You may remember President Obama—who if you are a CRA member you still approve more so than Donald Trump—loved big government solutions. One of his signature programs was called MyRA. The program was based on the theory that if someone didn’t have access to a private sector retirement account or 401k they could invest through the Treasury Department into MyRA. Contributions were limited so when your balance grew to $15,000 you were forced to move it over to a new investment vehicle outside of the Federal Government like maybe Wells Fargo.
In theory this wasn’t a horrible idea, most Americans have no retirement and this would have given people the ability to save small amounts of money in a safe haven investment. The problem is that not very many people ever opened accounts, just a paltry 20 thousand. Worse yet, only 10 thousand had any money deposited into them! While the ten thousand active accounts did have an average balance of about $1700, the expenses of the program were massive—almost 70 million from its creation in 2014! The total amount of money ever deposited into MyRA accounts is a hotly disputed 34 million. So in typical government fashion, the product was grossly overpriced and we lost millions in taxpayer dollars, let alone new government bureaucrats and the pensions that come with them.
This is why I was glad to vote for Donald Trump! This is exactly what he promised. Trump took a large government bureaucracy laden with waste and outright eliminated it. The CRA didn’t endorse Trump and most likely didn’t vote for him. That’s okay, as I’m sure Hillary Clinton probably would have expanded the program into the government run Ponzi-scheme that would have made the Social Security Administration jealous! The program was set up to help Americans save for retirement, and obviously the better majority had no interest. President Trump acted swiftly to eliminate the program.
Here’s the bottom line, Donald Trump if given time and some bi-partisan support, (since the CRA and Tea Party endorsed Republicans aren’t helping!) he will drastically and dramatically reshape our government for generations. Therein lies the problem, the CRA and other organizations have befriended establishment Republicans and Democrats and have teamed up to stop Trump every single step of the way. Remember I was called out by 2 South Sacramento CRA members demanding my identity and saying I was breaking stories that were not true. As a result the Blog Father and I are offering this space to CRA members wishing to refute anything in the above article.
Oh BTW, while the CRA may call this a federal issue, remember my article from earlier speaking about California’s plan to make a state run retirement program for its citizens? Why is it something tells me it will have the same results, but won’t get the plug pulled like MyRA?
Til next time,
PS nice find Blog Father on Rich Uncle Pennybags Buffett, from my research, his investment vehicle Berkshire Hathaway holds over 500 million shares of Wells Fargo Bank. Truth be told though, he was required by the Fed to divest about 8 million shares. Not because of anything illegal but new rules state no single entity can control more than 10% of the outstanding stock. The reason: so one person cannot have too much influence over the corporation. Swell, maybe Buffett could have called the Board of Directors and said “Stop Ripping off the American People.” But no, I’m sure Mr. Buffett happily collects his dividend check and looks the other way.