I've been thinking about this for a couple of weeks. I heard one man talk about the debt crisis in real money terms. It's like we have $20,000 in yearly income and we're living on $40,000 per year. The extra 20k is borrowed. And the latest agreement from our governmental leaders is a mere $300 in savings. It looks like it will all come crashing down sooner than later.
The following user says Thank You to TomC for this post:
Yes, me to have similar feelings. How long can this thing keep on going like this ? If we just make 20K in an year, then how can we afford a living standard of 40K based on borrowing the money from others ! Sooner or later we will have to face the realty.
Keep in mind, it is not as simple as just stopping all spending beyond our limits (the extra 20k, in this example). I mean sure, that is the common sense solution. But we have been spending so much, for so long, that stopping now also means sending this country (and world, probably) entire the biggest depression it has ever seen.
So you have to find better ways. Just like someone that is addicted to drugs, you may kill the person if you just stop cold turkey. They need to go to rehab and learn how to live without the drugs. In this case, we need to go to economics class and learn how to slowly ween ourselves off the tit of credit.
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