I’m suprised that Cruz isn’t suspicious of the Obama retirement plan proposal. In light of the failure of Social Security, I can’t imagine why anyone would want to give their money to the government for “safe-keeping” or investment.
There are already plenty of options for retirement savings, including many with FDIC insured CD options. The only problem is that there isn't much point in tying up money for 1% (or so) interest. With the IRAs that now exist, the feds don't own our money.
In a federal program, that'll be bad news. It will end up being like an enhanced Social Security, an annuity type situation where when a person dies the money is gone. It's all about not passing wealth to the next generation.
FYI...from another article....
Like other Republicans, Cruz heard dangerous suggestions of presidential power grabbing. But he did identify two areas of potential common ground.
He was intrigued by the “MyRA” that Obama described as a “new savings bond that encourages folks to build a nest egg.” Depending on the details, Cruz said, he might be a supporter, because he likes the idea of empowering Americans to build wealth and become independent.
He also liked hearing Obama talk up the idea of streamlining federal red tape.
“That’s something Republicans would be eager to work with him to do,” he said, though “he’s used that rhetoric before and the record of the administration for the last five years has been increasing regulations, hammering small businesses and killing jobs.”
Obama could start, he said, by approving the long-sought Keystone XL pipeline, which would bring oil from the tar sands of Canada to refineries along the Gulf Coast of Texas. “The only reason we aren’t have 10s of thousands of high paying jobs right now is because President Obama is blocking it,” he said.