Once U.S. debt deal passes, average American will not notice a difference


NEW HARTFORD, N.Y. (WKTV) - It was a huge relief and a huge "wake up call" for lawmakers to come to an agreement on how to handle America's debt ceiling, said one financial planner Monday.

David Griffith, President of M. Griffith in New Hartford, says that once the debt ceiling debate is over, the federal government can get back to growing the economy. Griffith said he "could not begin to explain" how bad things would have been for the country if the Government defaulted. Instead, most Americans will not notice a difference with the impending deal, he said.

The agreement takes away the uncertainty and puts a focus back on creating jobs, said the financial investor of more than 40 years. Griffith believes a budget crisis becomes less of one if the economy can grow again.

"If the federal government were a business or individual who went down to the bank and said 'I am spending more every year but you need to loan me more money,' the bank would tell you that is not going to happen," Griffith said. "Even though they are the federal government, the most powerful entity in the world, even they can not borrow like this and spend like this."

Griffith says the average American will not see a difference once the agreement is final.

He said that in the future, those who rely on entitlements, such as Social Security and Medicare, will notice a drop off in what they receive.

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