[Ed. – The numbers speak for themselves. It is neither prejudiced nor partisan to characterize this program as ineffective and little-used.]
The Treasury Department is ending an ineffective Obama program that promised to help millions of Americans save for retirement, the government announced Friday.
Treasury announced the myRA program would be phased out, after costing taxpayers $70 million though few Americans used the program.
Former president Barack Obama used his 2014 State of the Union address to launch the myRA program, with a promise to “help millions” to save for retirement. Two years later, only 20,000 had signed up.
“The myRA program was created to help low to middle income earners start saving for retirement,” said Jovita Carranza, U.S. Treasurer. “Unfortunately, there has been very little demand for the program, and the cost to taxpayers cannot be justified by the assets in the program.”
A review of the program by the Trump administration found that 20,000 accounts have a median balance of only $500. An additional 10,000 accounts had no money in them at all.