Comments about ‘Is your family prepared for the fiscal cliff, higher taxes?’

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Published: Wednesday, Oct. 17 2012 3:45 p.m. MDT

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Madden
Herriman, UT

Surprisingly, higher debt has not yet led to much inflation. It has surprised many people. Part of that reason is we lend people money in our own currency (or we'd be as dead as Greece already). However, if we keep loading up on debt this way, the US dollar will stop being a reserve currency, and at that point, watch out! We will go into a free-fall.

If that happens, none of the solutions in here will save you. Make sure you have a useful skill set for work, stay out of debt, stash away some decent savings, have proper food storage and other needed supplies. And hold on tight.

Hutterite
American Fork, UT

Proper food storage? People try to convince me there isn't an apocalyptic streak in Utahans but it's there.

Mountanman
Hayden, ID

Not much inflation? Been to a gas station or a grocery store lately?

Phranc
SALT LAKE CITY, UT

alarmist much?

Phranc
SALT LAKE CITY, UT

@hutterite

apocalyptic thinking is built into many Utahans deeply held religious beliefs, with no apocalypse not second coming. You are never going to connivance them the world is not ending.

one old man
Ogden, UT

If Romney is elected and cuts taxes for those at the top of the heap, we'll need all the preparation we can get.

But if we follow Glen Beck's advice and hide some gold bars in our stored wheat, we'll be okay.

Right?

Yeah, right . . . . .

raybies
Layton, UT

I was out of work for nearly a year and because of "proper food storage and savings" and unemployment insurance, i was able to make my house payment, keep my health insurance and feed the family. The concept of food storage of staple food items (flour, rice, grains, cooking oil, sugar, etc) is a solid practice that's saved a lot of people in times of need.

You can mock all you like, but it's actually a principle of economics that having a store of essential items insulates you from market volatility. I've never needed gold bars (though if someone wants to give me a few, I'm okay with that... ;) but things I use daily are best stored because then I don't end up going to the store every other day. I can look for the best deals.

Like the scripture says, "Fools mock, but they shall mourn." Make fun all you like, but it's a bit like a falling man making fun of gravity. Put aside your pettiness and take the steps necessary to protect your family. Tough times are a fact of the times in which we live.

My2Cents
Taylorsville, UT

These laws that everyone talks about have been in force for over 30 years as a tax liability are not taxes. They de-fund the SSA, Medicare, Medicaid, not as tax cuts. It strips money from your SSN account and health care plans to retire on a small income. Actually allowing this law to deduct funds for the social programs of retirement will reduce tax liability as deferred retirement funds.

Tax hikes will be for HCA(Obama/Romney care) not in this tax law.

The only safe way to meet this change is to get rid of debts and credit cards and debit ATM cards. If you think of your take home pay as your money to take control of will make it a lot easier to get rid of paying banks a large fee to be your accountants. Your actual expendable funds are not what debt makes them seem and is safe to carry in your pocket.

Except for home and car payment you should have no other debts or liability. Save and pay is very simple and easier financial planning. Incomes $65k-$100k/yr should not be gambling on wall street.

Rifleman
Salt Lake City, Utah

Re: Phranc SALT LAKE CITY, UT
"alarmist much?"

The Obama Administration has been spending money they don't have like a drunken sailor. Sooner or later somebody is going to get stuck paying the bar tab ..... with interest.

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