Obama says he, first lady Michelle, can relate to economic duress many families now feeling
By APFriday, July 23, 2010
Obama acknowledges economic stress not so long ago
WASHINGTON — President Barack Obama said in an interview broadcast Friday he can relate to Americans striving in the struggling economy to pay bills while saving for their children’s education and their own retirement.
Asked in an ABC interview if his and first lady Michelle Obama’s college fund for daughters Malia and Sasha had taken a hit, Obama replied, “Well, part of it has.” He said it has bounced “up and down with the stock market.”
Obama also said that the first couple is “not that far removed from what most Americans are going through.”
“It was just a few years ago that we had high credit card balances, we had two kids, thinking about college. We had our own retirement accounts,” he said, “wondering if we were going to be able to get enough assets in there.”
The president, asked what he and Michelle are doing to teach their girls about money, replied, “What I’m doing now with Malia and Sasha is — they’re getting an allowance. They’re starting to get old enough where they may be able to earn some money baby- sitting. They’ve got their own savings accounts.”
“And what I’m trying to explain to them are basic concepts about savings, about interest,” he added. “If they keep $100 in their bank account at 2 percent or 3 percent interest for six months, this is how much money they’re going to have at the end of it.”
Tags: Barack Obama, Family Finances, North America, Personal Finance, United States, Washington
