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Whose Obligation Is It To Kick Start The Economy?

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The other day I was reading an article somewhere online (sorry, didn’t bookmark this one) where the writer was talking about a friend of hers who was troubled by the economy. Not a surprising story to be sure – especially these days. However, what was interesting was that the writer’s friend actually felt guilty that she hadn’t put more money into the economy and, instead, was saving more; the point was that she wasn’t sure if she was supposed to put money into the economy or let the government do it.

What!?

And it is at this point that I wish I would have bookmarked this article because the rest of the story was as ridiculous as that last statement sounds. Can you believe that there are people out there crazy enough to think that they need to spend money to help kick start the economy? Listen everyone, it’s very simple – SAVE YOUR MONEY!

No, I’m not talking about putting all of your money under a mattress (though I actually know someone who does that). Spend your money on items that you need for you and your family, yes. But when it comes to big ticket items that you don’t need and might not be able to afford at this point in time – DON’T BUY THEM!

And for the love of God, don’t think that anyone needs to go out and spend money in an act of patriotism! Save your money. If you’re on an automatic investment plan like a 401k or an automatic stock purchasing plan, then if you feel comfortable with what you’ve got, continue to invest your money in that way. But good grief! Don’t think that it is our patriotic duty as Americans to go out and spend out money. That would be one of the dumbest moves that many Americans could make right now.

Think smart, then spend your money.

It’s Important To Check Your Credit Report

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The other day I went up to Roxbury to see my Mom and brothers and while I was up there my older brother went online to get his free annual credit report from AnnualCreditReport.com (not freecreditreport.com from the commercials, which actually does NOT give you a free credit report). The last time I checked all three of my credit reports was in December 2007 so after seeing my older brother pull his reports, I thought that now was as a good a time as any to do the same. Plus, in these uncertain economic times it pays to spend a few minutes checking your credit report to ensure accuracy.

And, as always, the credit report is an interesting thing. I should note that I didn’t ask for my credit score because 1) they charge you for that and 2) when I moved into the new apartment in the summer they ran a credit score on me and it was 790 – I’ll take that number any day! However, there were two discrepancies in my credit report that needed immediate attention.

First, the New Jersey Higher Education Student Assistance Authority (NJHESAA) once reported that I paid 30 days late on one of my student loans (back in 2006). The problem, though, was that the loan was still in deferment and was not due for payment at the time. Back in 2007 when I pulled my credit reports, I noticed this problem and called NJHESAA and while they agreed that this was a mistake on their part, they also said that they couldn’t contact the credit bureaus to have it fixed. So I contacted Experian to get the mistake removed from my report and they took it off without any problems. My mistake in 2007, though, was that I didn’t ask TransUnion or Equifax to remove the discrepancy. So when I pulled up my reports the other day – guess what was sitting there staring at me on those two reports. That’s right – the NJHESAA mistake strikes again!

I sent messages to both TransUnion and Equifax and as of today, Equifax removed the problem and TransUnion is still investigating. I pulled up my Equifax credit report to confirm that they fixed the mistake and I can confirm that they, in fact, did fix the problem. They were very quick and very efficient at addressing this problem.

The second interesting thing that I found on my credit report was an open credit card account that was actually a sub-account off of one of my mother’s credit cards from many years ago. This account was only reported on two of the three credit reporting agencies. Since this account was closed and replaced with a different sub-account (not for me), I submitted disputes with the two agencies that still listed it as open. To date, both agencies are still looking into this one.

The reason for this post is to encourage you to go online and check your credit report at AnnualCreditReport.com. Even if you have excellent credit and a perfect credit history like I do, you may be surprised at what you find.

Send A Message to President Obama NOW!

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President Barack Obama has pledged to be one of the most open Presidents in American history. To show that he is both tech savvy and willing to hear the comments from all American citizens, he’s transformed WhiteHouse.gov into a blog-style website. The new style of the site comes complete with a contact form where you can send a message to the White House with the hope that President Obama will actually read it.

The link for that portion of the White House’s website may be found by clicking here. I hope that Americans really take this opportunity to send messages to the White House to talk about the things that are affecting them everyday. Personally, I’ve sent two messages to the White House so far – both of them dealing with a tax issue related to student loans.

For those of you who have student loans, you’ll know that you can deduct the interest paid on your loans on your taxes. The problem is that you can only deduct up to $2,500 per tax year. Well hey, if you have massive student loan debt, you may be paying upwards of $5,000 or $6,000 per year in interest alone!

If you’re out there in the world and making good money, but are saddled with gigantic student loan debt, you know that being able to deduct the entire amount of interest paid on student loans would be a great way to put more dollars back in the pockets of the working class…the very people who would not have been able to attend college if it were not for those loans. So this is what I’ve been sending Obama – that you can go ahead and fix the economy, but if people with massive student loan debt are still spending an exorbitant portion of their income on this interest, then fixing the economy won’t matter.

One way to mitigate this problem is allowing Borrowers to deduct the entire amount of their student loan interest. If you agree, here is a short message that you, too, can send to the White House on the contact page listed above:

Tax policies should be revised so that 100% of annual interest paid on student loans can be deducted on personal taxes. Many Borrowers with high student loan debts pay a high portion of their annual, post-tax income as interest on student loans. Currently, only $2,500 may be deducted annually. Borrowers with larger student loan debts routinely pay upwards of $5,000 each year in interest. Allowing the total amount of interest paid to be deducted will better position these citizens in the economy.

You’ll see that you can only submit 500 characters worth of a message to the White House (which makes sense). The italicized blurb above is 500 characters on the dot. So if this is something that you can agree with, please copy and paste the text above into the contact form on the White House website!

President Obama’s First Evening Press Conference

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President Barack Obama had his first primetime press conference last night. If you watched, I wonder if you saw as interesting an event as I saw… Ha ha ha! Honestly, that press conference would have been off of my television if FOX had its normal Monday night line-up on!

Really, President Obama needs to liven things up a bit. We’re looking for change from him, not the same old boring “what the hell is he talking about?” crap! I will say, though, that it was nice to watch the President of the United States and not have to worry about him saying something that made absolutely no sense. On the other hand, while the rest of country goes crazy over Obama’s speaking style, I really, really hate it. I know that the biased liberal media will never publish a negative thing about his speaking style, but this man relies on “ehhh” and “ihhh” WAY too much when he talks. Go back and listen to the entire speech (if you can stomach it) and try to count how many times he interjects “ehhh” and “ihhh” in a single sentence. It’s alarming.

Again, the alternative could be, “Fool me once, shame on you. Fool me twice…you can’t fool me twice.” Good grief.

But even as I take my own potshot at President George W. Bush, I have to say that it was a little gross that Obama cited the federal leadership of the last eight years as the reason for the current economic downturn. Look, I agree with the rest of the gang that the folks running the world down in Washington were a little goofed up, but that includes the Democrats, too. Further, the biggest perpetrators of our current problems were the greedy people on Wall Street and the ignorant people on Main Street. The root of this downturn is the devastated housing market. The root of the devastated housing market are people who were buying $500,000 homes when they could only afford $150,000 homes. The side-root of that same problem were the bankers who gave mortgages to people who couldn’t afford their homes!

Ugh…it’s not all about Bush! I had hoped that Obama would bring this country past the Bush derangement syndrome, but after his campaign-style speech last night, I guess that real change hasn’t come…yet.

A Whole Bunch of New Stuff

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Last week I asked the question of whether or not anyone has found any big bargains out in the stores. I hadn’t found anything worth buying until late last week when I came across a ridiculously marked down 47″ Vizio LCD full HDTV at Wal-Mart. After being dropped a few hundred dollars there was no question about it and I had to get that television.

Aside from the television and an extended warranty plan I also picked up the items needed to mount the TV to the wall, a new DS game (which is interesting because I really don’t have time to play the thing these days), a bunch of new books from Barnes & Noble (thanks to a gift card from my older brother), a new luxury sheet set, new pillows for my bed, a new carry-on piece of luggage and travel kit, and some minor pieces of clothing. For what it’s worth, all of my cost cutting and budgeting over the last few years allowed me to purchase these items with no concern about long-term financial burden.

So…over the past few days I’ve done my part to help kick the economy in the ass!

In the mean time, check out New Jersey Carpet Cleaning for the best carpet cleaning in the Garden State!