Presidential chutzpah, fiscal-style

President Obama is looking at retirement plan reforms:

President Barack Obama announced a series of policy changes Saturday aimed at making it easier for Americans to save money for retirement.

Among the changes are expanded access to 401k plans, small tax policy changes and a pledge to let workers convert vacation days into retirement savings.

Well, great. Hey, I’m all for more profitable long-term investment opportunities. So, good. Although, y’know, we’re gonna want to see the bill first. In both senses of the word “bill:” the legislation, and the price tag.

Small print, big cost. That’s been the pattern so far.

But that’s not why I’m writing this. These two paragraphs in the article are:

Even before the recession, Obama argued, Americans saved too little and borrowed too much.

“We have to revive this economy and rebuild it stronger than before,” the president urged. “And making sure that folks have the opportunity and incentive to save – for a home or college, for retirement or a rainy day – is essential to that effort.”

Just wondering: did he manage to say that with a straight face? Because…come on. President Obama? Lecturing us on being responsible with our money?

Was it supposed to be some kind of joke?

Don Surber:

Every day since he has been president, Barack Obama has — on average — added $5 billion to the national debt. The bonfire burns money at a rate of $3.5 million a minute.

24/7.

$583,000 a second, in case you were wondering.

Gregg Easterbrook:

World War II cost about $4 trillion in today’s dollars — the Congressional Budget Office figures show the decade starting with Bush’s final two budgets until fiscal 2017 will add $11 trillion in federal borrowing, at current rates. That’s more than the entire national debt was in early 2008.

The Office of Management and Budget reported in May that federal spending in 2009 will exceed revenues by $1.8 trillion – just under half the inflation-adjusted total cost of World War II (link leads to a .pdf).

While we’re at it, let’s not forget this story, from May:

In April 1999, they (the Obamas) purchased a Chicago condo and obtained a mortgage for $159,250. In May 1999, they took out a line of credit for $20,750. Then, in 2002, they refinanced the condo with a $210,000 mortgage, which means they took out about $50,000 in equity. Finally, in 2004, they took out another line of credit for $100,000 on top of the mortgage.

…The Obama family apparently had little or no savings during this period since there was virtually no taxable interest shown on their tax returns.

…In 2003, they reported almost $24,000 in child care expenses and, in 2004, about $23,000. They also paid about $3,400 in household employment taxes each year. And as Michelle stated, they spent $10,000 a year on “extracurriculars” for the children.

President Obama has never faced consequences in his private life when it comes to managing money. He always had enough money simply by borrowing more and more.

Hey, people can change. People can learn. I’d just like to see some proof that President Obama has learned before he starts lecturing us about saving.

(Lance Burri is The TrogloPundit)

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