Saturday, July 2, 2011

Can You Borrow Yourself out of DEBT

I honestly wish I was smart enough to understand the economy. I wish I was smart enough to know who was. Remember Greenspan? I used to try to understand what he was saying, the guy must be very smart. His IQ is 155, Einstein was 160+, at age 18 mine was 145. (Now it is 63.5). But my score on the rifle range was 239. (Now that is genius in the USMC)

(Did you know that IQ rates one’s ability to REASON! Not your education level or knowledge.)

Alan Greenspan

I am not very educated, but I have ALWAYS  known that we could not spend more than we made. Now don’t give me the LOUD argument that, “the Republicans have done this.” I don’t even want to hear “The Democrats done this.” They both are at fault. they both have been in power at one time or the other and for the last 50-60 years we have been steadily headed for bankruptcy. 

reps and dems

Every congress has agreed to more spending.  More give away programs, more grants. Forgiving more loans, etc. All for the sake of more votes. The politicians saying, “LOOK WHAT I HAVE DONE FOR YOU!”

It is  strange to me, that after dreaming up so many programs ( pay you not to grow, pay you not to cut, pay you not to work etc), once they are enacted,  YOU CANNOT CUT THEM. They become entitlements. IF a politician does not have the money, he surly cannot cut the programs or he will be voted out, SOOOOOO, the Congress votes to borrow more money to finance these programs, (the ones we could not afford to begin with). Many countries in the middle East and Europe are in trouble for spending more than they had.

Greece is in deep trouble. The Parliament is being forced to cut programs and the people do not like it. I don’t blame the people, I blame the politicians who got them into the mess.

Now this Debt Ceiling thing we are facing. It sounds like the argument given for the BIG BAIL OUT, the sky is falling down if we DO NOT DO THIS!  And it may well be. All I know is, AN AMERICAN FAMILY CANNOT BORROW THEMSELVES OUT OF DEBT, THEY SINK FURTHER IN DEBT, THEY ONLY DELAY THE INEVITABLE, someone is coming to come and get the car, the house the furniture the TV, etc.

take back man

So my question is, how does China collect on the debt? They sure ain’t coming over to get the empire state building and taking it home. (They cannot have the Golden Gate Bridge I already bought it). They can’t take Ft. Knox, the boys want let ‘em have it.

I am just frustrated at the ‘intelligent (?)’ men we have elected, that do not understand a basic budget, when the pocket is empty, you stop spending.

We are in deep trouble, led there by politicians. If you are a Democrat, it is the Republican’s fault.  IF you are a Republican, it is the Democrat’s fault. There should be a mass firing of every one who has been in Washington over 12 years.  Some should be fired who have been there less than 6.

Knowing that politicians are making this decision…… the debt ceiling will be raised, and we go deeper in debt.

Nite Shipslog

PS: the Washington creed:

> Tax his land,
> Tax his bed,
> Tax the table,
> At which he's fed.
> Tax his tractor,
> Tax his mule,
> Teach him taxes
> Are the rule.


shirl72 said...

Brother you know your title with the family was

I don't understand the mind of our politicians. I think they leave their minds at home and get a new mentality. They forget about the real world.
The mind is replaced with big money. You can
also call it greed. I agree they all need to go
and get new blood who remembers the real world.


I'm mostly known as 'MA' said...

We none of us should never spend more than we have. I had the experience of doing that and it took a lot of work and long hours to over come it and get out of debt, but I did it and it feels great knowing that everything I have is paid for and I don't owe anyone for anything. Now the only bills I have is utilities, taxes and insurance. It's a great feeling. I may lead a simple way of life but for me it is a great one. Hope you all are enjoying a great day there. It's overcast and threatening rain here but that is keeping it cooler so that is a good thing.

Anonymous said...

He always represented America for me, whenever I saw him on CNN. And yes, it feels as if life was easier, when he was in charge.
Please have you all a good Sunday and 4th of July as well.

betty said...

So 239 for the rifle score was considered genius. What was the highest score possible? Good for you for them calling you a genius!! 145 for IQ is pretty impressive too; I'm thinking it is still very high up there!!

Totally agree with you, we have got to stop spending money. My nice's husband is a financial planner. I asked him recently if he thought we were making any improvement in turning this recession around. He said he saw a bit of hope, but he said that while people, average people like you/Sherry, me/hubby, are paying our debt (assuming we have debt) government needs to start practicing that principle to pay debt, not borrow more and cut expenses like the average person has done. I have to agree with him and what you said. Hubby is a bit concerned about what is happening with Greece, who can blame him? Its a terrible mess!!!

on that note, have a Happy Fourth!!!


Anonymous said...

Pictures of Greenspan always remind me of Woody Allen. When I was young I lived very frugally & banked or invested every extra no, I don't think you can borrow yourself out of debt.

I've had people over the years tell me I was "lucky" I had money. Uhm....I worked really hard, all the time, & saved & invested. It that is what is called lucky, then I guess I am lucky.

Lucy said...

You are a genius, Jack. As far as I am concerned as you said, the democrats and republicans both are to blame. It is actually childish in both parties. As for our families personal debt, unless any of you have walked in our shoes , you can not know what it is like to be in debt. It is a necessity at times. The difference is poor paying jobs as we were trying to establish our lives, unexpected expenses, 5 kids. We were out of debt when we retired., but a leaky roof and health problems, and no raise in our checks for 2 years, "because the cost of living has not gone up". Let them go buy groceries, pay utilities, deal with poor paying health Insurance and I could go on and on, but I will just say, you hit the nail on the head about our politicians and our country, but I still would not want to live any where but the good old USA, even with all it's problems. Thank God for the men and women who are fighting for our country.

Sandy said...

This could very well be the last 4th. we celebrate as a nation, if the government has it's say. For over 60 years the government has been trying to get the "We the People" to fall asleep so they could put us in worse bondage than the king of england did way back when.....This government believes that they own us and can only give us a small stipend to keep us thinking that we are free.....So, while we keep giving the hungry giant more and more without standing up and saying "We the People" have finally read the constitution, we will still be slaves to the government.
That's my 2 cents worth....
Have a blessed 4th.

Fred Alton said...

Is this "mess" we're in going to bring us under the rule of a foreign power finally? I remember one foreign leader who promised "We'll take over your nation without firing a shot!" He must have been reading the Bible: "The borrower is servant to the lender." (Proverbs 22:7b)

Rose said...

I for one think you are a "Genius"!

Hugs, Rose

Ken Riches said...

I think there will be a compromise that will start to dent the debt, but it is going to take real leadership and the understanding that we are all going to have to share the pain. I think the biggest recent mistake was not to put some type of war tax in place to pay for Iraq and Afghanistan.