We all know that Obama loves to unconstitutionally bypass Congress whenever and wherever possible. In fact, he came right out and told the American people that he was going to do just that in effort to create a new retirement program—but this time he claims, he ACTUALLY has the legal right to do so.
The new program Obama is proposing is called “My Retirement Account,” or myRa. Explaining why he feels there is a need for such a program he said during the State of the Union:
“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. 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. Offer every American access to an automatic IRA on the job, so they can save at work just like everyone in this chamber can.”
Obama’s main intention seems to be offering those who wouldn’t ordinarily be able to afford the costs, a retirement program. Now of course when Obama claims to offer something, somewhere down the road, it usually turns out that Americans are being mandated to purchase something despite the toll it will take—just look at Obamacare.
Other onlookers of the President’s newest proposal aren’t so optimistic either. A professor in the retirement income program at the American College, Jamie Hopkins, explains that Obama’s plan only allows for people to place into their myRA accounts a maximum of $15,000. He explains, “This is relatively small and for most people won’t make a significant impact on their retirement preparedness all by itself.”
(See also: Democrats Turning On Obama)
The Economic Policy Journal wrote, “It’s a trap. It will make your savings highly visible to the government, very vulnerable to future special taxes and it drives investments in the direction of financing the government with your savings, rather than the productive private sector. That’s what myRA is all about.”
The Bloomberg editorial board explains that despite Obama’s efforts, “Without compulsion or inducements, participation in MyRAs is likely to be small. Fewer than one in 10 workers who are eligible to contribute to existing Individual Retirement Accounts bother to do so.”
The White House released a statement saying that although there are exactly zero businesses that have opted to enroll in the program, they remain, “optimistic [that] businesses will sign on to participate,” because of its non-existent cost.
I would hate to see what is going to happen after Obama get’s his feeling hurt when nobody voluntarily enrolls. However it seems extremely unlikely that a mandate on businesses to enroll in the program will be handed down.
Although Obama stated during his State of the Union that he is going to try his hardest to bypass Congress any way he can, this program just wouldn’t apply to his unconstitutional efforts. For instance, the AP reports:
“But because the program relies on paycheck deductions, businesses that don’t use automatic payroll systems will be excluded unless and until the administration develops a new system for them to participate.”
The Blaze then, almost hypothetically, states, “This raises obvious questions about how far the White House will go to adjust the program without congressional approval.”
We all know the depths in which Obama will go to in order to get what he wants, no matter the destruction he leaves in his wake. His newest hobby however seems a little less threatening, and especially after the Obamacare flub, one could only expect Congress to be a little less lenient this time.
But who knows?
What do you think—is this a program that attempts to fulfill a serious problem in America or is Obama just trying to cram more harmful legislation down our throats?