I say yes! The U.S. Congress has raised the debt ceiling 81 times since the first World War. History shows the U.S. Govt. spends during a recession, not cutting programs which will also mean people losing their jobs.
The U.S. ABSOLUTELY needs to address the long term debt or we as a nation will have “real” financial problems on our hands. However, we need to understand cutting programs now, causing a further delay in the U.S. economy recovering, also hurts the tax revenue the U.S. Govt. receives.
What’s the answer to get the economy turned around without the U.S. Govt. continuing to spend, I have one great idea:
1. Every U.S. household who has not been more than 30 days late on their mortgage payment since December 2007, the month the U.S. recession started, is allowed to refinance their mortgage to a 30 year fixed rate at current levels, which today is close to 4.62%. By doing this, the U.S. Govt. would ultimately own the paper, so there is a small risk they would take. However, if this was done, 90% of U.S. households who have made their payments on-time over the past 3.5 years, would save a lot of money each month, thus providing them money to spend. Retailers would benefit greatly with this strategy and business owners could invest back into their businesses, which may include hiring.
Unfortunately, my idea will never be implemented, as the wonderful Politicians will spend until the next Election arguing about who did what to get us where we are today, and not focusing their time on a real answer that has an immediate benefit to the U.S. economy without costing the U.S. Govt. any immediate dollars.
This thing was constructed by
.
Jim has worked as a Portfolio Manager & Financial Advisor since 1996. In May 2005, Jim founded WHI Financial Services, LLC, WHIFinancial.com, a Registered Investment Advisory firm, with headquarters in Texas. His primary focus is on portfolio management, financial & retirement planning, and financial advisory & insurance services. Jim manages investment portfolios & advises individuals, small to mid-size companies, and non-profit organizations on a variety of financial and business issues.
Prior to founding WHI Financial Services, LLC, Jim worked as a portfolio manager & financial advisor for two international investment firms. From 2001 to 2005, Jim worked with Prudential Securities (merger with Wachovia Securities, now Wells Fargo Financial Advisors), and from 1996 to 2001, he was working with Merrill Lynch. While working with both Wachovia Securities and Merrill Lynch, Jim enjoyed dual responsibilities as a portfolio manager, financial advisor and leader of the Professional Development Program.
Jim's responsibilities as leader of the Professional Development Program included, recruiting, interviewing, training, and overseeing the daily operations of all financial advisors involved in the Professional Development Program. Jim was responsible for managing between 10-20 advisors, while still managing his own client investment accounts.
In addition to his experience in the financial services area, Jim has been involved in several start-up companies. Jim's Philanthropic work includes serving as President/Treasurer of a private foundation established to provide non-profit organizations financial assistance, and Chairman/President of the Believe In Your Dreams Foundation. In 2007, Jim established the Believe In Your Dreams Foundation, a 501(c)3 organization, to help individuals who are suffering from life-altering circumstances beyond their control.
Jim has taught investment, insurance, and credit repair classes through continuing education at universities in CA & TX since 1997. Jim attended the University of Minnesota where his focus was Management & Marketing.
Jim has recently written two books, one called "Your Financial Lifecycle" a book which describes several key investment topics everyone will face throughout their life, and a book titled, "The Truth about Your Credit Score", which defines how credit scores are calculated and how you can increase your credit score, including templates which you can use to send to creditors.
Jim's books can be purchased on Amazon.com, via Author search, or by emailing him directly at JimWigen@GetWealthyStayWealthy.com.
In the Fall of 2011, Jim will be starting his radio show called, The Jim Wigen Show, Teaching You to Get Wealthy & Stay Wealthy. You can hear his shows through streaming audio by visiting JimWigen.com.
You can follow comments through the
RSS 2.0 feed.
You can
leave a comment, or
trackback.
