As part of Big Daddy’s Bike Shop’s Talent Identification Program, the management sent their top-shelf player, Tom Smith, to a bicycle conference in
If you bust your butt you may as well go in style. My task was to drop in on his mom and make sure nothing went awry while Mr. Smith went to
During our visit with Grace, NOLA Richard and I opined over the budding South Walton construction boom. Richard and wife Teresa had scouted several neighborhoods before settling in
In a 1983 letter, President Ronald Reagan harangued then-Senate Majority Leader Howard Baker: “Denigration of the full faith and credit of the
Looking in the rear view mirror, Reagan’s 1983 prophesy, “The full consequences of a default — or even the serious prospect of default — by the
In a twist, Reagan was strong-arming Sen. Baker, a Republican, since legislators, including then-Sen. Barack Obama in 2006, have pushed back against debt ceiling increases. It’s time to stop this silly little game. Way too much is at stake. The world’s reserve currency, the American greenback, cannot be treated with disdain. President Obama admitted his vote against one of George W. Bush seven debt limit increases was a mistake. For the record, President Reagan raised the debt limit eighteen times.
As a financial professional, I realize the importance of sound fiscal policy. Failure to raise the debt limit is as close to sound fiscal policy as Vandy is to the SEC championship game. The debt ceiling melodrama reminds me of the final scene in "The Planet of the Apes" when George Taylor, played by Charlton Heston, sees the collapsed Statute of Liberty and falls on his knees screaming, “You blew it up.” Let President Reagan’s admonition be a solemn warning to the wise.
Raising the debt limit only covers previously authorized spending and should be likened to not paying a credit card bill. The Congressional Budget Office revised their numbers last May and projected debt as percentage of GDP would be lower this year (4 percent) than any year since 2008 due to an improving economy. http://www.cbo.gov/publication/44172
Yes we have some good news, but let’s not make things worse.
Buz Livingston, CFP, has the only investment management and financial planning firm in the entire world headquartered in