Comments on: Question: What Do You Think of Obama’s New Economic Plan?

By: Gary

Gary — Thu, 28 May 2009 15:43:25 +0000

Let the people take there own money if they need it.10,000 is not much but people need it now for basic needs.The CEO TOOK OUR MONEY and we can’t!!

By: Great idea

Great idea — Mon, 29 Dec 2008 13:13:32 +0000

I think this is a wonderful idea, it’s our money and $10,000.00 could do alot to help people keep their homes, pay some bills, etc. I AM ALL FOR IT. Wish it would happen TODAY!!

By: mugsy51

mugsy51 — Mon, 20 Oct 2008 00:43:55 +0000

All of the reasons cited previously are good reasons not to take advantage of the plan. But there are people hurting out there folks. What good is $75,000 in a 401k if you lose your home or have to declare bankruptcy? The 10,000 may be the difference between making it and not making it. There will always be people who abuse the program and run up more debt, but I believe a one-time only disbursement will do more good overall than harm. I am always baffled by “the talking head” millionaires on the finance shows who are always ripping into “government” taxes and regulations, saying “it’s your money, you should be able to do want you want with it. These are the same folks ripping this idea. I guess having access to your money free from government rules is only good when it applies to millionaires. $10,000 will be a difference-maker to a lot of regular folks. IT’S THEIR MONEY!

By: Anonymous Coward

Anonymous Coward — Thu, 16 Oct 2008 20:28:13 +0000

I think it is a terrible idea. This country is already going to suffer as the unprepared baby-boomer generation enters retirement and will soon require assistance to live.

I have no faith in the social security system and this would only make it easier for people to make a mistake a short-change their retirement savings.

This kind of quick fix creates an even bigger problem in the future.

I’ve got a better idea – why don’t candidates suggest that people sell their car to get rid of their payments, drive an old junker for a year or two instead, stop eating at restaurants, stop your cable service, and with all the spare time you have now that the TV only gets 3 channels people can get a night job moving boxes for UPS or delivering pizza. That’s a quick way to raise a needed $10,000!!

By: John Boston

John Boston — Thu, 16 Oct 2008 03:16:51 +0000

I need to eat today,I think the 7500 after taxes is a great idea.Once people get back on there feet they can always contribute more to compensate for the withdrawel they took out.

By: Gerrard!~ Lim

Gerrard!~ Lim — Wed, 15 Oct 2008 18:34:22 +0000

It is like Singapore. We have this thing called the Central Provident Fund. Everyone loves it. Well not everyone but almost everyone. For those who don’t they curse and swear that the government is swindling them of their hard earned money.

Personally, and surprisingly I think it is an necessary “evil”

It is the imperative of the government to force people to save. As it is, some of us are not that good with our money. Well make it most of us.

There is some good to saying that.

There is some good to forcing a penalty on people who withdraw early from this retirement fund.

Although some breathing room is good, it would not help much. Not in this climate. Whatever it is, what can $10,000 do?

Sure this is a breathing space, albeit a very short one.

Might as well not withdraw early. Pucker up and get ready for the rough ride ahead.

There would be arguments, however I philosophically say that it is better to enjoy the fruits later. Lets rough it out first.

Breathing space? Were there “UN”breathing space when everything was going so well Pre-2007? Did anyone stop to say whoaaa and get more people to contribute to their CPF (or IRA in US context)

Well, anything goes.

By: Jon

Jon — Wed, 15 Oct 2008 14:39:10 +0000

What about if my family withdraw it every year and put that money to our mortgage prinicipal. Is it a good idea? Please anybody who has the knowledge reply to me about this and will be appreciated greatly. Thanks a lot.

By: Peter

Peter — Wed, 15 Oct 2008 13:17:57 +0000

I’m not a big fan of this idea. I think people need all the encouragement that they can get to save, and this just gives them one more way to get out of it. No penalty? I’ll just withdraw it! It may help a short term need, but long term it won’t be good.

I wish our politicians would stop talking about how we “need to borrow” and people need loans to borrow money for a car, etc. I wish they would start stressing more of a “save up and buy it” culture.

By: J

Wed, 15 Oct 2008 12:07:12 +0000

Given the current crisis, this may be a good thing for some individuals. Retirement in 30 years is always a dream to shoot for, but if medical bills or foreclosure forces you to bankruptcy, that dream fades a bit. My biggest concern is people tapping that fund to pay off a credit card, and then turning around and maxxing it right back out. Self control is still one of the American public’s biggest problems.

By: RC@ThinkYourWayToWealth

RC@ThinkYourWayToWealth — Wed, 15 Oct 2008 00:49:32 +0000

I’m not really a big fan of this idea. While it may offer some relief to some in the short term, it most likely will have a negative effect on many people’s future.