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SJML
Forward
05:40 PM on 09/05/2009
What a novel concept - American's saving for their future and Government making it easier! Mr. President you are asking to much!

Sounds good to me, keep up the good work Mr. President, try to ignore my sarcasm!
06:45 PM on 09/05/2009
Except that the government is making it impossible to save. Well, maybe not the government per se - the Federal Reserve is the real offender - but the administration is not only defending the Fed, but seeking new powers for it.

It's not complicated: if you want people to save more, you need to raise interest rates. Of course, they don't want us to save more, they want us to consume more, as the powers-that-be are still laboring under the delusion that you can have an economy based on nothing more than consumption and speculation.
HUFFPOST COMMUNITY MODERATOR
1088
05:31 PM on 09/05/2009
It's an option! Means you choose what is best for you!
05:09 PM on 09/05/2009
Mr. President I am not sure you are aware of this but most of us are struggling to keep our heads above water in this recession. So most do not have much to put into savings. Most financial instruments designed for saving in this country now take more than they give. Savings accounts do not pay any real interest and fee on accounts below minimum are losers paying far less in interest than the monthly fees. 401K are a cash cow for Wall Street where Financial instiutions reap the benefits while the investor bears all the liability. Government bonds are paying so little they are hardly worth the paper they are written on. CD are not paying well. And why would anyone in their right mind invest in the Stock Market art this time. Currently most of us have layoffs hanging over our heads, saving money is not a major concern. What many Americans could use is a way to access the 401K money we put away with out having to pay the 20 percent penalty for early withdrawal. You talked about that but why haven't we seen any legislation for that?
05:06 PM on 09/05/2009
How can you save money if you are tossed out to die if you get too sick to work. Then the savings plan charges half or two thirds to get your money out if you're not old enough. Been there. A person is better off controlling their own savings. I don't' care how much "they" kick in. If you're losing your house or losing your medical insurance when your sick you have no reason to wait. A situation that we've been forced into in this country. Then THEY want to hold your savings for ya. How nice. IT's a crappy deal with the medical insurance industry working the way it is allowed to now.
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05:01 PM on 09/05/2009
Most employer backed 401 plans quite simply s*ck. Just a good way to end up with less money than you put in.
04:58 PM on 09/05/2009
President Obama, your time would be better spent finding initiatives to get all the members of your Administration and Congress to pay their taxes every year, not just when it comes out that they haven't! Then as taxpayers we would be saving more money because the rest of us may not be footing the bill.
After that, maybe you could put all of Washington on a 401k plan AND eliminate the pensions they are working toward now. After all, corporations went to 401k plans which are huge savers to them in comparision to defined benefit pension plans so if it's good enough for the non government workers then why not for the government workers too?
Eliminate the free healthcare and then a better picture of what everyday life is like for most citizens could become clearer. Of course, with the taxes they don't pay and the lobbying money and perks they pocket a health crisis probably wouldn't have a financial impact on them.
President Obama, people voted for 'change' but all we're getting is business as usual and more of the same.
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lessbs
not rich enough to be a republican
04:50 PM on 09/05/2009
I argued during the election that Mr O maybe quite a bit more conservative than Progressives thought. I am really having a hard time seeing where going to the right of Clinton (southern Dem/pretty much republican with NAFTA, cutting welfare, etc) is going to give him support. The 40% who are rethugs will never vote for Obama or a Dem no matter what. He is rapidly losing the 20-30% Progressives. Who are these proposed policies aimed at? This retirement proposal is a joke. Firm up social security--it is the only thing a large portion of the population have.
04:54 PM on 09/05/2009
Well said.
04:48 PM on 09/05/2009
Gee, guess nobody noticed that when you get that tax return that would then be paid in bonds, you overpaid to the government. What interest did the government pay you other than your return in the form of an iou! Thanks Obama, what a guy.....no, I mean the "Annointed One". Would type more but have to run off to my new green job.

Peace thru Weakness, to all.
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04:46 PM on 09/05/2009
Yet one more meaningless gesture from this administration. Please, cut out the BS and actually achieve something of substance that will benefit the American citizens. True affordable health care coverage would be a heck of a start, but seems unlikely if you look at the fiasco of the so called bankruptcy reform, credit card reform and the laughable "financial reform".
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lessbs
not rich enough to be a republican
04:53 PM on 09/05/2009
Pretty sad situation for those of us that worked our rears off to change the direction of this country.
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StanleyYelnats
stanleyyelnats.com
04:45 PM on 09/05/2009
the loss of jobs is slowing...no thanks to the bushman

the stock market is up over 3000 points since the bushman left

return on the investment in America is about 4 billion dollars so far (return on investment)

Bush left this country in a MESS! and as usual, Democrats have to dig the country out of the hole left by Republicans! sad part is that Republcians are the same sad demented folks as usual, providing absolutely no help in solving the problem, but only wanting to add to the mess!

Ok, we cut taxes. Where do we cut taxes?

what programs do we cut? Defense? Education? Medicare and Medicaid? Homeland Security?

CIA? FBI? FEMA? NASA?

The State Department? Monies to other countries to make them love us? or simply because we are good christian people?

We slash where? so you can get a tax cut/

And, by the way, under President Obama, Amerians have already got a tax cut. I personally have about $70 a month. not whopping, but then I am not wealthy. Pay the gasoline back and forth to work. yea, i still have a job that the Republicans could not take!
05:14 PM on 09/05/2009
We have spent over 9 TRILLION dollars bailing out the bad banks... the loss of jobs is slowing? Are you sure your calculator is working?

The stock market metric was what got us into this problem.

Unfortunately Candidate Obama is MIA and President Obama isn't up to the task...
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HUFFPOST SUPER USER
wandering girl
grownup
05:36 PM on 09/05/2009
yes, job loss is slowing. see today's NYT.

we're actually getting a return on our investment in the banks.

the stock market is up significantly - that equates to return to investment for those of us whose retirements are in stocks, via IRAs or 401Ks.

I believe President Obama is doing a good job, in spite of the Republicans fighting *everything* he's trying to do, and progressives not having *any* patience to see things get done.
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SJML
Forward
05:44 PM on 09/05/2009
Well said Stanley.
04:41 PM on 09/05/2009
I couldn't believe my ears when I heard this...for those that didn't here is the bottom line:

"Please put all your available funds into 401K, your savings will help wall street screw things up all over again so you can have nothing and the bankster families can still be able to fly their private jets to the Four Seasons. It has been really hard for them to fly 1st class on commercial airliners during these trying times."

More change that you can't believe in...

What is he going to sell us next "rustproofing and undercoating our cars?"
04:40 PM on 09/05/2009
Mr. Obama, what about the people who have no savings because they lost their health care insurance. At the moment sir, a savings plan is a distant memory to me.
04:39 PM on 09/05/2009
With the widespread corporate underfunding of their pension obligations, 401k savings going down the Wall Street toilet, and the eventual collapse of the SS system, the next logical step to the aging population is to hand every retiree a Saturday night special with a single bullet and tell them, "Here is your retirement plan sucker. Use it in good health."
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Grannysue
Been around for awhile!
04:39 PM on 09/05/2009
I'd just love to save more for Retirement, but I've had to use my Retirement to stay afloat while being unemployed, so right now my biggest request is CREATE JOBS.
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kamachanda
Mr. President, Tear this Wall Street down!
04:38 PM on 09/05/2009
"Making it easier for small companies to set up 401(k) retirement savings plans in which all workers are automatically enrolled unless they ask to be omitted."

This is absolutely bull. The financial sector of the economy doesn't need any more help and 401 k's aren't helping the rest of us. All these accounts do is guarantee some financial guy has the money to invest in stocks, bonds, derivatives.... and we get to hear about how the stock market outperforms all other forms of savings in the long run until the next time it crashes. Maybe we should have more faith in our financial sector with all the re-regulation coming out of Washington (none). I tried to get my money out of a 401 k after it lost over half it's value, can't do it unless I change jobs, means I have to wait for the company to fold (could be any day now).

"_Allowing such plans to automatically increase the amount that workers save over time unless the workers object."

Great, let's give the thieves in the financial sector direct access to my paycheck.

Savings Bonds? Unused Vacation Pay? Lot of good that will do when we don't have a job.

Mr. President, we need productive jobs and a living wage. We don't need the Wall Street casino using trickle down economic theory to try to recreate a bubble machine.