Since so many Americans will be struggling to pay the bills over the next year, I propose that we allow every family to withdraw up to 15% from their IRA or 401k up to $10,000 without fine or penalty.
-for the next two years, give businesses a $3,000 income-tax credit for each new full-time employee they hire above the number in their current workforce; — bar financial institutions that take advantage of the Treasury’s rescue plan from foreclosing on the mortgages of any homeowners who are making “good-faith efforts” to make payments;
During his remarks here, Mr. Obama gently scolded all Americans for “living beyond their means — from Wall Street to Washington to even some on Main Street.” His audience of supporters applauded as he said it was a moment in the nation’s history to pull together and sacrifice.
“We’ve lived through an era of easy money, in which we were allowed and even encouraged to spend without limits; to take out as many credit cards as possible, to take out as many credit cards as possible, to borrow instead of save,” Mr. Obama said. “Now, I know that in an age of declining wages and skyrocketing costs, for many folks this was not a choice but a necessity just to keep up, I understand that.”
“But we now know how dangerous that can be,” he continued. “Once we get past the present emergency, which requires immediate new investments, we have to break that cycle of debt. Our long-term future requires that we do what’s necessary to scale down our deficits, grow wages and encourage personal savings again.”