By Stephen Frank
The Feds, under Obama set up a voluntary retirement fund called “myRA”. It lost $70 million ,few wanted to participate and the average account was $500. California has learned that lesson—so instead of making it voluntary, they are going to force 6.5 million Californians to participate in a government retirement program. Not mention is the $1.4 trillion in unfunded liability of the current government pension program—collapsing and a disaster to local government. Now, Sacramento is looking forward to abusing billions in family’s assets to finance corruption, crony capitalism and financing money losing “green” companies—think Solyndra.
“The current name, Secure Choice, doesn’t say much about a big new program that in five years could be a mandatory option to supplement Social Security for an estimated 7.5 million Californians currently not offered a retirement plan by more than 200,000 employers.
Secure Choice also has a kind of generic bureaucratic tone, not exciting or appealing to young people, said a staff report given to the Secure Choice board last week, and it has an “association with other sensitive policy issues,” presumably like pro-choice on abortion.
First ObamaCare steals money from millennial’s—now Jerry Brown wants to steal as well. Why are productive folks leaving the State? Programs like Secure Choice that steal from the young and give to the special interests and unions. Shame on the criminals in Sacramento.