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myRA Details: What is it and why do we need it?
A friend brought this up in another discussion and I an curious here.
If what I am reading is correct, the myRA concept which President Obama raised in his State Of The Union address is essentially little more than a Savings Account that is bound by the rules on an IRA and is limited to $15K.
What is the flaw that he intends to repair with this? The options are available in the private sector, so what is the reason he feels the government needs to get involved and compete against the private sector in this aspect?
Are there not enough things for the government to do already? How about some of these things that the federal government is supposed to take care of and are not doing so at present? I am no financial wizard, so I could very well be missing something, but I just do not see the need for this.
The Warlock
2 Answers
- Anonymous7 years agoFavorite Answer
It is one more silly bureaucracy to cover up the fact that most other silly bureaucracies either don't work or are so filled with red tape it is hard to deal with..
- ms mannersLv 77 years ago
I'm guessing it's because he hasn't gotten his grubby little hands on our private retirement accounts yet.
I know the liberal utopia of California was looking at forced retirement accounts at one point....not sure what ever happened with that.
