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Thursday, October 17 2013

Is the GOP really for US debt default?

It is odd to me that the political party which preaches personal responsibility and is known for pro-business is also pro-US debt default.  It might not be the entire Republican Party, but the rhetoric is loud enough to raise an eyebrow.

 

What happens in a world where it is OK to default?  We should tread carefully here.  The wealth in the US is getting more concentrated in the top 5%, this means more individuals have minimal or no net worth.  If you do not have any assets, but you do have debt; a default is not necessarily a harmful issue for you.  So who is really at risk, the individual who borrowed the money or the lender?

 

IRS Circular 230 disclosure:  To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Posted by: Mark W: AT 10:56 am   |  Permalink   |  Email

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IRS Circular 230 disclosure:  To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used,
and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.


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