Posted by
Straight Ahead on Monday, March 02, 2009 8:02:04 PM
Given the reluctance of President Obama to take action that might reverse the free-fall of the stock market, we're surprised that no one from the press corps has raised a hand with the most basic question: "Mr. President, are you an investor?"
Networks, newspapers and magazines have always expressed interest in the portfolios of politicans on both sides of the aisle. Not that the answers to their questions ever translate into hearings involving those who have evaded their taxes or stuffed money into their icebox or brassiere.
But, in our current economic circumstance, it might be somewhat revealing if we knew whether or not our president is an investor.
We do know that a great percentage of American workers have invested toward their retirement.
IRA plans, 401K plans, 403B plans, Health Savings Accounts and more have all been approved and encouraged by Congress.
Each type of plan has two basic functions. They allow us to invest our money so it might grow over time in order that we can provide for ourselves after our retirement instead of depending on the governement. And they protect our money from taxes (on a deferred basis) until the day we do retire.
Retirement should not be a political issue. It is a fact of life. No matter our background, like death itself, we all share one thing in common. Democrats, Republicans, Independents, Catholics, Jews, Protestants, Buddhists, Muslims, Atheists, business owners, hamburger-flippers, the self-employed -- even union members -- we will all one day retire.
It is not unreasonable, therefore, to believe that any 48-year-old man would be intensely aware of the fact that retirement will soon limit his ability to provide for his wife and two beautiful children.
It is highly reasonable to believe that a lawyer with an ivy-league education would exercise every opportunity to be fully invested in any and all retirement instruments in order to benefit the future of his wife and two beautiful children.
Why, then, does this post harbor doubt as to whether Barack Obama, himself, is an investor?
Could it be that his actions indicate he is not an investor?
Although he is a mesmerizing speaker, Obama fails to enunciate a whit of encouragement or confidence that might rally the market. A rally which, in turn, would boost his personal retirement investments as well as those of the millions of working Americans he has sworn to protect.
At the same time, he expresses deep confidence in a Treasury Secretary who not only failed to pay his own taxes but is apparently paralyzed with indecision -- will not or cannot divulge details of how portions of the bailout have been spent and how the remainder will be spent.
At the same time, Obama takes no issue with those on the Senate Banking Committee who saw -- and still see -- no problem with the way Fannie Mae and Freddie Mac have been managed and continue to provide homes to people who cannot afford them.
At the same time, Obama gathers a "Summit" of experts to solve the economic crisis...and report back to him. A bold and decisive move good for about one news cycle.
With minimal fine tuning this president could restart the pilot light under America's kettle. An Executive Order calling for a reduction of the payroll tax or giving it a holiday for a year or two, would heat Main Street to a guaranteed whisteling boil. People would be spending on something more than just groceries. And our president could sip a relaxing cup of tea rather than be targeted by bags o plenty.
Would money flow back into the stock market? Of course it would.
He could still do this. But he won't.
Instead, he elects to spend us beyond our means for programs for which we have no need.
He will do this with money he expects foreign nations to lend us. And if they will, it won't be enough. And if they do, we'll be saddled with more interest on more debt over a longer period of time.
In addition, he's willing to print more money that does not presently exist, thus reducing the value of the very currency that rolls off the press. Which will have to be paid off by taxing us more. Taxing us and our children and their children.
Which will further reduce our ability and that of our children to save toward our retirement.
And all the while he stands idly by while what we have saved toward retirement diminishes by the day.
Do these appear to be actions taken by a man who understands how a household budget works, let alone the budget of a nation?
Moreover, would anyone who had their own personal retirement stake in the market behave in this manner?
Unlike the rest of us, Obama can rely on his pensions. Plural, due to his experience as a career politican and having held two senate seats as well as the presidency. He'll have his offices paid for, his security and don't forget his health insurance.
Even if he never put aside a penny toward his own personal retirement, he, his wife and two beautiful daughters will not want.
The Big Picture seems to indicate that our president may just be economically illiterate.
Either that, or he is being purposeful in a most callous and calculating way, to what end we shudder to imagine.
Though we are willing to be charitable in our assessment (for which he is unwilling to provide a deduction), in any case, we would appreciate some transparency.
We'd like someone in the press corps to raise a hand and ask, "Mr. President, are you an investor?"