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Debt. Over the past several months and, in particular, in recent days, we are seeing the result of individuals, banks, companies, and governments having too much debt. When you then take steps to get some control over this people tend to look to cut expenses and focus more of the income they do have on the reduction of their debt. The challenge we are facing now is that almost every sector of our economy is looking to do this. The net effect is that there will be less money spent on various products and services, which ultimately means the various tax revenues that the government expects to receive will be reduced and we will be in a vicious downward cycle. It is critical to keep in mind that we evolved into this situation over a long period of time. We should see long term plans put in place by all parties that creates a change in approach so that we gradually fix the problem. Let’s all do our part by suggesting caution to those who make the decisions.
- Sam Lefkowitz Online: http://www.smallbusinessadvisors.ca |
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