8 million jobs in jeopardy as debt ceiling deadline looms
Although there isn’t much one person can do to stop this, there are steps people can take to prepare for it
TOLEDO, Ohio (WTVG) - Moody’s Analytics predicts that not raising the debt ceiling will cost the United States millions of jobs, causing immediate layoffs in industries like construction, manufacturing, finance, and retail.
This aftermath is due to people’s spending habits when the economy slows. However, people are expected to stop spending money on tangible goods.
Gary Lesage, a certified financial advisor with Savage and Associates, says although there isn’t much one person can do to stop this, there are steps people can take to prepare for it.
“You want it to go through and eliminate any unnecessary expenses, if you have some bigger ticket items coming up, you want to postpone those for a little bit.”
Lesage said this is the first step. Once you trim the fat off your finances, he said it’s important to save money during the prosperous times to ensure a ‘rainy day’ fund in case of an emergency,
“Typically we ask people to have at least six months of their savings set aside or be working towards that,” Lesage said.
Lastly, Lesage said once you have funds to sustain yourself in an emergency, building your financial portfolio and good credit will help add to your financial cushion.
“You want to be in a position where a disruption in your employment isn’t going to set you so far back that it creates a dent in your credit,” Lesage said.
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