Our imperially inclined President is already acting on the promise he made during his State of the Union to take unilateral “action” outside of the normal legislative process. And at the top of his non-legislative agenda is the reformation of American retirement. Utilizing his oratory prowess and an executive memorandum, the President is promising to give Americans a new way of saving for retirement… Or something like that. Maybe “oratory prowess” was a bit of an overstatement. It turns out that his teleprompter was never taught about avoiding double negatives – let alone triple and quadruple negatives:
"Now, I'm hoping that Congress goes along with this, but I'm not going to wait for Congress. I could do more with Congress, but I'm not going to not do anything without Congress, not when it's about the basic security and dignity of American workers."
Well… Good. Now we’re all confused. It’s nice that we have a leader who can unite us. (What happened to his fantastic oratory skills? Was the teleprompter set on “stutter”?) He’s “not going to not do anything without Congress.” The point was still clear, despite the obfuscatory wording. Our all-powerful Campaigner-in-Chief will not wait for the legislative wheels of Constitutional government to be set in motion.
So what is he signing into non-law? Obama has directed his Treasury Secretary, Jack Lew, to create a new savings bond called the “MyRA”. (Cute name. It rings of Orwellian double-speak given that the MyRA will be a government program.) With mildly more competent sentence structure than before, the President outlined his cure for America’s retirement woes:
“And we're calling it "MyRA." Not IRA -- MyRA.”
Thank you, Mr. President. I get it. You replaced the “I” in “IRA” with the word “My” to make me feel like I have ownership over the money I invest in this governmental financial instrument. Very clever.
“And what it is, it's a new type of savings bond that we can set up without legislation that encourages Americans to begin to build a nest egg.”
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Thursday April 17th, 2014 | John Ransom
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Wednesday April 16th, 2014 | John Ransom