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Uncle Sam spending his way to financial disaster
BizPacReview.com ^ | January 20, 2012 | Michael Dorstewitz

Posted on 01/21/2012 6:05:33 AM PST by cap10mike

Sam’s a profligate spender. No matter how much he earns, it’s never enough, and his mounting credit card debt is proof. Ironically, Sam is concerned about his retirement, so he takes a second, part-time job and deposits all those earnings into an IRA. While Sam’s personal finances are teetering on the edge, his retirement account is firmly planted on solid ground.

Sam repeatedly raises the limit on his credit cards, but it doesn’t keep up with his lifestyle. His accountant is always on Sam’s case to follow a budget, but Sam hasn’t even prepared one. To ease some of the pressure, Sam eventually engages in a little creative financing: He borrows funds from his IRA. Although he starts out in baby steps, it isn’t long before the entire account is nothing but a stack of Sam’s IOUs. On the plus side, he’s having the party of his life, and he’s the life of the party.

(Excerpt) Read more at bizpacreview.com ...


TOPICS: Business/Economy; Government; Politics
KEYWORDS: blogpimp; extension; holiday; payroll; tax

1 posted on 01/21/2012 6:05:45 AM PST by cap10mike
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To: cap10mike

Not to worry. The MSM tells me that Obama has brought the economy back. All signs are good. No inflation, unemployment lower than it has been in years, just nothing but good economic news all around. I guess we should keep doing what we’ve been doing, and make sure that those unpatriotic Republicans don’t mess up a good thing.


2 posted on 01/21/2012 6:12:33 AM PST by ClearCase_guy (Nothing will change until after the war.)
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To: ClearCase_guy

When it all goes to crap, the Dems will blame the Republicans for it. And the MSM will go right along.


3 posted on 01/21/2012 6:37:43 AM PST by rbg81
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To: ClearCase_guy

Ha ha ha! (more incense, please)


4 posted on 01/21/2012 6:57:54 AM PST by cap10mike (Free market)
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To: ClearCase_guy
"Not to worry. The MSM tells me that Obama has brought the economy back. All signs are good. No inflation, unemployment lower than it has been in years, just nothing but good economic news all around. I guess we should keep doing what we’ve been doing, and make sure that those unpatriotic Republicans don’t mess up a good thing.

That's right.

Now, get ready for QE3 to ease Obama's re-election.

The U.S. Economic Recovery Is Producing Surprises

5 posted on 01/21/2012 7:05:54 AM PST by blam
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To: cap10mike
Ha ha ha! (more incense, please)

More like bong hit!

6 posted on 01/21/2012 7:32:31 AM PST by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: unixfox

I think Obama has been hitting on that bong!


7 posted on 01/21/2012 1:49:14 PM PST by Doors
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