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October 13, 2008
Obamanomics
Posted by Dave Blount at October 13, 2008 9:00 PM
The current economic problems have presented Obama with an opportunity to showcase his economic expertise. Here's his solution to the nose dive the stock market took last week:
Relief to Families: Penalty-Free Withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings — up to a maximum of $10,000 — without facing a tax-penalty this year (including retroactively) and next year.
In short, he wants to encourage people to panic and yank their retirement money out of the stock market. That ought to help the Dow Jones almost as much as his earlier plan to inflict social justice by doubling capital gains taxes.
Imagine the fistfuls of hair you would have been pulling out of your scalp if you sold off IRA stocks when they hit bottom Friday, only to see the market bounce back 900+ points today.
Fortunately for Obama, you don't need to be competent to manage a socialist economy. You just need to keep stealing the people's money until they don't have any more. At that point, social justice has been achieved.
Hat tip: Shawarma Mayor.
