A day doesn’t go by without hearing/reading something about the impasse in Washington DC about raising the U. S. debt ceiling. Well folks,it’s got to happen. The debt ceiling must be raised. The crisis that was created over the last five+ years will not be solved in the current bi-partisan Congressional showdown.
After all is said and done, behind the sound bites, rhetoric, posturing, in- fighting and on-going drama currently taking place on center stage in Washington DC, there is the reality of the numbers. Unless our Congress wants the U.S. government to default on our debt, make immediate drastic cuts in Medicare, Medicaid or Social Security and/or other government budget items, something’s got to give. And, my bet is that the debt ceiling will be the first of those things to go.
1.) The U.S. will not default on its debt and drive the world markets into a tail spin.
2.) No matter which party you’re partial to, cutting Medicare, Medicaid or Social Security does not endear Congressional representatives and Senators to their constituents especially at election time..
Read my lips “More new taxes .”
Oh, and now for a further dose of reality…Congress loves to play ‘the blame game’. But, our taxes will be going up. That way we can each contribute more of ‘our fair share’ to reduce our country’s massive deficit shortfalls.
Jane Nowak, CFP® is a Financial Planner who specializes on AT&T retirement and benefit plans and on Women’s Retirement and Financial Planning for Women. Located in NW Atlanta suburbs Jane’s goal is to educate and empower her clients to take control of their daily finances so they can fully fund their retirement dreams and needs. Jane has recently had articles published or has been quoted in articles published online at NASDAQ, Womenetics.com, Fox Business News, Smart Money Chicks, CreditCards.com and Financial Planning Association websites.
Securities offered through Triad Advisors, Inc. Member, FINRA/SIPC.