Blogs » Politcs Plus » Barack Obama's new rescue plan


Finally, a plan that just might work within  the newly structered governments rescue plan to help struggling taxpayers.  Today Barack Obama proposed allowing people to withdraw up to $10,000 from their 401(k) or IRA without any penalty for the remainder of the year and 2009.  It makes a lot of sense to withdraw those mutual stocks that are probably losing value anyway.  Mr. Obama is also calling for a 90 day moratorium on foreclosures. Last week he proposed a $3000 tracks created for each additional full-time job a business creates. These bottoms up measures should be considered.


While all the financial giants were concentrating on jumpstarting the banks they left out a vital component, consumers.  Perhaps they were waiting for a lame duck congressional session to pass another$150 stimulus package. The decision to hold a lame-duck session will probably wait until after the election.


It is quite evident we must start anew.  In my opinion Reaganomics is dead. We can no longer continue to give tax cuts and let the free market go unchecked.  I don't envision anyone suggesting we get rid of Social Security, Medicare and Medicaid, but we must purge the outdated programs that are not producing.    Repairing the infrastructure affordable healthcare, renewable energy, and funding our educational system should be our priority even if it means higher taxes. The free ride is over.  People at all levels are responsible for our economic crisis.


A bipartisan committee should be created to make Social Security solvent first, and then we should gradually allow taxpayers to invest 2% of their payroll tax in the market if they choose. The percentages can increase yearly.  A low percentage at the start is necessary because those funds will be diverted from the Social Security Trust Fund. Legislators should find a way to keep these funds out of the general budget revenues. I know that's an unkempt promise every four years, but hopefully we are getting a fresh start.


 Hopefully we can put our heads together not as Republicans, Democrats and Independents, but as responsible Americans.