Finally, the debt ceiling crisis I highlighted months ago is getting some attention by way of an impending government shutdown if some compromise isn’t reached. I have mixed feelings on the matter. Primarily, our debt situation is way out of control. It’s shameful actually, what we’re doing to the next generation of Americans who will be saddled with this debt. On the other hand, shutting down the government – and then restarting it again, will result in much consternation and cost. Think of the cost of all the contingency plans, contractual issues, pay issues, interruption of services, consumer spending government employees on furlough, etc. At the end of the day, any incremental benefits derived from further negotiation may well have been wiped out by the action itself. It’s too bad it took winding down to the 11th hour for our leaders to get around to some serious discussion on expenditures.
Inevitably, we’re seeing images of granny on the sidewalk and veterans’ benefits being “slashed” and all kinds of other dire warnings from the democrats in the cuts proposed by republicans. But what’s the alternative? Do nothing? Or raise taxes on the rich of course – easy solution to every problem apparently. My view is there can be no sacred cows. EVERYTHING must be cut to some degree. Every program, every special interest, everyone needs to feel some pain. Inevitably taxes must likely go up as well – and not just on the rich. After all, 47% of Americans pay no federal tax yet enjoy federal services. So, the system’s pretty screwed up and whatever the politicians conjure up between now and midnight won’t fix the problem – they may actually make it worse. But at least there’s recognition that there’s a problem. That’s the first step.
With that, my favorite weekly reads, some of my top content and some Carnivals that hosted my stuff:
Around The Web:
Oblivious Investor – When to Claim Social Security Benefits (One Working Spouse)
Financial Highway – 5 Easy Ways to Get Your Kid Saving At Any Age
fivecentnickel – Thoughts on Tipping – Pardon the Rant
The Simple Dollar – Personal Finance and the Idea of Freedom
The Burning Platform – FREE SHIT DISABLED ARMY
Financial Samurai – State Budget Problems Are Going To Screw Us All
Wealth Pilgrim – What is Groupon and Why It’s Evil
Invest it Wisely – Stay at Home Dads and Suga Mamas
MoneyCrashers – 10-Step Plan for How to Start a Mobile Food Truck Business
Stuff I Wrote Here and Abroad:
SeekingAlpha: Shorting Leveraged ETFs to Profit in Any Market
- $50 Bonus with New Chase Freedom Visa
- Life Settlements – Investments of the Dead
- 6 Alternative Investments That May Beat Stocks and Bonds Over the Next Decade
- Is It Something I Said?
- Are These Investments Unethical? Does it Matter?
- Americans Scooping Up Doomsday Shelters – The Illogical “Recency Effect”
- Target Date Funds – Better Off Doing It Yourself?
- Not-So-Friendly Gap Friends and Family 30% Off Scheme
- And The Most Capitalistic Country on Earth IS…. (not America)
- Job Hunt Taken to Absurd Levels – Plastic Surgery?
- Smokers and Obese to Pay More for Healthcare – Fair? Sound Off
- POLL: Do You Actually Own Gold or Silver? Why or Why Not?
Carnivals That Included My Content: