The Flinchum File

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Rooting For Sequestration

We’ve all heard that sequestration will be bad for the economy.  Therefore, you would expect financial advisors would be opposed to it.  You would be wrong!

A survey last week found a whopping 66% of us were in favor of it.  Bring it on!  We’re in favor of it, despite the fact that 74% thought the economy would definitely be hurt.  That’s because 73% of us concluded the short-term pain to the economy would be worthwhile over the long-term.

Because financial advisors are notoriously Republican, it should not be surprising that 51% believe the President is to blame and only 17% blame the Congressional Republicans.  28% think both sides are equally guilty.

Frankly, that does not surprise me.  However, I would be surprised if my fellow advisors are so sanguine about a government shutdown later this month or, even worse, a debt default if the debt ceiling is not raised later this year.  We’ll see . . .