All Politics

National Debt – Don't Believe the Hype

Let me begin this post by telling you that I am not an economist and I am neither Democrat nor Republican. Other than the cool job I have in the entertainment industry, I consider myself a regular middle class American with midwestern values, a good sense of humor, an irrational love for the Cubs and bacon cheeseburgers, and I am quite convinced that…

Here are the latest figures on the National Debt:
(If you can’t see the graphic, it shows the total Debt Held by the Public – 6.57 trillion, followed by Intergovernmental Holdings – 4.3 trillion, followed by the total, which is $10,881,159,722,022 and thirty six cents.)
The U.S. Government regularly updates the National Debt Info.
You can find it here:

The reason I mention this is that I need to tell you all something about the National Debt.


Well, it affects you, but not in any substantial way. Definitely not in any way that many economic conservatives (mostly republicans) would want you to believe.
True, we owe a lot of this money to China (whom we purchase a lot of goods from).
This explains why the U.S. has been merely giving lip service to China’s human rights violations.
True, it’s better for the country to not be in debt. If it makes you feel any better, most countries around the world aren’t doing much better than we are.

Economic conservatives continue to hammer in our brains the concept that the U.S. debt works the same as our personal debt, and that we should stop all spending, even the productive kind of spending, because it’s just digging a deeper hole for us to get out of.
But here’s the reality:

It’s too late for that kind of thinking! We’ve LITERALLY dug a financial hole to China! We’re almost 11 trillion dollars in debt. Our Economy sucks. Banks continue to be greedier than necessary, The Auto Industry is dragging their feet on making eco-friendly high mileage cars. People are losing their jobs because nobody is spending.
Many Americans are in debt up to their eyeballs (as of 2008, $951 billion in credit card debt alone) and on the verge of, or already in, foreclosure.

So, I ask all of you…
Bail out the public and stop throwing our money away to CEOs to pay for their private jets, superbowl parties and Sheryl Crow concerts!
Pay off the banks instead of bailing them out and ERASE THE PERSONAL DEBT RECORD.


Paying off the banks will give them immediately available funds to start lending again.

By paying off their debts, some people may still not learn their lesson about getting in over their heads, but erasing the debt and starting over would allow us to begin new, more responsible rules and legislation for lending to keep this from happening again.
Then people and banks will both have the opportunity to lend or borrow more responsibly.

REAL ECONOMIC STIMULUS:Americans, with less debt and more money in their pockets, will be able to put more back into commerce, thus jump-starting the economic recovery.

The banks, of course, will hate this because they will no longer have consumers by the short and curlies.
I say, “TOO FRICKIN BAD!” They’re not innocent in contributing to this financial mess we’re all in.
The old game is over. Time for the new one.

OK, so you’re one of those people who doesn’t want to “pass on the debt to our grandchildren”.
What makes you think that they’re not just going to do the same thing we do and pass it along to the next generation?
This debt is a virtual fairy tale. It’s the boogey man! It’s there to scare you into believing that we need to all tighten our belts and everything will be OK.
Well, I have another concept: You have to spend money to make money.

If you’re an economist or financial guru, I’d love to hear your take on these ideas.

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