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You can argue the points of President Obama’s proposed budget and tax hits on the highest 2% of wage earners until you’re blue in the face, but outside of some (legit) juggling by your tax pro, tax changes from the White House sit us in the passenger seat—we must go along for the ride.
However, all this talk of budgets and deficits is music to a personal finance pro’s ears. We all need to be strategic and savvy about our own budgets as we work to rebuild and make it through this mess. No doubt if you’ve been a victim of the gashing job cuts you may be having a liquidity crisis—little or limited (or no) access to cash. Your deficit may have to get bigger in order to float you through to the next source of income.
So what about your deficit? Has this recession made you realize that operating on a constant deficit doesn’t bode well for when your balance sheet tilts red? For years we didn’t seem to have much trouble always owing somebody. The loans flowed and the ‘liquid’ resources did as well. But when the cash no longer flows in, or when your net worth declines due to equity going ‘poof’ along with your investments, that debt looms larger every day. The President has a plan to dissolve the federal deficit within four years—what’s your plan?
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