Sunday, April 8, 2007

The Economy, Through the Eyes of a CPA

It's always good to get reports from those on the front lines to see how they line up with official reports on the economy.
Vern

From: Fox News

"I am a CPA, CFP who specializes in individual income taxes for affluent Americans. I am shocked by the bad and deteriorating financial condition of many of my clients."

"The underlying cause that is apparent to me is years of unrestrained/uncontrolled spending beyond one's means. This is now catching up with many."

"Two of my clients had to sell their homes last spring to cover their 2005 liabilities; some BIG numbers. These clients had adjusted gross incomes in excess of $200,000. At least they were lucky because the housing market was firmer a year ago!"

"I am afraid that what I have been seeing is just the tip of the iceberg."

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