As we flounder at the bottom (?) of a nasty recession, I am astounded by the message that seems to permeate from Washington: everything can be accomplished, and except for a few Americans who make excessive amounts of money (the President's thought), everything is basically free. Any and all problems will be fixed by our Uncle Sam and because you are a loving niece/nephew, it's all on him. Astounding but apparently true, for now, as I see it once I removed my rose colored glasses.
Maybe my view from the cheap seats is skewed because I live and work in Los Angeles which has the highest business license tax one could imagine, as much as $5.90 per $1000 of gross receipts, not profits. Los Angeles is part of the County of Los Angeles where the sales tax is 9.75% in the state of California, which is deep in debt equaling more than the value of the Hollywood and Disneyland combined. The state is considering raising the rate on the state income tax from 11% to 14% for the wealthy. Add this package up and put it into the United States of America which owes more now than it ever did, continues to spend and of course feels the need to raise taxes, especially on the rich (see above). We, of course, know that the current rich are everybody's target and all I can conclude is: GOVERNMENT IS NOT THE ANSWER!
What is my state doing to solve its monetary short fall? The City of Los Angeles is in debt and is warning the State not to try to balance the budget with the city's money; in other words, hands off! The county is stretched as far as Jane Fonda in her prime and the state, under the soon to be Terminated, is rumored to be taking bids on the capital, the governor's house, and is looking for name sponsors of the freeways and the prisons. How does Yahoo State Prison sound?
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.