Republicans Just Voted To Take Retirement Accounts Away From Low-Income Workers

Republicans Just Voted To Take Retirement Accounts Away From Low-Income Workers

Republicans to poor Americans: You don’t need retirement accounts

Senate Republicans on Thursday voted to eliminate an Obama-era rule that allows states to create retirement accounts for low-income workers. The bill is now headed to Donald Trump for his signature.

By a 50-49 vote margin, Senate Republicans approved the resolution – already passed in the House – which take away states’ ability to create retirement plans for poor workers whose employers don’t ofter retirement plans.

Republicans claim the Obama rule which was implemented in October is an example of federal overreach. Senate Majority Leader Mitch McConnell said the Obama rule, “undercut a system of private retirement savings that has served millions of Americans very well for decades.”

But here is the problem with that – it is totally false. The private system of retirement savings hasn’t served poor and low-income Americans well at all. In fact, most workers in this country don’t have anywhere near enough money saved for retirement.

Elizabeth Warrens blasts Republicans for heartless attack on low-income Americans

As Senator Warren points out, 55 million Americans don’t have access to a workplace-sponsored retirement account, which is why the Republican move is so heartless and financially devastating to low-income Americans.

Senator Warren took to the Senate floor to blast Republicans for their heartless attack on low-income workers saying, “Why on earth are they now voting to make it harder for cities and states to harm their own citizens save for retirement? Why? Three words. Chamber of Commerce. The Chamber of Commerce and the trade associations for the giant financial firms have been fighting tooth and nail to kill these retirement initiatives.”

Warren continued, “All because the giant financial firms that the Chamber of Commerce and trade associations represent are worried that these city and state plans might actually offered better investment products with lower fees.”