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National Debt Situation

Monday, November 23rd, 2009
Posted in Advice by Joel Gross

A while back I did several posts on the national debt situation in America.  I haven’t done any since, not because the problem was resolved but because the problem only has gotten much worse.

America is like a foolish 18 year old girl who loves MySpace and her dog, but doesn’t understand the concepts of fiscal responsibility or basic debt management. We buy tons of new clothes, shoes & trips (Medicare, Social Security, national health insurance, wars in iraq & afghanistan, foreign aid to other countries, huge bureacracy, etc) but neglect to pay our credit card off each month.  Instead, we carry the balance over and get even more in debt.

Unfortunately America, unlike the 18 year old girl, has no daddy to rely on to pay off her foolish purchases.  America instead is relying on future generations to foot the big bill.

The eventual collapse may be coming sooner than we think… when interest rates rise again from their artificially low current rate, our debt payments necessary will balloon.  At some point, people will stop extending our country credit and our economy will plunge into chaos.

Cheery future.