Treasury Eliminates Retirement Savings Program for Low Income Workers

What do you think about the program described below? 

An Obama-era program that created savings accounts to help more people put away money for retirement is being shut down by the Treasury Department.... The 30,000 participants in the program, known as myRA and intended for people who did not have access to workplace savings plans, were sent an email on Friday morning alerting them of the closing.

The goal of the myRA accounts — which operated much like Roth I.R.A. accounts — was to encourage saving, particularly among lower-income workers.    The funds were invested in United States Treasury savings bonds, which paid the same variable rate as the Government Securities Fund, available to federal employees through the government retirement plan.  There was not a minimum deposit or a fee.

Sounds like a great program!

Just in time for Labor Day, why are Trump and Republicans ending it when it's just getting started?  Apparently, Trump's Treasury Department thinks it will Make America Great Again to inflict pain on low income citizens struggling to save for retirement.

President Obama ordered the creation of the so-called starter accounts three years ago, and they became available at the end of 2015. Since then, about 20,000 accounts have been opened, with participants contributing a total of $34 million, according to the Treasury; the median account balance was $500.  

“The decision to cancel the myRA in its introductory phase reflects a fundamental misunderstanding of its purposes and potential as a long-term investment in working families’ economic security and financial independence,” said Mark Iwry, the chief architect of the program that was built over nearly six years while he served as senior adviser to the Treasury secretary during the Obama administration.

The closing of myRA is the latest step taken by the Trump administration to reverse Obama-era savings initiatives and investor protections. In his first month in office, President Trump requested the review of a rule that requires brokers to put their customers’ interest first when handling their retirement money. He later signed a joint resolution that reversed a rule that would have made it easier for states to create their own retirement savings programs.

Source: https://www.nytimes.com/2017/07/28/business/treasury-retirement-myra-obama.html