$50,000 of income and $315,000 in Credit Card debt – What are you thinking???
I think that we can all agree that if we had a friend who only made $50,000 each year, but had $315,000 in credit card debt, we would be worried about that person’s mental health…
If they asked you for help, would you recommend that they work 6 jobs so that they can continue spending the same amount of money and never get out of debt? Or would you recommend that they take on one extra job while drastically reducing their spending while trying to pay off their credit cards?
Of course, you would likely do the latter. When you have a spending problem, it is okay to want more income, but controlling your spending is an absolute must in order to get your house back in order.
If the United States Government was a person, they would be this person!
Unfortunately, our government has chosen neither of the options outlined above. They have basically taken on a few extra hours at work (in the form of more taxes) while deciding to spend even more than ever before (in the form of ObamaCare).
The Democrats have decided that they do not want to cut spending, because they think they can raise enough taxes to get out of this mess. Here is the truth, they could raise everyone’s taxes by 25% right this second, and use that money solely to pay off the debt, and it would still take 15 years to get back to even. That doesn’t even count the Trillions of dollars they are adding to the debt each year.
Conclusion: The debt is too big to tackle by raising revenue without cutting spending.
The Republicans believe that we can stop cut spending, without raising taxes, and get this mess under control. Here is the truth, in order to make this work, the government would have to cut 90% of its spending for the next 20 years in order to achieve this goal.
Conclusion: The debt is too big to tackle by cutting spending without raising revenue.
The sooner we can all agree to these simple facts, the sooner we can help our dysfunctional friend get back on their feet.
We do not need conservatives, we do not need liberals, we just need people who know how to do math. Anyone out there fit that description?
If so…Please, Please, Please run for congress!
This is not about political parties, this is about a person who is riddled in debt looking themselves in the mirror and deciding that today is the day to stop living a lie. Today is the day when they cut back on what they can live without. Today is the day when they decide to spend more of their time working hard to make some more money so they can pay off some of their debt. Today is the day to make a plan, execute a plan, and endure some tough years on their way to achieving the American Dream.
If they don’t, the American dream as we know it will not be available to any one of us in the future…
- Obama’s victory on debt ceiling comes at a terrible price (cornhusker4palin.newsvine.com)
- Robin Koerner: The USA Defaults — on Its Constitution (huffingtonpost.com)
- Government Reopens, Spends $328 Billion In A Single Day (personalliberty.com)