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I have bee hearing about a federal saving program for low income people. apparently if you save a dollar the gov. will put three dollars with it. is this for buying a

house or what. anyone have information please. thanks
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Now by golly thats a new one on me. Sounds as though they want to reward people for saving money that they really don't have. Friend, I'm in the camp that if it sounds too good to be true then it is. Gotta ask yourself "what kinda fool am I"?
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r2d2t2 asks,

I have been hearing about a federal saving program for low income people. apparently if you save a dollar the gov. will put three dollars with it. is this for buying a house or what. anyone have information please. thanks

This "Three For One" deal sounds suspiciously like one of Al Gore's campaign promises.

He has talked about the Gov't putting up $300 for every $100 contributed to an IRA by a low income worker.

Hard to believe the Republicans would let anything like this pass unless it was tied to eliminating the Federal Estate Tax on millionaires. <grin>

intercst
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Yes, I heard about it on the evening news tonight. I guess it is for real but I didn't hear how you could qualify or where to get more info.
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I have bee hearing about a federal saving program for low income people. apparently if you save a dollar the gov. will
put three dollars with it


It is a nice sounding sound bite to get your vote.

Where does the extra money come from? Why from the people who do not qualify for the give away. Does this sound fair?

Maybe a plan that lets you deduct from your taxes dollar for dollar what you save would be better. But then we would all save and the goverment would not have any money.
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<<I have bee hearing about a federal saving program for low income people. apparently if you save a dollar the gov. will
put three dollars with it
>>

This sounds like typical election year pie in the sky, vote for me, posing to me. But, on the off chance it pans out, Where do I sign up?

Gary:o)

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Where does the extra money come from? Why from the people who do not qualify for the give away. Does this sound fair?

Robin Hood is at it again!
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tmf pixy. how about it? any info on this IDA thing. I think they have already started the program.
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r2d2t2 asks:

<<tmf pixy. how about it? any info on this IDA thing. I think they have already started the program.>>

If such a program exists, then it has escaped my notice. It sounds vaguely like the "fix" Al Gore is talking about for Social Security. I doubt highly anything like you are describing exists on the federal level today. And personally, I hope it never will. The expense would be horrendous.

Regards..Pixy
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"This sounds like typical election year pie in the sky, vote for me, posing to me. But, on the off chance it pans out, Where do I sign up?"

Probably, I'm still waiting for my free gov't cheese...
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I was watching abc news fri. and they were talking about this program. evidently the governmemt is giving $60 million for training programs on how it works. one woman said she never could have bought a house with this $3 for$1 saving progam. wasI dreaming or did some one else see it? I am starting to get a strange feeling
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You weren't dreaming. I saw it too. My recollection is that it was to encourage low income people to save.

Charlotte
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<<I was watching abc news fri. and they were talking about this program. evidently the governmemt is giving $60 million for training programs on how it works. one woman said she never could have bought a house with this $3 for$1 saving progam.>>

I wish you knew more. I am unable to find out anything on any of the ".gov" sites. Is IDA an acronym? I tried HUD because of the home purchase you mentioned, but nothing shows up there. However, it did describe how they're allowing some teachers to buy homes at 50% off. Still, that's not the program you describe.

Regards..Pixy
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applepieChar, thank you. I was really getting worried. IT is a valid concern for me that what little mind I have is going south.
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