As The Debt Turns
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;
House votes to deny Obama more borrowing authority
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.
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. 