It seems that we are getting the sense of what middle class means to Obama:
The 6.2 percent payroll tax is now applied to all income up to $102,000 a year, which covers the entire amount for most Americans. Under Obama's plan, the tax would not apply to incomes between that amount and $250,000. But all annual income above the quarter-million-dollar amount would be taxed under his plan.
It seems like a fairly populist plan. Of course that rips me off since I don't fall into that Obama Magic Donut Amount. This however got me to laugh out loud:
Obama also criticized McCain for being open to letting taxpayers invest part of their Social Security payments in private investment accounts.
"Imagine if your security now was tied up with the Dow Jones," he said, alluding to the recent slide in stock prices. "You wouldn't feel very confident about the security of your nest egg."
Yes, if your security was tied up in the Dow Jones which I assume means the Dow Jones Industrial Average then you would have bought when Social Security was created in 1935. That means you bought on Aug 1935 when Social Security was enacted at $127.35. Currently the "Dow Jones" is at $12,248. Currently the Social Security Trust Fund actually earns about the same as a regular government bond which is currently 4.68% for a 30 year.
I'm not sure about Obama but I would have gladly taken on the added risk in order to have pocketed a 95 bagger (plus compounding) in that time period. Again Obama has no grasp of economic specifics and history and blindly flails his populist message of Wall Street = risky, shady money men while big government = benevolent force for good. It's my money Senator let me decide my own risk metrics on it.
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