Why Isn’t Trillion-Dollar Spending Working?
So, with Big Brother dumping trillions of dollars into the economy, why isn’t it rapidly improving? With all the high-priced economists the government has on hand, you would think one of them would look back to the Kennedy investment tax credit. If you are going to use our tax dollars to stimulate the economy, spend our tax dollars after businesses have spent the money and created jobs. Don’t spend the money first and hope it will work.
(As an aside, I would like to whisper to the NSA employee assigned to read our stuff: Don’t give the money to banks. Give it to businesses for having already created jobs. Please steal this idea and take it to your boss. Maybe you will get a bonus for saving our country trillions of dollars.)
My grandfather would likely question whether politicos really believe the spend-spend-spend economic theory at all. He would contend it is simply more fun to spend—other people’s money in particular—than it is to save.
When it comes to business and each of us as individuals, we are more in line with my grandfather. He would have just called it plain old common sense: “No dang theory about it at all!” When times are tough, you get out of debt, stay out of debt, and save your money, because you just never know when you might need it.
While my grandfather has been dead for a couple of generations, let’s hope somewhere in this country there is another William Smith who can get to Washington, use some common sense, and get things straightened out. In the meantime, when it comes to personal finances, whom are you going to listen to, your grandfather or Big Brother?
Frankly, I’m inclined to believe my grandfather, especially now that Big Brother is doing all it can to actually hurt those of us who have worked hard and saved our whole lifetimes. Rising debt, currency devaluation, increased taxes, unfunded entitlement programs, and near-zero interest rates are punishing savers. These factors have collided to force us into taking greater investing risks just to try to stay ahead.
I receive a lot of email from my readers asking for advice on what to do. We cover a lot of their concerns in my newsletter, Miller’s Money Weekly, and now we’re going a step further.
Last month, we brought together a blue-ribbon cast of experts to analyze the challenges retirees and soon-to-be retirees face in today’s economy and markets. They presented sound financial strategies to make your money last as long as you do that’s still as timely and important today.
Our experts included John Stossel, formerly co-anchor on ABC’s 20/20 and now the host of Stossel with Fox Business Network, David Walker, former Comptroller General of the United States, and financial planning expert Jeff White, president of American Financial Group.
There’s no cost to this online strategy session, and you can watch it instantly by going to www.americasbrokenpromise.org.