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Spenders, Borrowers, Lenders, Guarantors, Taxes and who's on first?
Lets see if we can get this debt limit mess straight.
Spenders = US Federal Government
Borrowers = US Federal Government
Lenders = mostly foreigners - governments, businesses and individuals
Guarantors = we the people pay later
Taxes = we the people pay now
Our government wants to spend more money by borrowing more from lenders who might bet that the guarantors will eventually pay off the borrowed money with interest even though the guarantors will have less resources with which to pay tomorrow due to increased taxes today.
What about the guarantors - we the people? Our President daily threatens us that if we do not let him continue to spend more by borrowing more we the people will personally suffer massive financial disasters. He continues to demand higher taxes now while claiming he supports unnamed reductions in spending sometime in the future. Some members of Congress continue to say enough is enough, and that they were sent to Washington to represent we the people - you know, those guarantors.
Abbot and Costello. 1945, "Who's on first?" Watch the Youtube.
Good, now read on.
Somehow we sent people to Washington who (he is on first) are even more confused about what (he is on second) and why (left field) they cannot decide today (catcher) what (second base) they need to do to provide prosperity for tomorrow (pitcher). Our President says I don't care (shortstop) about tomorrow (pitcher) because you need to believe my promises and threats today (catcher) so I can be re-elected tomorrow (pitcher).
If it were not so serious, we would be laughing even more at the comedy in Washington than the millions of us who broke out in uncontrolled laughter at Abbot and Costello.
In the real international world of finance, it is the lenders who set debt limits either by "just saying no" or by increasing interest rates and terms to the point where the borrower eventually comes to his senses. The lenders are now expressing serious doubts that the guarantors understand the gravity of the situation and in their ability to eventually pay.
We do care and we do know from third base who is on first base, what is wrong on second base, why left field is lying and what needs to be done today to assure prosperity tomorrow.
In the US, it is the guarantors who set the debt limit. Guarantors own the team. Guarantors fire the manager and any or all of the players. This must happen in November 2012. Meanwhile, we must do everything possible to stop the errors, balks, wild pitches and passed balls. We must be on the alert for the double steal ($) and of course expect the umpires to be blind and those calling the game to be home teamers (WDC).
Tell your family, friends, neighbors and elected officials at all levels "game on". It is time to fill the stands with knowledgeable fans who support in every way possible the winning team while making it clear to our opponents that they are about to be locked out.
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