Donald Trump just repealed a regulation meant to help low-income workers save for retirement. Trump seems determined to hurt as many Americans as possible.
On Thursday, Trump killed an Obama-era regulation that helped low-income people save for retirement. According to the Huffington Post, the regulation let these workers save money in government-run retirement plans.
Obama wanted to help cities and towns establish so-called auto-IRA accounts. Workers that didn’t have company-sponsored plans would automatically become enrolled in these accounts.
But there was a lot of federal red tape standing in the way of the cities enacting these auto-IRAs. So the Obama administration established the rule to tear down all those hurdles.
There’s a retirement crisis coming in this country. Over 55 Million of Americans don’t have enough money saved up for their senior years.
Many of these Americans are low-income workers. Their employers don’t provide them with a retirement savings accounts.
And they can’t rely on Social Security to meet their needs. Thanks to the Republicans, the program doesn’t pay out enough for most people to live on.
Worse yet, if Republicans get their way, Social Security will be completely gone soon. Trump and his goons want people to work until their dying day.
Obama saw the coming retirement disaster and wanted to do something about it. So he issued the auto-IRA regulation to give low-income workers an option to save for their retirement.
Republicans in Congress, however, hated this regulation. They don’t think that government should be in the business of providing retirement savings.
Republicans also claimed that these government-run retirement accounts would compete with private sector retirement plans. In other words, the GOP doesn’t want their rich bank buddies to lose any money.
So they used an arcane rule called “the Congressional Review Act” to repeal the regulation with a vote along party lines. The repeal then went to President Trump’s desk, and he once again screwed over American workers with the stroke of his pen.
So the GOP repealed this regulation purely for ideological reasons. Now many workers are left out in the cold when it comes to saving for retirement.
The GOP is looking to repeal state-run IRA programs as well. But so far, the states have stopped them from doing so, since the states can see the value in these retirement plans.
Trump ran on the promise that he would help American workers. But so far, all he’s done is screw over Americans, especially the poor.
For instance, his budget cuts food stamp programs and Meals on Wheels. He also cuts funding to a program that keeps the poor from freezing in the winter.
He’s repealing environmental regulations that keep our air and water safe. More Americans are at risk of poisoning from industrial chemicals thanks to Trump.
Trump doesn’t care about any of that, though. Taxpayers are paying for his retirement, and he’s living large in his Mar-a-Lago resort.
Trump has declared war on the middle and lower classes, and so far he’s winning. Please help show Americans how Trump is screwing them over by sharing this story on Facebook.