No President can fix America's economy.
No piece of legislation passing the House or Senate can rescue America's economy.
No amount of fiscal easing or tightening can put this country's economy on solid footing.
We need to stop expecting these people to come up with answers. None of their actions or opinions can create long term prosperity.
Rather, the long term health and sustainability of the U.S economy can only be healed one family and one individual at a time. It can only be changed balance sheet by balance sheet, slowly but effectively.
No one monitors your income/expense budget or balance sheet to make sure you are spending and investing responsibly. The government eyes your tax return, which is related to your income, but neither the form nor the government account for your wealth.
Similar to your health, YOU are the only one who truly knows and decides how to manage your money. A big house and a brand new car are poor indicators of wealth.
Wealth is a home by home decision for people and families. It's an individual spectrum from surviving paycheck to paycheck to living on less than total income and investing/giving the remainder. Each home must decide that having stuff is less important than having financial freedom and that having confidence and room for error is more valuable than fancy material possessions.
As Dave Ramsey often reminds on his radio show, "it WILL rain." Have you settled your family on a foundation that will withstand the hiccups or do you reside on the sand with no foundation or stability?
Only when decision makers stop the status quo and begin the process of wise money handling, do they have the clarity of mind to realize that government is not a source of wealth. None of the short term easing or stimulating from the government can create long term prosperity.
So it's up to us, house by house and person by person. Are we slaves to a debt level that requires a constant hustle to simply break even? Or is it worth the risk of living with less in order to build a safety net and a foundation that eliminates the stress and worry of financial uncertainty?
The President, Congress, and the folks at the Federal Reserve all study the past. They analyze employment figures, spending data, GDP figures. Trying to write policy to engineer these figures is like driving your car using only the rearview mirror.
Family budget decisions, small business decisions, corporate investment decisions are all made looking through the windshield with an eye towards the future and a pencil marking up projections and expectations.
It will be a long wait, if you believe that Quantitative Easing will result in you becoming wealthy. Look forward, take responsibility for your individual economy, make decisions that are long term smart for YOU, and let the macro take care of itself.
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