In this morning’s Wall Street Journal there was a cover story about the “credit crunch” now taking place here and its effect on all businesses. I for one see this correction in the market to be good for our economy as a whole as it brings the strong companies forward and leaves the risk seeking companies “in the dust” so to speak. How will it effect you the employee, consumer and tax paying citizen.
First, with any economic downturn there are bound to be “layoffs”. This is a word that has disappeared from our business vocabulary of late where it seems everyone was talking growth. For the average debtor this is not good sign when banks are tighten restrictions and people will be looking for there credit cards to get them through some rough spots. Although, no one knows when exactly they my be laid-off preparation is key and if you have savings now will be the time you’ll be thanking yourself.
Secondly, just like last week with the government throwing money at the economy to the tune of $150 billion dollars and a new administration it looks for certain taxes will certainly climb. Is it me or does it seems that everyone still makes $30,000 a year but everything cost more? None the less this was inevitable “Death & Taxes”.
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