Wednesday, February 12, 2014

CNBC on myRA Scam: Bleh!

I noted the hideousness of Lightworker's myRA scheme, announced in conjunction with the SOTU.

Normally Obama-friendly CNBC weighs in.
So here's the irony: The myRA will actually have the working poor financing the government's deficit spending. By creating accounts that invest in a government pool, it's yet another way for the Treasury to raise funds without having to sell bonds in the public markets. 
It will come as absolutely no surprise when several years from now we all view myRA as a grossly underutilized creation with costs that far exceed any benefits. Unfortunately, though noble-sounding, this is just another feel-good program that will do little but provide sound bites for politicians and waste billions of taxpayer dollars

In the first blurb, from the Obamacrats' perspective, this is likely a feature, not a bug - all that tax the rich stuff is not aimed at raising money, it's aimed at getting votes.  You get the money by going where it is and going after easier marks.  The rich a) don't have enough money that you can get at, and 2) are too smart for this kind of scam.


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