Friday, March 6, 2009

Barack-star: Scrambling our nest eggs

Barack-star has been president for about two months. Since his inauguration the Dow Jones Industrial Average has fallen nearly 25 percent. That's the fastest drop under a newly-elected president in 90 years. 90 years.

If you're like me and your retirement is pinned on the value of your 401K, Barack-star has already added about 10 years onto your projected retirement date. Kiss those plans for post-retirement cruises, volunteer work, late morning brunches with friends, leisurely dinners with your significant other, playing in the park with your grandkids, a sorry goodbye.

Demonstrating just how out of touch he is, Barack-star likened the worst stock market freefall since The Great Depression to the fluctuations in political opinion polls.

Most economists say the whole economic disaster started when a tsunami of factors converged: a ready-to-explode credit bubble, a collapse of the housing market and a massive failure of the banking system. Blame can be assigned to multiple sources. Banks that made too risky of loans; free-flowing easy money from the Fed; government pushing for underqualified buyers to purchase homes; consumers who falsified info on loan applications; consumers who wanted {and got} too much, too soon, with too little.

Regardless of who's to blame, the question now is how to fix the problem.

It's curious then, why Barack-star is trying to fix everything but the housing market, the banking system, and the tight credit markets.

We've heard speech after speech with the newly-minted President preaching to us from his teleprompter that it's time to take on health care, those greedy oil companies, crappy schools, dependence on fossil fuels.

And the DOW continues to plummet.

Why isn't the beloved Barack-star tackling the economic crisis? He has a war room to plot against radio talker Rush Limbaugh. How about a war room to pick up the pieces of our broken economy?

The truth of the matter is Barack-star is using the crisis to re-engineer the American way of life. Already the people who put people to work have been demonized. Effective tax rates for those who pay taxes are about to skyrocket. And yet, a full 50% of Americans will be off the tax hook and on the government's payroll for decades to come.

Health, education, and energy may need fixing. But, they didn't cause the economic collapse. And, fixing them won't make the money start flowing back in to our 401K accounts.

Clearly the markets that determine how America works and when Americans work don't like what they're hearing from Barack-star.

We can only hope Barack-star starts paying attention or we're all likely to end up working for several more decades.

3 comments:

johnc said...

Outstanding. You are a fabulous writer (and a wonderful wife.)

shoeaddict said...

Excellent, Kathryn.

And what a sweet comment from your hubby :)

Jenn said...

I love it and totally agree...of course, there is no way I could have said it quite so great!! Oh and love that John made such a sweet comment! Have I said how MUCH we love having him a part of our crazy family? Well....we do!!