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May 11, 2010
Party our way to the poor house
American Thinker readers are well aware that the Obama administration is burying future generations of Americans under trillions of dollars of unprecedented and unimaginable debt. The TEA party is a pushback. The problem is, TEA partiers have a lot of work to do before we can even think about having a party.
We must acknowledge and rectify our own culpability. Consumer Debt Statistics show every man, woman, and child owes $8,100 on personal debts. Thus, the typical family of four owes $36,000 on cars, boats, and credit cards. The household debt gets deeper when you include mortgages. The Federal Reserve reported the 2009 household total debt (mortgage and credit-card balances) was $43,874 per resident; man, woman, and child. The typical family of four owes $175,000. Who is to blame for household debt? Who wants the government to stop deficit spending? Tell me how this is not hypocrisy.
We must get our own finances in order. Higher inflation and more taxes are about to hit us. How will these increases effect take home pay? Will we party our way to the poor house?