myRA: What We Need is More Confusion

myRA: What We Need is More Confusion

As if the tax code wasn’t complicated enough, President Obama announced in State of the Union that by Executive Order he would create a brand new retirement account called ‘myRA.’

These would be new retirement accounts aimed at the smallest, poorest savers and that would create a new type of savings bond which would encourage them to plan ahead for retirement.

Now the amazing thing about this is that he is going to do this via Executive Order.  Why haven’t we seen retirement account reform before?  Why do we have an ever-growing proliferation of retirement accounts?  Because no one wants to sit down and really make the tough choices.  So now, yet again, we will have a new retirement account that nobody is quite sure what is going to happen with it.

R-bonds will be aimed at a certain population within a low-income bracket which Obama will guarantee a return by the Federal government. … OK…

And it is all going to be backed up by the Federal Government…. Who did such a GREAT job managing our Social Security funds is NOW in charge of these new R-bonds.

Does R stand for ridiculous?  I am not quite sure.  All I can tell you is that if they turn out to be a good deal the people that will be buying them won’t be the people at the lowest income brackets no matter if they should or shouldn’t.  But it will be clever people who want to take advantage of this guaranteed return on investment. 

Well, you decide, you tell me which way it is going to go.  But I can tell you that if you keep reading that as soon as I figure out whether R-bonds are good or not that that I will post an update. 

Isn’t it amazing that instead of working and getting the already complicated retirement programs figured out that we will just put in a brand new program.  What a way to run a country.

Complexity is the opposite of where this country should be going.  Every time you add complexity what you do is you add layers and layers of more people who absorb a lot of time: accountants, lawyers, everybody trying to figure out how to take advantage of this thing, and all towards 0 (zero) productivity improvement. 

This is not how we create wealth, this is how we move the deck chairs around on the Titanic. 

Did he talk about how we are over 17 trillion dollars in debt? Aw, come on, why worry about that?  We are going to let somebody who has not been saving and we are going to make it even easier for them to save and give them R-bonds, and give them guaranteed returns and it will all work out.

This is the same guy, President Obama who is thinking about nationalizing 401k plans.  Think I am kidding?  Read his budget from last year.  It comes down to: Is it Their money or Our money?  Or are You just holding it for Them temporarily? 

If you agree with me then please join with It’s a Paul World in making sure that 2014 and 2016 are pivot points in moving towards more freedom and what we really need to do which is having economic growth instead of trimming around the edges and these ridiculous new plans. 


(Photo Courtesy of Alistair Howard via Flickr Creative Commons)



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