The garrote around our throats continues to be pulled ever tighter:
The Department of Labor has proposed a rule that would restrict what advice a financial expert could give to employees, a move that would cost middle-class savers $80 billion in lost savings, according to a report from the Competitive Enterprise Institute.In April 2015, the Labor Department proposed a rule that would give it regulatory authority over financial advice concerning Individual Retirement Accounts, known as IRAs. The rule would require that financial professionals who give advice about these retirement accounts only act in the “best interest” of savers.
“Best interest” as defined by federal bureaucrats, of course.
According to the report, the department claimed that the rule was necessary because individuals could not “prudently manage retirement assets on their own,” and that they “generally cannot distinguish good advice, or even good investment results, from bad.”
Since we are too incompetent to manage our own affairs, the same government that has run up a $19 trillion debt steps in to do it for us — on a coercive basis.