing this callous statement, these students staged a walkout and rallied in support of the Palestinians. As Glenn has discussed, this is not an isolated event, and campuses across the country have hosted similar rallies where antisemitic jargon like "we don't want no Jew state" and "globalize the intifada" is freely spewed.

Should Universities allow pro-Hamas protests?

While the Universities have not officially backed any of these rallies or student groups that organized them, they haven't stopped them either, which raises the question: should they? On one hand, these are American students in American Universities, who are protected by the First Amendment. On the other hand, history tells us how dangerous antisemitism is if left unchecked; and what of the rights of Jewish students to be safe on the campuses they pay to attend? Let us know what you think in the poll below:

Should Universities allow pro-Hamas protests? 

Would you feel safe if your child attended a University that allowed pro-Hamas protests?

 Should Universities allow pro-Israel protests?

Is pro-Hamas rhetoric protected by the First Amendment?

POLL: What do YOU think Israel should do about Gaza?

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Should Israel take over Gaza after defeating Hamas? This contentious historical question has resurfaced amid Israel's retaliatory airstrikes in Gaza following Hamas' terror attacks, which resulted in the greatest death of Jews since the Holocaust. Biden and the global elites have warned Israel against occupation of the Palestinian territory. When asked on 60 Minutes if he would support the Israeli occupation of Gaza, Biden said, “I think it would be a big mistake.” Today Glenn responded to Biden’s answer: “I don't think it's a mistake to occupy."

This has been a long-standing, polarizing issue that is now more relevant than ever, and we want to hear YOUR thoughts. Let us know in the poll below:

Would you support an Israeli occupation of Gaza?

Do you think the Israeli airstrikes in Gaza are justified?

Do you think a two-state solution is still possible?

Funding IRAN?! Here are the TOP 5 reasons Joe Biden should be IMPEACHED

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On September 12th, the House announced an official impeachment inquiry into Joe Biden with allegations of abuse of power, obstruction, and corruption. Naturally, the media quickly jumped to the President’s aid claiming that “there is no evidence to support these claims” and that the whole affair is a witch hunt.

If you’ve been listening to Glenn, you know that this is simply not the case. Biden has been committing impeachment-worthy deeds before he even stepped foot into the Oval Office—there’s no shortage of evidence to justify this inquiry. Here are 5 scathing reasons why Biden should be impeached:

He was responsible for the Afghanistan withdrawal disaster.

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The Biden administration began with the US's disastrous withdrawal from Afghanistan. Under his watch, Biden left thousands of US citizens and allies stranded in the Taliban's hostile regime. Countless Afghan allies have been murdered by the Taliban due to the Biden administration's negligence.

He was involved with Hunter Biden's illicit foreign business dealings.

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There is clear evidence that Joe Biden was more than aware of his son Hunter's foreign business dealings. From suspicious money laundering through the Biden family's accounts to Joe's involvement with important business meetings within Hunter's company, there is mounting evidence to warrant an impeachment inquiry.

He lied about his involvement with Hunter's business dealings.

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Not only did Biden involve himself with his son's less-than-legal foreign business ventures, but he lied to the American people about it too, claiming he had NO KNOWLEDGE of what was going on.

He failed to protect the Southern border, and actively made it worse.

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Biden singlehandedly turned the Southern border into the worst illegal immigration crisis in US history. He reversed many policies set in place by the Trump administration, resulting in 2.3 million illegal immigrants flooding into the US under his watch, a historic high.

He sent IRAN AND HAMAS BILLIONS OF DOLLARS.

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Biden reversed the Trump-era policy that halted all funds going into Iran. The Wall Street Journal revealed the smoking-gun evidence proving that Iran trained AND funded Hamas before its gruesome terror attacks against Israel. Moreover, shortly before the attacks, the Biden administration unfroze $6 BILLION dollars of Iran's assets as a part of a prisoner swap. On top of this, Biden resumed $200 million worth of "humanitarian aid" to Gaza that Trump had ended—because the money was being used to buy weapons for Hamas.

Top 5 economic milestones that show HOW BAD Bidenomics has made the economy

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From groceries to house prices, everything seems to get more expensive, and you can thank Biden for that. Glenn recently exposed the truth about 'Bidenomics' and the havoc it has wrought on the American economy. Here are five economic milestones during the Biden administration that expose the glaring track record of "Bidenomics:"

In July 2022, the inflation rate hit 9.1 percent, a 40-year record high.

In June 2022, gas hit an all time record high of $5 a gallon for the national average.

61 percent of Americans are living paycheck to paycheck as of this September.

Interest rates reached a 15-year high at 5.25 percent and are still increasing.

Americans have $1 trillion in collective credit card debt, in part due to food/staple pieces being very high.