Obama to propose penalty-free IRA and 401(k) withdrawals

[gtc08]

thank your barack


http://blogs.usatoday.com/onpolitics/2008/10/obama-to-p...

The presidential contenders continue to offer ideas about how to respond to the nation's financial problems and a weak economy. According to excerpts from a speech that Democratic nominee Barack Obama will deliver this afternoon in Toledo, he will propose allowing penalty-free withdrawals from IRAs and 401(k) accounts:

"I welcome Sen. McCain's proposal to waive the rules that currently force our seniors to withdraw from their 401(k)s even when the market is bad. I think that's a good idea, but I think we need to do even more. Since so many Americans will be struggling to pay the bills over the next year, I propose that we allow every family to withdraw up to 15% from their IRA or 401(k) -– up to a maximum of $10,000 –- without any fine or penalty throughout 2009. This will help families get through this crisis without being forced to make painful choices like selling their homes or not sending their kids to college.


According to Obama's campaign, he will also propose giving businesses "a new American jobs tax credit for each new employee they hire here in the United States over the next two years."

 

[Mistermj]

thank your barack


http://blogs.usatoday.com/onpolitics/2008/10/obama-to-p...

The presidential contenders continue to offer ideas about how to respond to the nation's financial problems and a weak economy. According to excerpts from a speech that Democratic nominee Barack Obama will deliver this afternoon in Toledo, he will propose allowing penalty-free withdrawals from IRAs and 401(k) accounts:

"I welcome Sen. McCain's proposal to waive the rules that currently force our seniors to withdraw from their 401(k)s even when the market is bad. I think that's a good idea, but I think we need to do even more. Since so many Americans will be struggling to pay the bills over the next year, I propose that we allow every family to withdraw up to 15% from their IRA or 401(k) -– up to a maximum of $10,000 –- without any fine or penalty throughout 2009. This will help families get through this crisis without being forced to make painful choices like selling their homes or not sending their kids to college.


According to Obama's campaign, he will also propose giving businesses "a new American jobs tax credit for each new employee they hire here in the United States over the next two years."

That is extremely selfish, short sighted and self serving of Obama.

Encourage people to use retirement funds to give his administration an economic boost...on the backs of people who are already down.

Wow...by any standard...this is really bad advice...and disgusting policy.

 

[BetIt]

That is extremely selfish, short sighted and self serving of Obama.

Encourage people to use retirement funds to give his administration an economic boost...on the backs of people who are already down.

Wow...by any standard...this is really bad advice...and disgusting policy.

LOL

and if it had come from McCain's mouth...it would've served as a sucker punch.

 

[koidog]

I'd say it is a good idea.

 

[Mistermj]

LOL

and if it had come from McCain's mouth...it would've served as a sucker punch.

No...but its nice to know my term stuck in your craw. :lol:

No, absolutely not...this is a terrible idea...and a bad precedent.

I don't like McCains recent bail out plan either...it's also in the WTF is he thinking catagory...and I'll say so.

McCain is nuts for proposing it. And Bambi is nuts for the reasons stated above.

 

[Sekrah]

More Obama pandering to retards who don't know how the economy works.

See them soak it right up in here?