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TRC Blog

July 26 , 2011

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by Alan Shor, President. A timely topic of interest to all Americans is the national debt and our debt ceiling limitation. Every company in every industry is watching the intense debates on Capitol Hill with a close eye and with a hand on their wallets. On May 16, 2011, the U.S. Government hit the $14.29 trillion statutory limit that it can borrow to finance the obligations of our country. The Treasury Department is maneuvering the finances of the United States to keep the country afloat until August 2, at which point the United States cannot borrow anymore and will default on its obligations. If our elected officials cannot reach a compromise and the government does not raise the debt ceiling, we as a country cannot spend any more money and cannot pay our bills—for things such as Medicare and Medicaid, social security, and even our military. The commercial real estate industry will be impacted as much as any other. The most relevant concern for those of us in business is, of course, the credit rating debacle. Rating agencies have warned that they will downgrade the U.S. government’s AAA rating, which means interest rates will spike up, unemployment will get worse, and the economy will head into another recession. This will have a disastrous impact on the ability to leverage and close any real estate transactions. With partisan politics in full swing, this is a clear and troubling example of how our elected officials are a determining factor of our business fate. It is time to put aside political differences and put the American people first. In other words, Congress and the White House should just do their jobs in the capable manner we believe they can. Alan P. Shor co-founded The Retail Connection LP. in 2004. He serves as president and co-chairman and heads up the firm’s investment and merchant banking business. Contact him at ashor@theretailconnection.net.
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