What IF the Debt Limit WAS Zero?


by OPOVV, ©2013

Why is borrowing a matter of course for Congress?

(Dec. 17, 2013) — So you grew up. You got married and then you learned about credit card debt,mortgages and car payments. And you learned the hard way about trusting the bank to deposit the cash as you asked them to, and you’re still liable for the overdraft fines even though you talked to the bank manager on Friday and all the checks you wrote on Saturday are bouncing as if you’re trying out for the Harlem Globetrotters. “Why, Mr. Smith, it’s just the bank’s policy to hold cash deposits for five days” is all the help you’re ever going to get.

So you learned the hard way. You learned that “Keeping up with the Joneses” is a one-way ticket to the poorhouse, and who’s to say the Joneses aren’t on that same one-way track keeping up with you? You finally learned the benefits of saving for a car and paying cash rather than making monthly payments. You grew up.

You’ve invested widely, from Blue Chips to Cow Chips and, on the whole, stayed in front of inflation and haven’t put all your eggs in one basket, no matter how tempting the outcome.

You’ve learned to live within your budget, and your budget doesn’t included paying interest on loans. You’re “loan-free,” interest-free, and debt-free. You’ve “been there, done that,” meaning that you’ve had a car repossessed and had the phone ring at 7:00 a.m. on a Sunday morning from a bill collector. You have a living knowledge of what it takes to be economically responsible: keeping the wolves at bay means you don’t feed them in the first place. No debt. No borrowing. You’ve set your debt limit at ZERO. You’ve arrived. You grew up.

Now, all you have to do is make the idiots in Congress learn what you’ve learned. You write letters and urge them to “live within the means available,” but they ignore you. You implore them not to borrow any more: the debt limit has been set at ZERO.

You see foreign investors buying up America. You see the Federal Reserve pumping worthless currency into the economy, even while more and more people are demoted from full-time status to part-time. You see your neighbors on Food Stamps. You see Congress unresponsive to the will of the people. You see the government isn’t “for” nor “by the citizens.” You see the debt rise, yet Washington continues to endlessly debate the “National Budget” as if they’re somehow “in the know,” “fiscally responsible,” and know more about balancing the nation’s finances than you.

Well, at least you know to live within your means, something that any accounting student would tell you. A business’s first priority is to keep its head above water, something, clearly, that our legislators have yet to learn.

Step one is to set the debt limit at ZERO.

If you don’t have the money to pay for it, you do without. It’s really that simple.


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