Obama’s Economic Plan
It is unfair to Obama to expect him to have any understanding of the for profit, free enterprise, small business, retirement savings, or even having a family to meet a monthly budget, because Sen. Obama has never had any contact with these issues that make up most of America, even though he wants to CHANGE all of that.
He never met a family budget because nonprofits, charities, political contributors and the taxpayers, along with Muslim extremists, have always given him everything he wanted. So, maybe he is not just like us. Here are his latest proposals, which, OF COURSE will cost taxpayers even more billions on top of the trillion of new spending he already propposed:
Obama Want Us to Save Less, especially for Retirement
Obama was on TV today Oct. 13, 2008 saying he wants us to take $10,000 out of our 401(k) and tax deferred retirement savings tax free to help stimulate the economy.
Simultaneously, he wants stimulus to credit card, car loan and business loan companies to lend us more money.
Duh! Isn’t too much debt and lack of savings what got us into this mess?
Barry, the reason there are tax penalties on early withdrawals from 401(k) and other retirement plans are twofold:
(1) We are supposed to accumulate our savings long term so the money is there when we retire. The tax penalty on early withdrawal is to prevent people from doing stupid things like stealing from their retirement for current pleasures. There is a concept called Deferred Gratification, but Barry wouldn’t know about it because his entire life has consisted of charities and taxpayers fulfilling his every need every day of his life. Barry took a four month trip around the world after his sophomore year in college without ever having worked a day in his life. Barry went to Indonesia, Pakistan and Africa with his Two Pakistani Muslim friends who today control his Presidential campaign finance. Where did the money come from for his “Round the Muslim World” sophomore trip, and where does the money actually come from for his current campaign?
(2) All retirement accounts are restricted to investments which help build the economy. Retirement accounts are either banking deposits, stocks and other instruments which supply capital to build the capitalistic economy. In case you have not noticed Barry, the government is taking a trillion dollars of taxpayer money to increase the capitalization of the same companies that will lose capital when people withdraw $10,000 from their retirement accounts.
So with one hand Barry will take money out of retirement capital investments, while the other hand uses tax payer dollars to inject capital into the companies from which the withdrawals come/
Obama Plan to Flush Money Down Toilet
Barry proposes to flush billions of dollars down the toilet. Barry, who has never had any involvement with a for profit business, free enterprise or the economy, now wants the government to lend directly to small businesses to meet their payrolls and buy inventory.
Although I am sure that when Barry’s plan is passed it will provide small businesses with money for absolutely anything.
Barry is so ignorant of how business works that he believes this will help the economy and build jobs.
Barry, the first rule of small business lending is simple. Read this Barry: Four out of five small businesses fail within three years.
For that reason real honest to goodness lenders will not lend to small business unless the loan is totally secured by tangible assets that can be sold to pay off the loan when the business goes bankrupt.
The reason small businesses will flock to the government for loans will be to take the money and run.
Any new government program to lend to small businesses is money that the taxpayers will never get back
Oh, then there is the matter of which voting groups would actually get the money? Are they the same people for whom ACORN gets toxic home mortgages? Surely these loans will not go only to people who voted for Barry.
To help impeach Obama from the Senate and, god forbid, from the Presidency, send a blank email to email@example.com
Entry filed under: abc news, ann coulter, bailout, bankruptcy, Barack Obama, bias, Blogroll, cbs news, cnbc, family, Fannie Mae, finance, fox news, Freddie Mac, glenn beck, humor, Islam, john mccain, life, lou dobbs, Michelle Obama, mortgages, Muslim, New York Times, news, politics. Tags: 401k, ACORN, Anderson Cooper, bad loans, bailout, bankruptcy, Barack Obama, Bear Stearns, bernacke, bill clinton, chris dodd, citibank, cnn bias, Community Reinvestment Act, CRA, democrats, earmarks, Fannie Mae, Freddie Mac, george bush, Goldman Sachs, henry paulson, john mccain, jp Morgan, kill the bailout, La Raza, life, lou dobbs, mortgage bailout, mortgage crisis, mortgages, Nancy Pelosi, news, news and politics, politics, retirement, retirement savings, sarah palin, small business, small business loans, tax increase, taxes, Wachovia, WAMU, Washington Mutual, William Ayres.