GAO chief: U.S. is in deep trouble.
GAO chief warns economic disaster looms - Yahoo! News
We've been warned. This is one scary article. Americans are spending themselves into oblivion just like Congress. My advice to everyone in the U.S. as of this moment (not expert advice here, not making claims to anything, however...):
1. Pay off your debts. Now. Credit cards, home equity loans, cars, etc.
2. Pay off your home loan, if possible.
3. Start saving money for a rainy day, because if the GAO is right, there is a hurricane-sized rainy day coming if we don't get the deficit under control.
4. Vote for people who will end this money-sucking war and get America's budget back on track, even if it means reversing tax cuts (most of those were for people who make six figures a year, anyway).
Notice that I didn't recommend buying stocks. Although the market has performed astonishingly well in the past few weeks, what goes up must come down. And the last week in October is notorious for that "coming down" trend. Be wary of credit card debt since Congress passed legislation last year that effictively bars people from using bankrupcy as a means of getting out of paying credit card debt. Citibank (and Ditech, etc.) can now show up at your door and claim all that you have against your debt if you can't pay it. Pay those bloodsuckers off first if possible.
The clouds are brewing...while things are relatively stable, now would be good to start with any alterations to your lifestyle and get out of debt so you can hunker down through the coming hard times.
Yes, I sound like someone's grandma, I know. But grandmas did live through the last economic depression, and they know of what they speak. They remember people living in cars, living in cardboard boxes, standing in soup lines, and moving to California to be migrant workers.
We've been warned. This is one scary article. Americans are spending themselves into oblivion just like Congress. My advice to everyone in the U.S. as of this moment (not expert advice here, not making claims to anything, however...):
1. Pay off your debts. Now. Credit cards, home equity loans, cars, etc.
2. Pay off your home loan, if possible.
3. Start saving money for a rainy day, because if the GAO is right, there is a hurricane-sized rainy day coming if we don't get the deficit under control.
4. Vote for people who will end this money-sucking war and get America's budget back on track, even if it means reversing tax cuts (most of those were for people who make six figures a year, anyway).
Notice that I didn't recommend buying stocks. Although the market has performed astonishingly well in the past few weeks, what goes up must come down. And the last week in October is notorious for that "coming down" trend. Be wary of credit card debt since Congress passed legislation last year that effictively bars people from using bankrupcy as a means of getting out of paying credit card debt. Citibank (and Ditech, etc.) can now show up at your door and claim all that you have against your debt if you can't pay it. Pay those bloodsuckers off first if possible.
The clouds are brewing...while things are relatively stable, now would be good to start with any alterations to your lifestyle and get out of debt so you can hunker down through the coming hard times.
Yes, I sound like someone's grandma, I know. But grandmas did live through the last economic depression, and they know of what they speak. They remember people living in cars, living in cardboard boxes, standing in soup lines, and moving to California to be migrant workers.
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