The Blaze, January 31, 2014
President Barack Obama announced this week that he would establish a program to help low-income earners save for retirement.
But the new “starter” savings program — called “My Retirement Account” (
for “my Individual Retirement Account” (IRA) — has left a few analysts
“His proposal might do some good — not by helping workers, most of whom are unlikely to take advantage of it, but by spurring a discussion about how to fix a broken retirement system,” the Bloomberg editorial board said.
Others are more apprehensive.
“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,” the said after the president unveiled the plan. “That’s what
all about.” myRA