"The Myth of Good Debt"

A US News & World Report commentary courtesy of Yahoo Finance that urges readers to rethink how they view "good" debt.

"When the public is willing to consider any particular type of debt good, the lending industry is the only winner in the long run. For the benefit of our own personal finances, we'll prosper more by considering all debt bad and striving to eliminate that debt even if we feel it is good."

You can also see my recent commentary on debt and low interest rates here.

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Finally, another editorial in the local paper that I can relate to ..

Republican Newspaper Editorial.

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America's broke ..

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In light of the failing economy and mounting bailouts ..

budget deficits could explode over the next 10 years according to a new report from the Congressional Budget Office which is discussed in the Washington Times. The implication of course could be higher taxes, higher borrowing costs for consumers and businesses, an even weaker dollar and cutbacks in government spending at all levels. As I have suggested here many times, now is not the time to go out on a limb and get yourself into a deep hole.

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An op-ed from Joe Dowley that appears in TheHill.com ..

lays it all out there. Mr. Dowley is partner in the Washington office of McKenna Long & Aldridge LLP and was chief counsel of the House Ways and Means Committee when Congress last addressed tax reform. His basic message is very similar to what has previously been expressed by this blog and serves as a warning for politicians and citizens alike that we simply cannot maintain the status quo on issues such as entitlements, debt and energy as a few examples.

The new president’s fireside chat will have to be for adult consumption: honest, candid and factual, and it must call upon the best instincts of all us to be willing to share the coming sacrifices for the good of everyone. It should be the moral equivalent of an oral dose of cod liver oil, but it must also leave viewers and listeners some hope that we are really getting our house in order. The new president will have to reach out to strike a chord with citizens such that people will say, “That needed to be said a long time ago. Let’s get on with it!”

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