Government Fiscal Responsibility

David Walker our nation’s top “accountant,” the Controller General of the United States, gives an alarming prognostication of the economic peril of our country – he uses the “b” word – that’s right, Bankruptcy.

Listen to David Walker and some of his concerns on this You Tube Video

After hearing Walker’s blunt assessment of our government fiscal irresponsibility – spending more than we have at an unsuitable rate – a couple of questions come to mind. Am I, or anyone that I care about, counting on government sponsored retirement and benefit programs like Social Security or Medicare, or are we preparing as though our financial futures are dependent upon us alone? Secondly, have I learned my spending and saving habits from the worst example of all – yes I’m talking about your uncle, Uncle Sam?

A few principally sound take always to consider, of which none are incredibly revolutionary or hard to grasp:

· Live below your means – save more money than you spend
· Create a private retirement strategy
· Keep your money in a house of bricks, meaning, don’t leave it in houses of straw or wood

DL

“The Economist”

Tagged as: Economy, Government, Retirement, Social Security