What a great idea for financially strapped families. Every time the family can’t pay its credit card debt, the bank obligingly raises the limit to give them more spending money. Easy fix. Until the monthly interest builds up to more than the family income. What then?
This is the problem the USA faces, and “raising the debt ceiling” is the same as raising their “credit card limit.” The Democrat penchant for bigger government and the increased spending that supports it—especially Obamacare—consistently raises the US debt to more than their “limit.”
Debt, and a government that consistently increases the debt, is the major crisis facing the States. The Republicans need to attempt drastic action to stem the debt tide—but not the current or similar games that could make the problem worse.
Unfortunately, the US government policy of debt accumulation to achieve their desires is an example most American households copy. So, until some sanity prevails, the majority of Americans will vote for a government that approves their financial foolhardiness by example.
If the world’s economy is largely dependant on the United States economy, the current course of US financial policy will spell disaster for the world—perhaps worse than a new world war might do! Perhaps we voters need to be the example, and rein in our personal debt.