Wait! We’re creating a new savings bond!! And to think I was planning on not saving anything until I started collecting Social Security. Quick! Where do I sign up! (My kingdom for a sarcasm font.)
“Workers can contribute through automatic deductions…”
Am I supposed to be excited that the Treasury Department will allow me to “invest” with the same technological tools that allow me to subscribe to Netflix?
“MyRAs are backed by the full faith and credit of the United States Government.”
Oh, that makes me feel good. Anyone know if S&P is planning on downgrading the US again?
“[You] can keep the same account even if [you] change jobs.”
Oh good! So if you like your retirement, you can keep it.
“And it's affordable. You can open an account with as little as $25. You can contribute as little as $5 at a time.”
Because nothing helps build a comfortable retirement more than occasional $5 contributions to a government savings bond.
The Administration’s push to portray some gimmicky treasury bond as the solution to America’s retirement woes, only highlights the White House’s comically incompetent leadership on fiscal issues. The real problem, aside from Mr. Obama’s dependence on an apparently glitchy teleprompter, is far deeper than an insufficient choice of treasury bonds. Artificially low interest rates, declining household wealth, income stagnation, and an abysmal jobs market are far more painful to the retirement prospects of American workers than anything Treasury can singlehandedly address. The President’s adoption of extra-legislative gimmicks only serve to illustrate the leaderless incompetence of this White House.
It is becoming more apparent that the remainder of Obama’s tenure will be a hopeless mess of legislative gridlock, and executive politicking. The MyRA is nothing more than the first of many attempts to convince the American people that Obama will dictatorially go around Congress for “the greater good” of the nation. Or, as the President put it, he’s “not going to not do anything without Congress”.