January 30, 2014
Halfway through his State of the Union message last night, President Obama announced he was unilaterally going to fix another perceived problem through an executive order: mandating a requirement that all employers not already offering retirement plans start doing so. Said the president:
Let’s do more to help Americans save for retirement.
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.
That’s why, tomorrow, 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.
This perfectly encapsulates the Obama presidency: Claim a problem exists, then solve it by government edict while dressing it up to look reasonable. And ignore Congress in the process.
While it’s true that about half of America’s employers don’t offer retirement plans, that’s only a problem to progressives looking to expand the power and reach of government while helping to fund its deficits. Until yesterday, that half were very happy letting their employees save money on their own, if they so wished. Not any longer.
This article was posted: Thursday, January 30, 2014 at 6:37 am