Borrow Like There's No Tomorrow

Borrow Like There's No Tomorrow http://www.youtube.com/watch?v=PNYW702vCHI&NR=1

Foreign Debt http://www.youtube.com/watch?v=hHEJNOtL ... r_embedded

Let Our Kids Pay http://www.youtube.com/watch?v=UEPKMB5E ... r_embedded

12/28/2010

Borrow Like There's No Tomorrow

The silence lately about America's public debt problem has been deafening. When nobody wants to talk about a problem, avoidance is always a solid indication that we've gone into deep denial about that problem. The public debt is the well known "elephant in the room" that nobody wants to see. Thus I am and am not surprised at the tepid response to the Hugh Jidette (a word play on "huge debt") for president campaign. Here are a couple examples—

The facetious Hugh Jidette campaign is being run by the Pete Peterson Foundation. You can find the details at OweNo.com. Here's the challenge—

Here’s how we’ve gotten to this point: The federal government has to borrow money when the revenues it collects are not enough to cover the amount it spends — a budget deficit. Over the last 10 years and at other times in history, our government has run large deficits. During these years, the government has borrowed more and more to make up the difference. Today our accumulated national debt stands at a staggering $44,000 for every person in America.

Of course, like with a credit card, carrying a “balanceâ€