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Dear Barack: Here’s Your Senior Moment

By    |   Friday, 23 April 2010 07:44 AM

An Open Letter to President Obama

Mr. Obama,

You seem sincere in helping take from those greedy fat cats on Wall Street and helping those who deserve it the most.

I know you are also concerned with your poll numbers, which suffered greatly since you passed a healthcare bill that the majority of Americans didn’t want.

I feel we can help boost your sagging poll numbers by attacking those wasteful, greedy fat cats.

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Most senior citizens don’t know how to use a computer and some can’t afford one because their interest income has been cut by the housing meltdown brought on by the greedy fat cats.

Attacking the fat cats is always popular, especially to those of us who are barely making ends meet.

I have thought of the best way to help those most hurt by the greed on Wall Street.

Many senior citizens who saved their money all their life have had the interest on their savings cut nearly 80 percent because the Fed needs to lower interest rates to stimulate the economy.

At the same time, Senator Tom Harkin of Iowa won a $1.8 million earmark to study the effect of swine odor.

Harkin himself, on the Senate floor, said this to defend his earmark: “’I’m sure that David Letterman will probably be talking about it and Jay Leno will be talking about it. We’ve got $1.8 million to study why pigs smell.”

Of course, while railing against greed you have somehow neglected to mention Mr. Harkin, who coincidently is your friend.

If this was an isolated incident, it wouldn’t be so bad.

But www.cagw.org has 10 years’ worth of this wasteful spending by many of your friends — on both sides of the political aisle, including a former senator from Illinois who bares a striking resemblance to the father of your two children.

OK, here’s my plan: Let’s use some of the “stimulus money” to create a special government instrument that guarantees each senior citizen 65 and over a 5 percent return on their investment for life.

This instrument would be non-transferable and, upon the death of the recipient, it would be redeemed by the senior citizen’s estate.

There would be a limit of $150,000 per single person or $250,000 per married couple

There would be a 5 percent penalty for withdrawal in the first 5 years and no fee afterward.

Now, many senior citizens — who didn’t waste their money and paid taxes faithfully — will be able to buy medication and live above the poverty level without depleting their lifetime nest egg. They also will still receive a reasonable return on their money, without risking it in that uncertain stock market full of the same greedy Wall Street fat cats we all despise.

I mean, the banks got to borrow money from the Fed at 5 percent interest, right?

Now, you may argue that the stimulus money “needs” to be spent on more important projects.

No offense, but that doesn’t seem to be happening

You did say, and I quote you directly: “If we see money being misspent, we’re going to put a stop to it, and we will call it out and we will publicize it.”

According to the New York Times, you said: “A government contractor at Hanford, in south-central Washington State, just spent a week mapping radioactive rabbit feces with detectors mounted on a helicopter flying 50 feet over the desert scrub. … The helicopter flights, which covered 13.7 square miles and were paid for with $300,000 in federal stimulus money, took place in an area that had never been used by the bomb makers.”

I found some other projects some folks might be peeved about.

• Another $1 million in federal funds will contribute to the $7 million renovation of the Sunset Strip in Hollywood.

• Other animals besides rabbits also benefit from the stimulus money, as $3.4 million has been allocated for “eco-passages” to help turtles cross the highway in Florida.

Now, being a man of your word and a graduate of Harvard Law School, surely you believe this is wasteful spending, is it not?

I know you have been kind of busy and perhaps this slipped your mind.

And in case this letter gets”lost” in the mail, I am encouraging everyone who reads this to copy it and send it to their congressman or congresswoman and senator.

With all our help, Mr. President, you can call out this other wasteful spending and publicize it, just as you said you would.

Hopefully, you will keep your promise to the American people and redirect this stimulus money to the hard working Americans who need it the most: Our senior citizens.

Just remember, Mr. President: Unlike rabbits pigs and turtles, senior citizens actually get to vote.

Remember also: a friend in need is a friend indeed.


America’s Senior Citizens

About the Author: Bill Spetrino
Bill Spetrino is a member of the Moneynews Financial Brain Trust. Click Here to read more of his articles. He is also the editor of the Dividend Machine. Discover more by Clicking Here Now.

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An Open Letter to President Obama Mr. Obama, You seem sincere in helping take from those greedy fat cats on Wall Street and helping those who deserve it the most. I know you are also concerned with your poll numbers, which suffered greatly since you passed a healthcare...
Friday, 23 April 2010 07:44 AM
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