Obama announces plan to prey on the poor and stupid to fund his deficits

CNN Money:

President Obama on Tuesday offered up a new kind of "starter" retirement accounts aimed at employees of companies that don't offer such plans.

Obama is calling them the "MyRA" and said he would, by executive order, direct the Treasury Department to create them.

The idea is to create Roth IRA accounts that can hold only Treasury securities. News flash: people whose employers don't offer 401(k)s can already use Roth IRAs. And Roth IRA accounts can already hold Treasury securities. But only a moron would put his entire retirement into Treasury bonds yielding 2-4%.

Unfortunately, the poor and stupid don't have enough money to make a difference in the Treasury market, because, well, they're poor and stupid. But this is all part of a long-time dream of leftists to force Americans to finance the deficit by forcing them to hold Treasuries in their retirement accounts. Today, the poor. Tomorrow, the masses of 401(k) owners. Somebody's got to buy all those Treasuries after the Fed and China are done and the government still needs to fund monster deficits.

More at Reason and Sovereign Man. And Zero Hedge: "If you like your retirement account, you can keep your retirement account." And here's our friend Skeptical CPA writing about this more than five years ago.