Another day and other Obama era regulation turned expensive debacle ripped apart by President Trump.
This we can get used to.
President Donald Trump just ordered the Treasury Department to rid this country of another Obama failure.
By way of a regulation meant to help families save for retirement, but ended up being an expensive boondoggle.
This one program cost taxpayers $70 million and delivered zilch, nada, nothing for the people who tried to use it. And there were not many of those.
According to The Washington Free Beacon, the program was called the myRA program.
It was enacted by President Barack Obama in 2014.
Obama promised the program would help millions, but true to form it was a dud with only 20,000 signing up within the first two years.
Another 10,000 people signed up after but never put one red cent into their accounts.
Taxpayers, however, including the kind of retired people the program was supposed to help, were on the hook for the failure.
We paid out over $70 million to keep the program running which included staff, office, computer servers etc.
As with any government bureaucracy that waste would grow and grow but thankfully Trump stepped in and ended it.
U.S. Treasurer Jovita Carranza said as critics whined about the shuttering the program,
“Unfortunately, there has been very little demand for the program, and the cost to taxpayers cannot be justified by the assets in the program.”
Market Watch, a leading financial news publisher said the retirement savings program “a good idea with terrible execution.”
Like all things, liberals do they actually start with good intentions but end in disaster because they simply cannot execute in the real world.
Steve Minkoff an expert financial planner summed it up perfectly by saying the programs in the private sector do the job better at a fraction of the cost so why was Obama meddling?
Share this if you are so very glad Trump is in office.