http://fortune.com/2018/04/24/stacey-abrams-debt-georgia-governor/
she doesnt think her $200k in debt should stop her from being georgia governor.
she doesnt think her $200k in debt should stop her from being georgia governor.
Should Debt Disqualify You From Office
- Thread starter UCFWayne
- Start date
Most of that debt is non-recourse. He's signed on behalf of corporate entities.
Absolutely not. Having "debt" doesn't mean anything if you also have some multiple of assets. Now, net worth is another story; but, that would have to be qualified as well.
Back to debt: is the debt made up of actual liabilities or is there some amount that's considered a contingent liability? What type of debt is it? This lady owes back taxes to the IRS - I think there should be something said for that; but, she's running for state office and the IRS levies federal taxes, so they're disconnected.
I'll go a little libertarian and say that we shouldn't allow politicians to decide what criteria is to be used to determine candidate eligibility (other than the basics: being a citizen, filing the appropriate paperwork, etc.). Let the public decide whether she's fit for office.
I haven't followed the issue all too closely, but has it been documented/proven that it's non-recourse debt? I don't remember seeing a schedule of contingent liabilities.
Which is fine. Does Wayne want to split hairs over xyz debt vs. abc debt? He asked a general question. The politician in question also has a student loan. I'd say that's good debt, so to speak.
Slippery slope, as you said.
He comes from money, successful, and....very private. We've had some crossover with him....years ago. Years ago late-90's.
His reputation was "extremely" smart and very litigious. Not all that uncommon. Steibrenner shared the same rep for suing folks....and line around the corner to do business with him.
Since he's a smart guy with fantastic business savvy so, just bet most all debt. Non-recourse.
Like, technically disqualify? No. People can elect a person without a cent to their name if they want.
Disqualify from getting someone's vote? Maybe. She has $170K in freaking credit card and student loan debt AND she apparently wasn't paying her taxes since she owed $50,000 to the IRS. That's a pattern of bad decision making.
We also need to stop patting people on the ass who go into massive student loan debt. It's not good for anyone, it's not brave, and it's totally unnecessary. Especially when states are increasingly making it very affordable or outright free to attend a community college and defer 4-year tuition bills.
"$120K in student loan debt for a psychology degree? Seems legit!"
Disqualify from getting someone's vote? Maybe. She has $170K in freaking credit card and student loan debt AND she apparently wasn't paying her taxes since she owed $50,000 to the IRS. That's a pattern of bad decision making.
We also need to stop patting people on the ass who go into massive student loan debt. It's not good for anyone, it's not brave, and it's totally unnecessary. Especially when states are increasingly making it very affordable or outright free to attend a community college and defer 4-year tuition bills.
"$120K in student loan debt for a psychology degree? Seems legit!"
It's student loan and medical debt. The funny thing is that her opponent is making it an issue which I'm not sure is such a great idea. 1.) A lot of people have student loan ($1.3 Trillion) and medical debt. 2.) Her opponent defaulted on a $700,000 loan. Is debt that you pay better than defaulting on a loan?
When I was self-employed (just myself), at times, I've been in the hole as much as $70K, and that was in the mid '00s. Heck, even after a joined a major company, when I was traveling to/from NYC, I racked up $50K just in 6
Of course, I've also had as much as $60K outstanding in (overdue) Net30 too.
So if I had 2-4 employees, as a sole proprietor or S-corp, $200K in the hole wouldn't be uncommon. The average, successful, self or small business owner grosses over $250K/year, and typically has well into 6 figures of liabilities they cannot pay off immediately.
Of course, I've also had as much as $60K outstanding in (overdue) Net30 too.
So if I had 2-4 employees, as a sole proprietor or S-corp, $200K in the hole wouldn't be uncommon. The average, successful, self or small business owner grosses over $250K/year, and typically has well into 6 figures of liabilities they cannot pay off immediately.
