By Mande Wilkes || At the same time as he purports to peddle small-business survival incentives, U.S. President Barack Obama presents yet another employer hurdle.
In an attempt to get people to save money even in spite of themselves, the President has proposed that employers be instrumental in encouraging workers to save. Specifically, businesses that don’t offer a retirement plan would be required to enroll workers in an IRA.
Obviously, small businesses would bear the brunt of this legislation – which is funny, because Obama has lately been giving to small businesses a proverbial blow job in an effort to stimulate hiring.
Of course, the President justifies this manifest inconsistency by offering a tax credit to offset employers’ related administrative costs.
A tax credit? So what?
The cost of compliance – itself an oblique tax – is smothering businesses small and large. Employers can hardly manage to comply with yet another governmental mandate.
All of which is to say nothing of the ideological bigotry implicit in requiring businesses to “help” workers save money. Workers are supposed to help employers, after all (that’s the idea, right?), but more and more often it’s the employers themselves who are commissioned by the government to be workers’ guardians-ad-litem.
By BIN News Editorial Staff February 1, 2010 at 7:51 pm
Sounds like Manatee is wearing Glenn Becks old undershorts again. Whew, what a wacko post. We only wonder if Manatee has an IRA or some other plan. Not.