People can't save money they don't have. They have no incentive to save, since with near-zero interest paid on savings, there's no "power of compounding". The solution is for interest rates on savings to be at least 3%.
As far as the government debt goes? Just don't pay back what the Federal Reserve "is owed" because they authorized the printing of bogus money.
It won't happen, I know. Nothing is ever going to be solved if the idiots in charge choose window dressing to mask effects rather than provide solutions that get to the causes of our problems.
“People can’t save money they don’t have.” - G
That is the key point.
Obama will make this a redistribution program to solve income (savings) inequality disparity.
Voila - a tax CREDIT to open a myRA account (for the right people). Problem solved.
I first started looking into this plan 4 years ago.
You are right on the money. Putting up another gov’t. savings program isn’t going to help if there’s nothing to put into it. By the time everything was deducted from my check & bills were paid(pre retirement) I had nothing to save. By working 10 yrs. past full retirement age,I was able to put a little in savings from the Soc.Sec.,but now it pays little to no interest. Saving it through a gov’t. program now would be really risky.