Sunday, July 17, 2011
The government borrows 40% of what it spends. One solution to living off of credit is to raise the credit limit while another is to not spend as much. The former is characterized as the reasonable thing to do to avoid an unthinkable outcome. The latter is a bomb throwing step toward economic calamity. Now that we have identified who to blame it only remains to implement the reasonable, moral and caring solution. Raise the debt ceiling for everyone: people with too much credit card debt – raise their borrowing limit; people who bought homes they could never afford – refinance and give them more cash to spend; national debt – borrow and spend. What could go wrong?