Who Pays My Debts?

Obama doesn’t believe – or claims during his ongoing campaign that he doesn’t – that business create their businesses. Instead, the boy says that someone else did that.

That begs the question of who pays for a business’ failure. If someone else built that business, are they, or should they be, responsible for paying off its debts if and when it goes under?

If I fail, who pays my debts?
If I Fail, Who Pays My Debts?

The answer, of course, is that the business owner and only the business owner is responsible for paying his company’s debt in the event that his business fails. While, according to Obama, he is never responsible for its success, he is responsible for its failure.

In what passes for the Liberal mind, profits are to be socialized via confiscatory taxation but risks are to remain purely privatized. The collective mind demands accolades but spurns jeers, whether either come from individuals or the impersonal forces of the market.

Caveat: Size Matters

This all changes when the business is a very large corporation.In those rarefied, “too big to fail” instances, it will always be the tax payers that get saddled with the failed business’ debts. And, of course, the government will step in to determine just which creditors – their donors and supporters – actually get paid and which get told to shut up or face the consequences.

Related Reading:

The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness
How to Pay Zero Taxes 2014: Your Guide to Every Tax Break the IRS Allows
House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again
475 Tax Deductions for Businesses and Self-Employed Individuals: An A-to-Z Guide to Hundreds of Tax Write-Offs
Dreams from My Father: A Story of Race and Inheritance

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