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Budget and tax season are here, what to expect for next year
By Ruth Miller
All across the country states, businesses, and individuals are preparing their tax returns as well as budgets for the next fiscal year. It is time to thoughtfully project what is important for their organization or for them personally in the upcoming year. According to many the picture is gloomy at best. President Barack Obama will unveil a $3.8 trillion budget proposal on Monday for fiscal 2011, the New York Times reported on Saturday. Massachusetts Governor Patrick released his budget for the state on Wednesday, January 27, 2010 which had a 3% increase from last year. With economists predicting another difficult year how or why are budgets increasing for next year? This combined with the inflation rate set at -2.2% makes additional spending seem irresponsible. Individuals are gathering all their paperwork and looking at their income and expenses in an effort to complete their state and federal tax returns. For many this process will be very sobering this year. For the 5.8 million people facing foreclosure the future looks very bleak. Americans have learned that over extending your financial resources, buying things on credit, and only paying the minimum each month is not the way to operate. Why the government does not lead by example is perplexing. The good news is that the bad news is not all bad. Yes, 2010 will be a very difficult year and all of us will have to continue to be frugal and financially responsible. The growth in revenue in the last two quarters of 2009 is an indicator that the economy is ever so slowly turning around. The Mortgage Bankers Association is predicting that mortgage delinquencies will peak in mid-2010 and foreclosures will peak at the end of 2010. This will set the stage for 2011 to be a better year. So as we move forward we need to remember the past, learn from our mistakes and most important use these difficult years to teach our children financial management and the importance of savings. |
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I guess it is nice to know not all is lost! 2009 was one of my better years and I believe that 2010 will be better still, financially speaking. I expect there to be growth to some extent, taking up all the resources though, lol. It is going to be an interesting year.
Let's hope that people will learn that using credit cards is a certain financial death. The banks have no mercy and will bury you alive without cause.
Thank you for sharing, Ruth.
Keep up the good work.
Best to you.
Frederick
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This intel was contributed by RuthM
RuthM
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May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
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