The new Obama administration has spent more money in two short months of governing than anyone in the history of civilization. It's difficult to understand what $1 trillion is. Imagine spending $1 million every day for 2,000 years. That would equate to what our president has spent in the last two months. It's mind boggling. And according to the president's last speech this is just the beginning. I heard on the news recently that Speaker of the House Nancy Pelosi is developing plans for a "Second Stimulus Package" because the first one wasn't enough.
Eagle: What about Vermont businesses? How has the crisis affected their prospects?
Viscido: Things are bad here, too, and bound to get worse. I have a consulting business that provides CFO services to small and medium-sized businesses. Most small businesses don't have the means to hire high-priced, skilled CFOs. But companies are in dire need of such skilled professionals, if they are to succeed. I founded a company that provides this service at very affordable rates and am helping several businesses address their finances. Many companies don't pay attention to things like cash flow and controlling expenses when times are good. Now in tough times, they're hemorrhaging. What I do is bring fiscal discipline to their operations. I get them on the right track focusing on their "needs" rather than their "wants".
Eagle: What are you concerns about the future? Is there a silver lining somewhere? All we hear is gloom and doom.
Viscido: I am very worried about my children's future. We are saddling them with enormous debt. If you look at the stock market, it's in a tailspin. For the president to seemingly not be concerned about this so early in his administration is extremely worrisome. The stock market trend is a good barometer of the lack of confidence our financially astute investors have in the steps our government is taking to improve the economy. Investors drive the economy and grow businesses, which in turn, increases sustainable jobs. Without the confidence and support of investors, businesses will fail and jobs will be lost. The only way I see us getting out of this is to bring some fiscal responsibility to bear. We need to increase jobs, cut spending (where appropriate), reduce taxes, eliminate all unnecessary "pork" spending, clean-up our banking system, and solve the housing problem. This, according to most financial experts, is the right formula to bring our economy back. Social engineering of our society is not what we need right now.