For those of us that lean fiscally conservative the following headline was meant to give solace to the frighteningly steep rise in our nation’s debt;
The borrowing refers to the need to yet again raise our debt ceiling and allow politicians the ability to spend more by borrowing more. I, unlike the article’s author, used the term “politicians” rather than just Obama when referring to the one(s) doing the borrowing. This story is should be primer on how the political class (both right and left and middle) play the game to ensure that they stay in power while seeming to play to their bases.
There was a news item a few days ago that got very little attention yet was perhaps the story of 2012 less than two weeks into the new year. It should have been front page above the fold with a bold, red headline. The total debt of the United States now exceeds our Gross Domestic Product, or
“The 100% mark means that your entire debt is as big as everything you’re producing in your country.”
“Economist Mark Zandi of Moody’s Analytics says reaching the 100% mark shows ‘the grave need to address our long-term fiscal problems.”
There are far too many examples of lame-stream media outlets subtle and more often overt characterization of GOP as greedy corporate shills while Democrats are looking to save the world.
Part 1: The latest example is regarding Michelle Obama’s foray into the business of public school lunch programs. I am not sure where in the Constitution that the federal government has the authority to tell some local school district what to do about school lunches, but according to the way the Associated Press tells it,
“House Republicans are pushing back against Obama administration efforts to promote healthier lunches…Republicans say the rules are too costly.”
Personal Finances: My wife and I have amassed some decent credit card debt by spending more money than we had available, or deficit spending. Since we are blessed with a good credit rating, the banks are always willing to raise our credit limit. They are just so nice about that. Rather than take advantage of those nice folks’ offer, we are in the process of reducing that debt through a number of means. We are going to have to spend less, sell some investments, and restructure some debt, but should have it eliminated within the next three months. Although it will be hard, but we feel that there is a need to eliminate this debt.