July 19, 2011
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,...(Read Full Post)