Obama will now do for retirement what Obamacare has done for healthcare.
Lets see - a low balance account investing in low risk bonds with low yield.
who is going to process these accounts and do the statements and such? There is no money in it for anyone.
Yes - Alex I’ll take 10 million low balance accounts with no yield that cost 20$ a year each to process and record-keep. (In order to make enough interest just to pay the processing cost the average account would have to $400 at 5% interest - the investor then would get zero return after fees.)
This is such a loser, I cannot even begin to describe it.
(They might as well just increase the social security tax. It would be a more efficient way to waste taxpayer money.)