When The Federal Deficit Doubles - Will You Be In Financial Crisis or By Then Will You Be Financially Free?
Tonight President Obama held a press conference in which he gave a brief opening statement of hope that we can get through this economic crisis but it will take.
After his introduction he was questioned by selected members of the press, and a couple themes prevailed. I’d like to mention one of those themes in this blog. The president was asked about his propose plan to double the federal deficit over the next 10 years from 11 trillion to over 23 trillion dollars, and whether he thought this was fair to push that problem into the future.
His answers were diplomatic and centered on his theme to rebuild the economy and ensure low cost healthcare to all. Yet through the evening the question continued to be repeated.
I don’t want to discuss the pros and cons of his proposal. I want you to realize that everything in the economy that used to work is changing. In the last six months more laws have been enacted that will change the future economy of this country than all the laws in the last 50 years. I’m talking law changes that have long time consequences long after the economy gets better.
The old rules of money just became obsolete. The US has enacted new laws regulating money that make everything different for you and me from this day forward, and it might or might not be good. I have my own opinion about it, but we all agree that it will be very different.
No longer can you count on:
· Pension Plans
· 401-K Plans
· IRAs
· Savings
· Bank Deposits
· Your Company to Employ You
· The Government to Care For you
· The Stock Market to be secure for the long term