Monday, February 03, 2014
Obama implements a small retirement plan for lower income people
On Saturday, the Washington Post spoke favorably about President Obama’s proposal for new “starter” retirement accounts for people, either contractors or lower-wage hourly workers who don’t get them in the workplace. The president appears to have the authority to order Treasury to set up these MyRA’s without Congress. The link for the story is editorial is here. California has its own plan called Secure Choice.
It seems, though, that with lower-income people the public strategy has been to get them to consumer more and go into debt and simply become more vulnerable, and potentially dependent.