I was looking at Obama's ideas for economic stimulus. One of the points in his plan is to allow withdrawals of 15 percent from retirement acounts up to $10,000 without a penalty for people under age 59 1/2. Has he not learned anything from the "foreclosure crisis"?
A large number of the foreclosures were for people who already had their homes paid for, and for one reason or another borrowed against their equity. Then, when they couldn't pay the money back, they lost their homes. If we allow people to take money from their retirement funds, then in 10-20 years we'll have a "retirement crisis" and we'll have to bail out all those who thought there were more important things to do with their money than put it in retirement.
Obama is the prime example of "people who don't learn from their mistakes are doomed to repeat them." And the prime example of "I don't care how it impacts you as long as it looks good for me."
"Candidates offer different takes on retirement savings." The Dallas Morning News; October 27, 2008; p. 1D.
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