We’re hoping that you will all be safe over the weekend as Hurricane Irene comes our way.
As we are rushing around to get bottled water and batteries (which I sincerely hope we won’t end up needing), I want to call your attention to something that is particularly worrying about this hurricane.
Stuart Varney on Fox made a point the other day about the recent earthquake and the rapidly-approaching Irene: the United States doesn’t have a lot of money in the bank to dig out of a catastrophe.
Perhaps the appropriate way to sum up our situation is to say that the United States no longer has a rainy day fund. We have spent it all. As Varney put it, we have “no margin for error” and “no financial cushion.”
It was hardly surprising that our friends at Media Matters characterized Varney’s remarks this way: “I just want to bring up the earthquake to bash Obama on spending.”
It wouldn’t be the first time a hurricane was politicized. But, leaving that aside, let’s hope that we won’t have to find out what it’s like to deal with a hurricane without enough money in the bank. While you’re battening down the hatches and buying canned goods, here is a financial story you might want to read: “Debt Will Haunt the Market for Years to Come.”
Yes, we’re underwater financially, but we’re hoping you will all take precautions, prepare for the hurricane, and be unharmed and dry this weekend.
Now I’m off to stock up o n bottled water. Be safe.