After reading several of my favorite sites out there, I’m beginning to wonder whether there is a shadow government running America. The “Cash for Clunkers” program will cost the US tax payer $3 billion to graciously put 700,000 people who drive beaters into cars costing 5-6X more. Yay, there’s a one time boost to August US auto sales due to hundreds of thousands of people who can’t afford new cars (according to the 1/10th rule)!
Over at DINKS Finance, I’m reminded that the income limit for Roth IRA contribution for single people is $105,000. So they’re telling us after saving a party-throwing $6,000 bucks, the moment you make over $105,000 you can no longer contribute? Too bad for you 29 year old grad students out of business school with a median income of $105,000. Oh yeah, and all you doctors who spent 8+ years of your life AFTER college and those bagillion hours studying, so sorry! The government isn’t willing to help you save for retirement. No soup for you!