The AFP and ABC News have a puff piece about how Obama eyes babysitting duties for daughters. Implying somehow Obama still lives a regular life now that he’s president. While I commend that he is trying to educate his children on how to manage money, I also find it ironic based upon his government spending policies. It’s kind of like asking a drunk about how to quit drinking. So I’m in full compliance with FinReg, I believe Obama’s monetary policy is Jimmy Carter part deux. So take my opinion as somewhat biased.
President Obama stated, “They’re starting to get old enough where they may be able earn some money baby-sitting. They’ve got their own savings accounts.” Obama, like president Jimmy Carter when he walked to the White House after inauguration, is trying to appear he still lives like the common man. To be president of the most powerful nation, you are anything but common. His life, even if he is speaking from naivety and not to his political base, will never be like pre-president Obama. If Obama’s children really go out and baby-sit for a family, don’t you think the secret service would chaperone? All for a $10/hour baby-sitting job so his children get that “teachable moment”. Let’s not forget, of course, at the taxpayer’s expense no less. So remind me again what is Obama teaching them? I assume his children’s part-time activities will be included the 3.6 million jobs created or “saved”.
He also goes on to say, “That if they got $100 in their bank account at 2-3% for six months this is how much money they’ll have at the end of it”. The Obama children must get a special CD rate directly from the Federal Reserve with that political pull he has. I see the highest 6 month CD rate is currently only 1.50% APY, and that shows how much in touch he’s with the common man.
Obama then goes on to say, “I mean, it was only a few years ago when, you know, we had high credit card balances, we had two little kids that we were trying to figure out how to save enough for college.” Records show the Obama household was making a decent salary since 2000, even before becoming the rock star book writer.
In other words, depending upon their tax-filing year, their household income placed them within the top 1-10% in the nation. He’s one of those rich people that the administration likes to vilify. The Obama’s were not struggling by any means, and if planned properly should have a sizable nest egg for their children’s education.
It’s telling that Obama had such high consumer debt (his words not mine), even with such a high salary. Maybe the Obama family fit into “The Millionaire Next Door” profile of high income, but low net worth. I assume he got assistance from one of those debt counselors you see on TV. Maybe it’s time he sat down with one of those counselors to help him with our ever-growing national debt and large deficits. Granted, the previous administration was no slouch with Uncle Sam’s credit card either.
Obama also says, “We were still thinking about our own retirement and looking at our retirement accounts and wondering are we going to be able to get enough assets in there to make sure we’re protected.” Based upon their 2009 income statement alone, most common folk would have enough to a live a comfortable retirement.
Then again maybe I’m being too harsh on the President. After all he called the bottom of the stock in March 2009 and stated it was a great time to invest. I’ll have to take Obama’s business and investing advice from now on since he’s a big proponent of the free market right?