Your Questions About Debt Busting

Carol asks…

Why has the national debt increased by trillions of dollars under Bush?

In what order would you put these?

a) Iraq war spending
b) Bush’s trillion dollar tax cuts
c) Stimulus package
d) Bending over backwards for oil corporations
e) Bush’s opposition to medicare being able to negotiate for lower rates from pharmacutical companies
f) Bush’s support for a medicare bill that favored the healthcare industry instead of the taxpayer and patient (passed during the night while everybody was sleeping)
g) Deregulation of the energy and housing industry (leading to the enron disaster and mortgage crisis)
h) Hurricane Katrina
i) Bush’s weak dollar policy
j) Dick Cheney’s “deficits don’t matter” fiscal approach

I don’t blame Bush for Katrina. I do blame him and his leave corporations on their own approach to government. Contractors for the Katrina reconstruction were not given proper oversight. They blew away all this money and did very little of the work themselves. They contracted it to somebody else.

Bush had a Republican congress for 6 years. In that time he veteod ZERO bills. Congress isn’t the only one to blame though. The president signs the bills, can veto them, and sends to congress the preliminary budget plan.

John answers:

K) None of the above.

The deficit is the result of insane spending on utter BS by **CONGRESS**, the only part of the political system with the authority to spend a single penny of our tax dollars. And, yes, that includes both Democrats and Republicans.

And the worst of the growth has been in the hideously problematic “earmarks” debacle, and “entitlements” programs like Social Security and Medicare, which together constitute more than half the Federal budget, and that proportion is rapidly growing.

Oddly enough, after the bust of 2000, and the subsequent disaster that was 9/11, starting in 2004 (just as Bush’s tax cuts were really starting to kick into high gear) the deficit was actually shrinking rapidly, according to the graphic shown in the Baltimore Sun this morning (see the link below). But it takes a sudden plunge southward again, right after the 2006 elections, in which a bunch of profligate Democrats took control of Congress (and therefore the National purse-strings), and went on a massive spending spree.

Lisa asks…

(Christian/Jeh.Wit.question) What do I do as a wife in this position?

What does the bible say? I already know it says to do whatever your husband says but what if he doesn’t say anything…
I mean he pays the basic bills but we are in and out of debt. People are calling me asking for money when I have no idea what is even going on. He doesn’t talk to me. He has made a lot of positive effort but strangers know more than I do. I know him really well, so the stuff I find out is not bad or shocking at all but it hurts he wont talk to me.
He doesn’t make decisions for the household. My study partners keep quoting the bible passages that say THE WOMAN MUST BE IN SUBJECTION TO THE MAN but what the heck does that mean in my personal situation? It doesn’t appear that I have someone to subject myself to, nor to I have a sense of security sense I don’t know if we’ll be fine or broke ahead of time. Should I do my role at home AND work even though he already has a job? When I find stuff out, should I just keep it to myself? IDK, I read family happiness over and over again and I don’t see how to apply it when he’s not there yet.

John answers:

The Bible says “blessed are the peacemakers” so don’t argue with him. Be cheerful.

When the bill collectors call, just pass him the phone and say “it’s for you, dear.” Or, if he’s at work, tell them “he’s not home now.” If the bills are in his name only don’t pay them and his credit will get ruined and they will cut off his credit. End of bills. If your name is on the contracts, you must pay unless he forged your name. Maybe get a copy of your credit report and check to see what you are responsible for. Dave Ramsey is a personal finance guy on the radio and if you could both listen to him maybe your husband would be interested in his debt-busting program.

You may have to take a part time job to save for retirement if he isn’t handling that.

Prepare for the worst case scenario, be frugal in case things are worse than he lets on.

Joy to you!

Daniel asks…

Explain why the national debt has genarelly continued to rise in the past 12 years?

John answers:

Because the business cycle of boom and bust is in average shorter and more frequent.It has not enough time to regain and pay back in full until the next bubble comes again.

Ruth asks…

has anyone’s timeshare gone bust and what did you do?

I have just had a letter to say my timeshare in Tenerife has gone bankrupt, although I have been told I can still go there this year I am very nervous about what happens next

John answers:

Bankruptcy law in foreign countries may differ than in the US. You may want to consult a lawyer as to your rights and what bankruptcy means.

It sounds like your resort is going to reorganize and restructure their debt in an attempt to continue doing business. But you take a risk in going since the timeshare wasn’t able to making good on its bills.

If you can exchange it for another timeshare elsewhere, do that.

Consolidated Resorts recently went bankrupt. You may want to check out what’s being talked about for that company.

Chris asks…

Bradford and Bingley have gone bust.What happens to my savings account ?

Do I pop down there and withdraw my modest savings,or should I wait to see if the B&B get bailed out.?

John answers:

At this moment the Bank has not been Nationalised 15.40 Sunday 28th September but is possibly going to be, there will be an announcement before the stock Market opens in the morning.

It will Probably be nationalised and it’s Savings arm sold to either HSBC or Barclays. The bad debts will be merged with the Northern Rocks and the Tax payer will take over these (ouch once again). Your savings are most probably Safe but I would transfer out anything above £35,000. Just to be on the safe side, this amount should go up to £50,000 in October when further legislation is passed.

Personally I’m not worried about this as I do have a small ISA with them and a handful of Shares.

Shareholders will get nothing. If it is nationalised.

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