Brett Salter

For The Maine Campus

In an egregious attack on the capitalist system, the American government has managed to bring itself one step closer to shattering the free market. I am referring, of course, to the statement released from the U.S. Treasury Jan. 31. In the statement, Treasury Secretary Jack Lew expounds on the new program dubbed myRA. This retirement program, as Jack calls it, is described as zero fee and risk-free. You merely deposit your own money into a Treasury security and begin accruing interest. You can even withdraw at any time, without cost. Sound familiar?

Of course it does; the Obama administration has “designed” a federal savings account. Welcome to the fall of capitalism. This new institution will no doubt open the floodgates for a torrent of policies that harm our current economic structure. Emperor Barack Obama has allocated many rights and powers to the federal government before, and after the insurgence of Obamacare, we appear powerless to stop the momentum of his socialist sentimentalities. Banking must remain a private industry if the free market is to survive. And evidence in the form of Social Security is a constant reminder that the government is an incompetent retirement agent. Every paycheck stands as testament to the disarray of the broken and underfunded program.

Speaking of Social Security, what prevents the government from raiding myRA funds to repair the collapsing system? They employed that strategy in the past, and it devastated the program in the first place. Instead of taking accountability for their mistakes and cutting spending, legislators and executives would rather fool their constituency into covering the damage out of pocket. But Lew assures us that the myRA “will be backed by the full faith and credit of the United States,” so they cannot just wantonly abuse the account balances. I wish I were reassured. Who is responsible for that guarantee? I did not realize the American government was a self-sufficient, profit yielding establishment. Unfortunately for the American taxpayer, this means every citizen will be held responsible if the federal government loses the assets invested in the program. Bernie Madoff could not put himself in such an advantageous situation. And soon, even opponents of the scheme will find difficulty in not participating.

The financial burden could swell uncontrollably, and the result would present itself in the form of heavier taxes. Investing in a myRA would be almost compulsory at this point, since otherwise you would be paying for a system for which you receive no benefit. This daring incarnation of extortion is unacceptable in the realm of business. Apparently, the code of ethics that binds industrialists does not apply to elected officials. We are obligated to condone the government brazenly perverting its economic power instead of making it answerable to its crimes.

But there is a reason politicians avoid legal repercussions. Those in power would convince us that the national deficit and debt are our fault and that they are assuming control for the common good. In some ways, they are correct. We have afforded the government officials far too much power. We have allowed them to spend irresponsibly for decades without recourse. And finally, we have permitted them to flagrantly abuse the rights that their offices entail. It is time to draw the line and assert our power as citizens of a free nation. No longer can we idly endure the rampant intrusions of the government that plague our beautiful America.