New Legislation Passes the White House
by KEITH KOFFLER on JANUARY 31, 2014, 11:30 AM
You’re not stuck on quaint notions like, Congress passes the laws, are you? Because there’s lots of good legislating being done in the White House and you – you are SO ungrateful – are hardly even noticing.
Take the new MyRA savings account. Even I thought this might be a good idea. And it is a good idea. A GOOD IDEA FOR SUBVERTING THE CONSTITUTION.
How does a president create a whole new program, one that costs cash money, without it being appropriated by Congress?
I’m waiting for an answer.
Aides celebrate as Obama takes a call from North Korean President Kim Jong-Un congratulating him on the passage of new legislation by the executive branch.
Well, President Obama and his little shop of Socialist elves figured it out. I mean, when are Boehner and the rest of them going to make a serious move to call him on this stuff?
Eventually, we’ll get used to it. You read Animal Farm, right? Just incrementally up the Socialism until people realize too late that everything’s changed.
Sure, I’m being dramatic. But on a limited scale, that’s what’s happening here.
The new MyRA is a Roth-style savings account that allows you to earn interest tax free. That is, it’s a taxpayer gift, and therefor should be appropriated.
What’s more, as the Wall Street Journal points out, accounts like the MyRA that can be opened with as little as $25 and added to in $5 increments are normally not offered by private institutions because it COSTS MORE TO SERVICE THAN IT IS WORTH.
But you are only too happy to service it, because you have no choice. You’ll be paying the processing costs. EVEN THOUGH YOUR ELECTED REPRESENTATIVES DIDN’T ALLOT YOUR MONEY FOR THIS PURPOSE.
The White House is cleverly creating this brand new free stuff under the accepted right of Treasury to sell securities. But this right, as the WSJ points out, is awarded to provide Treasury with the mechanism to finance operations, not to create a new benefit. The joke here is that the White House is claiming this as just another method for the government to borrow money it has to borrow anyway.
See, this is how things will go. The administration will bend every rule, twist every law, and violate every trust to work its will. You want to challenge it? Okay, I hope you have the funds and are willing to wait for years while the case wends its way through the courts.
So throw out your kids’ civics books. Because all that separation of powers stuff – that’s for losers.