Friday, August 8, 2008
The other day, I discovered something horrifying. This is the national debt clock and it calculates how much the United States (as a country) owes. Now I am not an economist, so I look at this as I would an individual. If a person keeps borrowing and borrowing money, eventually, they get into trouble. They can no longer pay what they owe (as a nation, we are almost there if not there already), and eventually, no one is going to loan them any more money. People who are against increasing the national debt often talk about the legacy that leaves our kids. I don't think that is an effective argument because too many people don't care about anything but themselves. I think a better argument would be To discuss what will happen to us when nobody will lend the country any more money. With an individual, at this point, they start going to loan sharks. According to TV (my only experience with loan sharks), a loan shark will break your legs if you don't pay back the money you owe. What is going to happen when the U.S. has to start borrowing from loan sharks. Are we all going to end up with collectively broken legs?