I’m not going to pretend that I fully understand the debt crisis. I’ve read copious articles on the subject and watched the news and I’m still a little perplexed on the whole subject.
However, what I do know is debt. I know that I have a credit card (or three!) and they have limits. When I start to get close to my spending limits, I can’t just call up the card issuer and ask them to raise the limit for me. No, I need to start curbing my spending, going without. Sacrificing some of the luxuries to ensure I can pay the bills. I need to be paying down on the debt so that I may be debt free, not just living with a constant revolving line of credit. Of course I CAN do this (and the credit card companies would be thrilled at the interest they’ll be making off me) but it’s not a responsible nor peaceful way to live ones life. Personally I’m an anti-debt kind of girl. I don’t owe on my car, I have very little credit card debt. The only debt I consider OK is for housing, but that’s just me.
Isn’t this US clusterfuck kind of the same thing? I understand that the US owes money to China, Japan, even the Caribbean. That’s a lot of the ‘bills’ that will soon be coming due – things like Medicaid, veterans payments etc. Things that arguably should go on the priority list of ‘things we really must pay.’
It seems to me rather than arguing about getting the debt ceiling lifted, someone needs to be asking the question about why we have such a huge debt to begin with and what can be done about making some changes to get this country back where it should be as the world’s superpower.
The last time the US was in a surplus was 6 years into a democratic power. In 1993 the Dem’s won the election. 6 years later, they managed to get the country running at a surplus. They maintained that surplus for a further 2 years and then lost the election to the Republicans. Those republicans kept the surplus for a further 1 year before running it into a deficit and continuing the increase in debt for a further 7 years. In 2009 a democratic president was again elected and it has remained in a deficit since. Source: DaveManuel.com
Again, I don’t know a lot about politics or debt, but if I was running the show Id find out who was working the budget in the 1993 era and call them out of retirement and put them to work.
What will become of this never-seen-before situation? Of course we have no idea, it’s unprecedented, but it seems that there’s a good chance we’re about to find out.
- Wall Street Officials: Debt Ceiling Woes Hitting Economy (blogs.wsj.com)
- What to Expect When Expecting a Debt Ceiling Breach (newsy.com)
- Debt Ceiling Delusions (marketsanity.com)