How Will August 2nd Affect You Personally??

  • Posted by a hidden member.
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    Jul 27, 2011 12:06 PM GMT

    This is an open forum addressed to U.S. citizens.
    Given the possibility that our country in on the verge of financial disaster, how would this affect you on a personal level?
  • rnch

    Posts: 11524

    Jul 27, 2011 12:12 PM GMT
    i have transferred my entire 401-K balance into the "safest" possible fund option.






    :worried:
  • Posted by a hidden member.
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    Jul 27, 2011 1:34 PM GMT

    I'd be OK for the month of August...and perhaps most of September. But after that... icon_rolleyes.gificon_rolleyes.gificon_rolleyes.gif
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    Jul 27, 2011 1:54 PM GMT
    I stand to lose my Army retirement, and my disability compensation and health care. My partner might also lose his Social Security and health care. That does deplete our total income somewhat.

    Fortunately we have other sources of income that should remain untouched, and we have no credit bills whatsoever, not for mortgage or car, nor credit cards, nothing. Still, we have big outlays for hurricane and car insurance in Florida (our third biggest expense after our charitable donations, and for food, dining & travel), and also for the usual utilities of electricity, phones, and Internet. We may have to withhold thousands of dollars in HIV/AIDS donations, that we contribute mostly annually in October.

    As an aside, we've got nut-job Republicans in the Florida State legislature and Governor's mansion who are slashing education and other services to lower State expenses, but continue to permit their big contributors in the insurance industry to jack up rates. Coverage which the Republicans made mandatory, driving many elderly out of their retirement condos. Ordinary citizens would save more money with lowered insurance rates, than the paltry savings on taxes for the Middle Class we're promised but seldom see, the big tax cuts going to wealthy Republican donors.

    And BTW, while some here note that Social Security has its own funding, the "delivery system" of Federal employees and other infrastructure is itself affected by this crisis. So it's still unknown if government checks can go out after the Boehner default takes place.
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    Jul 27, 2011 1:56 PM GMT
    It wont. The date is arbitrary. The theater surrounding it is fun to watch. I want to see who blinks.
  • masculumpedes

    Posts: 5549

    Jul 27, 2011 1:57 PM GMT
    Not sure...I will have to wait and see...icon_confused.gif
  • Menergy_1

    Posts: 737

    Jul 27, 2011 2:07 PM GMT
    Air Force retirement?
    Federal Civil Service retirement?
    Minimal Social Security income? (can't draw full SS despite having paid in during all my military career - since I'm also a civil service annuitant)
    Medicare/Tricare (military health insurance/care)?
    Investment monthly dividends?
    Status of investments accounts?

    But I usually come through these things in life pretty well --
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    Jul 27, 2011 2:12 PM GMT
    I honestly don't know.... but I am going to treat it like a normal day.
    This is the nastiest, most mean-spirited game of "DC Chicken" I have ever seen.
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    Jul 27, 2011 2:14 PM GMT
    Not at all thankfully. I'm protected by being in college and not having to deal with all this craziness yet. Hopefully by time I graduate in 3 years shits gonna be a bit better.

    If not, then I'm FUCKED.
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    Jul 27, 2011 2:28 PM GMT
    Dallasfan824 saidIt wont. The date is arbitrary. The theater surrounding it is fun to watch. I want to see who blinks.



    Agree completely!

    I have no CC debt, own all my vehicles and home free and clear! Will effect my industry to some extent but this will be short lived! The country's credit rating will be moved down either way!
  • Fritter

    Posts: 1696

    Jul 27, 2011 2:32 PM GMT
    Its the day after a long weekend here in Canada, so back to work bright and early! icon_sad.gif
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    Jul 27, 2011 2:34 PM GMT
    Aug. 2: I'll have to pay $10 to renew one of my domains for another year.
  • ohioguy12

    Posts: 2024

    Jul 27, 2011 3:05 PM GMT
    navy314 saidNot at all thankfully. I'm protected by being in college and not having to deal with all this craziness yet. Hopefully by time I graduate in 3 years shits gonna be a bit better.

    If not, then I'm FUCKED.


    I would think a lot of college students would be effected, especially the ones getting pell grants and financial aid, right?
  • zenmonkie

    Posts: 228

    Jul 27, 2011 3:08 PM GMT
    Well, my birthday is the next day, so I'll be super-excited!
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    Jul 27, 2011 3:09 PM GMT
    ohioguy12 said
    navy314 saidNot at all thankfully. I'm protected by being in college and not having to deal with all this craziness yet. Hopefully by time I graduate in 3 years shits gonna be a bit better.

    If not, then I'm FUCKED.


    I would think a lot of college students would be effected, especially the ones getting pell grants and financial aid, right?




    Well I guess that's true. But I'm not getting money from pell grants or financial aid. I go to the Naval Academy.
  • metatextual

    Posts: 774

    Jul 27, 2011 3:20 PM GMT
    August 2nd here is a civic holiday, appropriately titled 'Civic Holiday', so all government offices and banks will be closed...
  • Posted by a hidden member.
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    Jul 27, 2011 3:23 PM GMT
    Not at all my 401(k) is pretty secure.
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    Jul 27, 2011 3:47 PM GMT
    metatextual saidAugust 2nd here is a civic holiday, appropriately titled 'Civic Holiday', so all government offices and banks will be closed...


    It's actually August 1st...

    So for the U.S. people, here's a question about all this stuff going on down there:

    You have reached your debt cap and there needs to be a passing vote to raise the debt cap so you can borrow more money from other nations to keep afloat... The Republicans won't vote to raise it unless the Democrats agree to tax cuts... So the Government wants to borrow more money, but is about to default on what it has borrowed already becuase you can't pay it back, and the Republicans want to cut taxes, so that is going to cut the income for the Government which already can;t afford the debt.

    So my question is, as people of a nation who see this happening, would you be for increasing taxes to try and fix the situation?

    We had a similar (nowhere near as severe) thing here in the north many moons ago. The Liberal Federal government introduced the GST, which we all bitched about and still bitch about, but in the long run it got our national debt under control, we haven't lost pensions (yet), we still enjoy our free healthcare and other benefits. They never abolished the GST as promised, but it has decreased and we are now experiencing our first national debt in a long time because of the state of things in the South. I wouldn't complain about increasing the GST back to 7% if needed.
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    Jul 27, 2011 4:06 PM GMT
    kaoi said
    metatextual saidAugust 2nd here is a civic holiday, appropriately titled 'Civic Holiday', so all government offices and banks will be closed...


    It's actually August 1st...

    So for the U.S. people, here's a question about all this stuff going on down there:

    You have reached your debt cap and there needs to be a passing vote to raise the debt cap so you can borrow more money from other nations to keep afloat... The Republicans won't vote to raise it unless the Democrats agree to tax cuts... So the Government wants to borrow more money, but is about to default on what it has borrowed already becuase you can't pay it back, and the Republicans want to cut taxes, so that is going to cut the income for the Government which already can;t afford the debt.

    So my question is, as people of a nation who see this happening, would you be for increasing taxes to try and fix the situation?

    We had a similar (nowhere near as severe) thing here in the north many moons ago. The Liberal Federal government introduced the GST, which we all bitched about and still bitch about, but in the long run it got our national debt under control, we haven't lost pensions (yet), we still enjoy our free healthcare and other benefits. They never abolished the GST as promised, but it has decreased and we are now experiencing our first national debt in a long time because of the state of things in the South. I wouldn't complain about increasing the GST back to 7% if needed.


    Im ok with tax increases. But the US should do a sweep and figure out whats absolutely necessary and what isn't I feel we waste money on alot of stuff that just is a waste all together.
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    Jul 27, 2011 4:10 PM GMT
    navy314 saidNot at all thankfully. I'm protected by being in college and not having to deal with all this craziness yet. Hopefully by time I graduate in 3 years shits gonna be a bit better.

    If not, then I'm FUCKED.


    Same here. I don't pay into SS yet either, since I'm a student worker, so I don't have to worry about that just yet either.
  • Latenight30

    Posts: 1525

    Jul 27, 2011 4:16 PM GMT
    sahem62896 saidI honestly don't know.... but I am going to treat it like a normal day.
    This is the nastiest, most mean-spirited game of "DC Chicken" I have ever seen.


    I am glad I have what I have and can hold in my hand.
    I feel for our country. This is the biggest mess we've ever gotten ourselves into.
  • safety43_mma1...

    Posts: 4251

    Jul 27, 2011 4:42 PM GMT
    Once again thank our wonderful government for job well done not really. The rich will stay rich because they won't get taxed so go figure. I was doing great self employed and now that will end by then I am sure. Thank u rich asses for showing your true colors and corporate America for that matter also .
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    Jul 27, 2011 5:06 PM GMT
    Erm...depends on how long healthcare lasts? Best case scenario, nothing. Worst case, I probably like die or something.
  • rnch

    Posts: 11524

    Jul 27, 2011 5:08 PM GMT
    safety43 saidOnce again thank our wonderful government for job well done not really. The rich will stay rich because they won't get taxed so go figure. I was doing great self employed and now that will end by then I am sure. Thank u rich asses for showing your true colors and corporate America for that matter also .



    next election don't vote the Republican/TEAbagger option!




    icon_idea.gif
  • SkyMiles

    Posts: 963

    Jul 27, 2011 5:24 PM GMT
    Well...we're on the brink of slashing social security and medicare in the middle of a recession, right when these services are needed the most, in order to protect tax cuts for corporations and the upper income brackets that were supposed to expire anyway.

    Btw...where ARE all those jobs those tax cuts were supposed to create? Just wondering...