I have a random rant which I will make brief!
I am hearing from lots of folks that they had to dip into their retirement/401K funds (take loans) to help them get through a job loss. They used the money to pay property taxes, car payments, insurance premiums and put shoes on the kids' feet. Basically they needed the funds as a last resort to keep their heads above water.
Obviously many of them can't keep up with the payments on this loan, which essentially is borrowing money from one's own savings. So guess who got a nice big chunk of what these folks thought was personal rescue money? Yep, Uncle Sam. Yeah baby, with interest and penalties!
This is what I call kicking a dog when it's down!
Anything in the stimulus bill that would allow folks a moratorium on paying taxes, interest and penalties on their own savings plans in a near depression economy, albeit is the sacred government controlled 401K savings? Yes, those 401K plans that Wall Street squandered down to practically nothing, leaving the Baby Boomer with a new plan -- ten more years added to their retirement date -- that is if you can find a job! Yes, Wall Street, those lovely folks who our government decided to bail out while the working class gets a paltry stipend in their pay or unemployment check! But, Joe Blow common citizen needs to be accountable! Yes, our government needs to teach people who are trying to keep food on the table and a roof over their heads a lesson in accountability!
And, the pundits are dumbfounded that people are having tea parties! Be still my heart!
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