Random Thoughts: The Debt Iceberg

Just found an online chart that describes succinctly what I thought upon hearing that they’d raised the debt ceiling recently here in the US.

I don’t know anything about the man who made it, other than what he wrote about it, but like it because it’s bipartisan and addresses the national problem in the same way that I think of it, in terms of personal finances.

There is a good reason why credit card holders aren’t allowed to raise their own credit limit – most of us will run it deeply into the red.

Why should a nation, whose finances can cause so much grief when (not if) they fail, be allowed to do so?
 

debtchartfw2
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By the frame of the Government under which we live this same people have wisely given their public servants but little power for mischief, and have with equal wisdom provided for the return of that little to their own hands at very short intervals. While the people retain their virtue and vigilance no Administration by any extreme of wickedness or folly can very seriously injure the Government in the short space of four years.

Rightist wing-nut?

Actually the South had far worse terms than that for Abraham Lincoln when he was first elected.

We Americans are the problem – not “politicians” or “Washington” or some other construct – this country is still “We the people” all the way.

Several generations before us somehow got hold of a massive credit card, and ever since, we’ve been running deeper and deeper into the red. Now we just do it routinely as a tradition, sort of a combination of Christmas and Vegas every day of the year.

Like any other addiction, our dependence on credit is accelerating rapidly over time.

That’s all the real truth of the matter – and no journalist or politician who wants to still have a job next week dares point it out to us.

Perhaps the most wonderful thing about America is that nothing is ever over with here until it’s done right (as in correctly and with as much justice as is humanly possible).

Our finances must balance out eventually, but even if that could be done right now, it would cause incredible hardship, suffering and short-term massive losses for this country.

However, postponing the day of reckoning is only going to make it much, much worse for everybody here and around the world.



Categories: Random thoughts

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