Issue 293 MIRA March 17, 2014

First I would like to say Happy St. Patrick's day. Now it is time to criticize President Obama's MIRA idea.

MIRA: MIRA is a play on IRA for investments. In this case people would be allowed to take a portion of their salary and put it toward a government bond which will earn interest. At a specified time, the individuals using the MIRA would be able to collect the money as part of their retirement savings. This is how it works in a nut shell.

Problem: This will not help retirees. Instead it is a gimmick because the people running the federal government cannot not sustain Social Security at all. On top of this, the federal government wants access to more money that other countries are now refusing to lend them. So they are turning to the American people with savings bonds. These bonds are the key component of MIRA. Your money, if you contribute, is used to purchase these bonds which are loans to the federal government. Basically, the people in the federal government are replacing one source of borrowed money with another.

What this demonstrates: By implementing a system like MIRA, it shows that other countries realize we cannot pay our debts. This is the reason why China is giving America less and less while solidifying itself with precious metals if a crash could happen. All in all, this shows that the country is in dire straits.

Stop feeding the beast: If you contribute to this fund, then you are aiding in the demise of the nation. Our government spends way too much already and it just wants more. As such, by lending it money through MIRA, you will be contributing to the national debt and the growing instability of the dollar. On top of all this, the money being contributed may become mandatory if financial troubles escalate, or your money may be with held in other crises. It is a bad deal.

Conclusion: The Government is full of fools. It seeks to spend its way out of debt, but that is impossible. What should be focused on is reforming every aspect of government so that it maximizes efficiency. There is no need for a Medicare parts A, B, C, and D with our contributions only funding part A exclusively, but being borrowed from to fund other parts of the federal government. Over 4 trillion dollars is owed to the Social Security and Medicare systems combined with trillions more dollars in unfunded liabilities. I have not even touched defense spending and that takes up even less money than all the entitlement programs combined. Clean up your act government and stop giving us false hope.