Comments on: Barack Obama Proposes Six Ideas to Ease the Economic Crisis http://www.consumerismcommentary.com/2008/10/14/barack-obama-proposes-six-ideas-to-ease-the-economic-crisis/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Andy http://www.consumerismcommentary.com/2008/10/14/barack-obama-proposes-six-ideas-to-ease-the-economic-crisis/#comment-185051 Andy Thu, 30 Oct 2008 17:30:16 +0000 http://www.consumerismcommentary.com/?p=4212#comment-185051 I did a recent review of both candidates financial policies and depending on your current and expected financial position in life both candidates offer some useful benefits. Personally as a higher than average income earner I like McCain's tax and investing (CGT) breaks, but as a nation I think we would be better off under Obama. However, as things improve Obama must adapt his plans and control government spending (and hence our National Debt) to keep our national economic growth sustainable over the long term. I also hope that the next president adopts plans that are in the best interest's of the nation and not their own party and special interests. I did a recent review of both candidates financial policies and depending on your current and expected financial position in life both candidates offer some useful benefits. Personally as a higher than average income earner I like McCain’s tax and investing (CGT) breaks, but as a nation I think we would be better off under Obama. However, as things improve Obama must adapt his plans and control government spending (and hence our National Debt) to keep our national economic growth sustainable over the long term. I also hope that the next president adopts plans that are in the best interest’s of the nation and not their own party and special interests.

]]> By: David B http://www.consumerismcommentary.com/2008/10/14/barack-obama-proposes-six-ideas-to-ease-the-economic-crisis/#comment-184709 David B Tue, 14 Oct 2008 16:27:13 +0000 http://www.consumerismcommentary.com/?p=4212#comment-184709 I definitely agree with Tom on 4 & 5. Number 1 seems like a terrible idea. Why should the government be encouraging people to liquidate their retirement accounts when the market is at record lows? It will only provide an avenue for those with skiddish tendencies and low risk tolerance to pull their money out and miss the upswing in the market. Number 2 is a great idea that both candidates have suggested. Letting people who would normally be forced to take retirement distributions at these incredible lows would be extremely disappointing for those in that situation. Allowing them to choose to ride it out a little longer if they desire seems like a reasonable measure. I definitely agree with Tom on 4 & 5. Number 1 seems like a terrible idea. Why should the government be encouraging people to liquidate their retirement accounts when the market is at record lows? It will only provide an avenue for those with skiddish tendencies and low risk tolerance to pull their money out and miss the upswing in the market.

Number 2 is a great idea that both candidates have suggested. Letting people who would normally be forced to take retirement distributions at these incredible lows would be extremely disappointing for those in that situation. Allowing them to choose to ride it out a little longer if they desire seems like a reasonable measure.

]]> By: Tyler @ BSCC http://www.consumerismcommentary.com/2008/10/14/barack-obama-proposes-six-ideas-to-ease-the-economic-crisis/#comment-184708 Tyler @ BSCC Tue, 14 Oct 2008 16:15:54 +0000 http://www.consumerismcommentary.com/?p=4212#comment-184708 Yeah, I like the fact about letting us withdraw from our 401K without penalty. Yeah, I like the fact about letting us withdraw from our 401K without penalty.

]]> By: Jamie Bernard http://www.consumerismcommentary.com/2008/10/14/barack-obama-proposes-six-ideas-to-ease-the-economic-crisis/#comment-184707 Jamie Bernard Tue, 14 Oct 2008 15:14:56 +0000 http://www.consumerismcommentary.com/?p=4212#comment-184707 Tax breaks amount to pennies compared to the money your 401k loses when markets are tanking. Vote for the candidate you believe will keep inflation low and market growth high. Tax breaks amount to pennies compared to the money your 401k loses when markets are tanking. Vote for the candidate you believe will keep inflation low and market growth high.

]]> By: Tom http://www.consumerismcommentary.com/2008/10/14/barack-obama-proposes-six-ideas-to-ease-the-economic-crisis/#comment-184706 Tom Tue, 14 Oct 2008 14:24:27 +0000 http://www.consumerismcommentary.com/?p=4212#comment-184706 I do not agree with 4, 5 and 6: 4. American labor is expensive in a large part because of our labor unions. Globalization is the a key factor in the success of many companies and labor unions refuse to accept that. Look at Boeing. Their labor union is on strike because of job security. Boeing refuses to give in on the globalization part of the contract, it is a key strategy for their future growth, and a good strategy from what I've read. This is the same for most other global companies. Penalizing a company because they send work overseas will only stunt growth, why? Because almost every global company is doing it! What they need to do is give big tax credits for R&D done in the US. This will create thousands of jobs while promoting growth, and even attract many new companies to the US. 5. I completely agree with your comments. Must be more oversight in unemployment benefits. My sister worked for 2 months, got fired (long story), then started collecting unemployment. Was she looking for another job? No! but she still got benefits! 6. Who's to say that these borrowers will be able to afford anything at all? We can't be bending over backwards for the people that NEED to have their houses foreclosed. These people should never have bought a house in the first place. I do not agree with 4, 5 and 6:

4. American labor is expensive in a large part because of our labor unions. Globalization is the a key factor in the success of many companies and labor unions refuse to accept that. Look at Boeing. Their labor union is on strike because of job security. Boeing refuses to give in on the globalization part of the contract, it is a key strategy for their future growth, and a good strategy from what I’ve read. This is the same for most other global companies. Penalizing a company because they send work overseas will only stunt growth, why? Because almost every global company is doing it! What they need to do is give big tax credits for R&D done in the US. This will create thousands of jobs while promoting growth, and even attract many new companies to the US.

5. I completely agree with your comments. Must be more oversight in unemployment benefits. My sister worked for 2 months, got fired (long story), then started collecting unemployment. Was she looking for another job? No! but she still got benefits!

6. Who’s to say that these borrowers will be able to afford anything at all? We can’t be bending over backwards for the people that NEED to have their houses foreclosed. These people should never have bought a house in the first place.

]]> By: Michael http://www.consumerismcommentary.com/2008/10/14/barack-obama-proposes-six-ideas-to-ease-the-economic-crisis/#comment-184705 Michael Tue, 14 Oct 2008 14:15:24 +0000 http://www.consumerismcommentary.com/?p=4212#comment-184705 The "No penalty withdrawl from 401(k)" is GENIUS. Let people remove what little savings most of them have NOW, so that when the are in really deep crap LATER, it'll be someone else's administration that has to deal with it. Idea #1 is a loser. The “No penalty withdrawl from 401(k)” is GENIUS. Let people remove what little savings most of them have NOW, so that when the are in really deep crap LATER, it’ll be someone else’s administration that has to deal with it.

Idea #1 is a loser.

]]> By: CJ http://www.consumerismcommentary.com/2008/10/14/barack-obama-proposes-six-ideas-to-ease-the-economic-crisis/#comment-184704 CJ Tue, 14 Oct 2008 13:29:26 +0000 http://www.consumerismcommentary.com/?p=4212#comment-184704 While I really haven't cared for Obama's policies thus-far (raising taxes on corporations during a recession seems detrimental to me), most of these seem pretty good. Personally, I'm still voting for Bob Barr as I think both candidates are idiots, but at least now I feel like Obama won't completely screw things up in the meantime if (when?) he becomes president. While I really haven’t cared for Obama’s policies thus-far (raising taxes on corporations during a recession seems detrimental to me), most of these seem pretty good.

Personally, I’m still voting for Bob Barr as I think both candidates are idiots, but at least now I feel like Obama won’t completely screw things up in the meantime if (when?) he becomes president.

]]> By: Twiggers http://www.consumerismcommentary.com/2008/10/14/barack-obama-proposes-six-ideas-to-ease-the-economic-crisis/#comment-184703 Twiggers Tue, 14 Oct 2008 13:23:22 +0000 http://www.consumerismcommentary.com/?p=4212#comment-184703 The one I find interesting is the unemployment one. I see pros and cons: 1. This is great news for workers who truly cannot find a job. I live in RV country and many of the unemployed workers here cannot find comparable jobs because the whole industry is suffering. 2. On the other hand, does this just encourage workers to sit around for another 3 months? That is not a good thing. 3. This will hurt many states. There are reports that several states are close to having their UI monies dry up because of high rates. Adding another 13 weeks will further strain the state governments (unless the feds are planning on supplementing these 13 weeks). 4. The taxes thing I am up in the air about. It is income and all income should be taxed. Shoot, my gambling wins at the casino are taxed, so why shouldn't UI benefits? I understand that times are tough when you are on UI (my hubby was on it about 5 years ago for 8 weeks) but you can elect to defer the income tax and just pay it at tax time when you are, hopefully, working again. At least he (Obama) has a clear plan though. I do like that! The one I find interesting is the unemployment one. I see pros and cons:

1. This is great news for workers who truly cannot find a job. I live in RV country and many of the unemployed workers here cannot find comparable jobs because the whole industry is suffering.

2. On the other hand, does this just encourage workers to sit around for another 3 months? That is not a good thing.

3. This will hurt many states. There are reports that several states are close to having their UI monies dry up because of high rates. Adding another 13 weeks will further strain the state governments (unless the feds are planning on supplementing these 13 weeks).

4. The taxes thing I am up in the air about. It is income and all income should be taxed. Shoot, my gambling wins at the casino are taxed, so why shouldn’t UI benefits? I understand that times are tough when you are on UI (my hubby was on it about 5 years ago for 8 weeks) but you can elect to defer the income tax and just pay it at tax time when you are, hopefully, working again.

At least he (Obama) has a clear plan though. I do like that!

]]> By: Independent Voter http://www.consumerismcommentary.com/2008/10/14/barack-obama-proposes-six-ideas-to-ease-the-economic-crisis/#comment-184702 Independent Voter Tue, 14 Oct 2008 13:14:34 +0000 http://www.consumerismcommentary.com/?p=4212#comment-184702 Obama called #6 "disastrous" when it was Hillary Clinton's idea, now in typical form he is spinning and back tracking, and pointing back to what he "really meant" A link is posted below to the story on politico.com. Anything to win the election I guess. Its sad when the only two things he has going for him is that he isn't GWB and he isn't a Republican. Any guy that has Robert Rusch on their panel of economic advisors is questionable in my opinion. Rusch is one of the many people who have advocated and succeeded in manipulating unemployment data in order to fudge the numbers and make them look better for the administration they worked under, that is not what we need right now, or ever. We have enough problems with people toying with the numbers to benefit them, and this type of behavior is now considered "change" I guess? <a href="http://www.politico.com/blogs/bensmith/1008/From_disastrous_to_part_of_the_plan.html" rel="nofollow">link</a> Obama called #6 “disastrous” when it was Hillary Clinton’s idea, now in typical form he is spinning and back tracking, and pointing back to what he “really meant” A link is posted below to the story on politico.com.

Anything to win the election I guess. Its sad when the only two things he has going for him is that he isn’t GWB and he isn’t a Republican.

Any guy that has Robert Rusch on their panel of economic advisors is questionable in my opinion. Rusch is one of the many people who have advocated and succeeded in manipulating unemployment data in order to fudge the numbers and make them look better for the administration they worked under, that is not what we need right now, or ever. We have enough problems with people toying with the numbers to benefit them, and this type of behavior is now considered “change” I guess?

link

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