Only a politician would think the solution to our debt problem is more debt. So instead of dealing with the real issue –excessive spending – they just increase the credit line. What is even worse is the Senate and the President still has not passed a budget. Unless, and until, we get control of spending, we will not solve this crisis. And, we will not get control of this mess if we don’t have a plan – a budget.
The recent debt limit increase is the single largest increase in the debt limit ever and follows the previous largest increase ever ($1.9 trillion) back in February 2010. Since Obama took office the debt limit has been increased 4 times for a total of $5.379 trillion. The total of these increases, in just the last 30 months, are more than the increases to the debt limit from Aug. 1997 to Feb. 2009. So, in 30 months we have increased the debt limit higher than we did for the past 11 years.
Not a surprising result, when you refuse to actually budget your spending.
When you start talking about billions and trillions the number become so large and are a bit beyond our ability to comprehend. So, let’s take a look at this debt crisis and the debt ceiling increase solution and take it down to the household level. Because, at the end of the day, the government has no money, except from we the people.
As of Aug. 1, 2011, the total national debt outstanding is in excess of $14.5 trillion. There are approx. 82 million families in the US. So if we take the outstanding debt and allocate it to every family, this would equate to over $176,000 for every family.
This is like every family in the US having a credit line of $176,000 that is totally maxed out. And what is the political solution? Ask the US taxpayer for a 20% increase in that line when there have been essentially no principal payments ever. What do you think would happen if you walked into your bank and asked for a similar deal?
Unfortunately, most in Washington see nothing wrong with this and think it is totally proper to continue to spend more than we take in each month. They are only interested in getting re-elected and won’t make the tough choices needed to get this country back on track.
