Despite the onslaught of Democrat obstructionism and continued attacks by the media, President Donald Trump is continuing to make good on his promise to the American people to cut government waste to save taxpayers – those who voted for him and those who did not – their hard-earned money.

The president directed the Treasury Department to put a halt to a regulatory boondoggle created by former President Obama that he claimed would help low-income families put away savings for retirement.

Instead, the “myRA” program ended up costing taxpayers $70 million simply to administer it during the three years it was in effect.

Worse still, like so many other Obama promises, it didn’t even provide the benefits he claimed.

Obama said the provision would result in “millions of Americans” signing up to participate in the retirement savings program.

In fact, only 20,000 signed up in the first two years, and those only deposited an average of $500 in their accounts.

On paper, an additional 10,000 signed up in the third year but did not deposit a single dollar in their accounts.

Sound like a familiar Obama scheme?

The cost of administering the program kept rising each year, eventually reaching the $70 million mark before President Trump put an end to the nonsense.

U.S. Treasurer Jovita Carranza told The Free Beacon, “Unfortunately, there has been very little demand for the program, and the cost to taxpayers cannot be justified by the assets in the program.”

Instead, given the numbers, the Treasury Department could have saved $10 million by giving each of the 20,000 enrollees the sum of $3,000 to open a much better retirement investment at a local bank according to financial experts.

The “feel good” program was set up by Obama by presidential memorandum without the participation of Congress and amounted to nothing more than good PR for him as investments were limited to low-yield government bonds, which gave very little return for those few enrollees who participated.

With Trump’s action killing the program, that’s government money in the bank immediately – and another promise kept by the new president.

Please SHARE on Facebook to let people know how President Trump is keeping his promise to save the taxpayers money by cutting waste in Washington. Obama's failed programs will no longer cost Americans millions under the new president.

Source: Conservative Tribune

 
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