I'm like everyone else waiting to hear the details of President Obama's economic plan. I think I heard it will include tax cuts. Does that sound like a campaign promise of his?
I will be interested in all the private sector jobs he has promised. How will he pull that off? Unless his plan includes reductions in corporate taxes and more generous depreciation allowances on new purchases, this sounds like a magic act.
I don't believe there is one or even two or three silver bullets to lift us out of the recession or depression we are living in. I imagine our climb back will take a minimum of 4 years even if the brakes are put on this month.
Meanwhile, save as much as you can, cut what you can from your budget, and hang on tight to your job. More than ever an emergency fund large enough to cover 6 months of regular expenses is critical. Plus, a layoff can include the need to pick up Cobra health insurance. Possibly the cost of the offered plan can be made available through your HR department.
Americans have always worked. Our consumer mentality has demanded it. Now is the time to drop some of that consumer mentality and develop a frugal approach understanding the difference between wants and needs.
'til later
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