Abuse of Credit….and unpayable DEBT….is one of the reasons for a Heavenly Judgment that is nearer than ever before…..Revelation chapter 18. -Thank you, Lisa! Leaders of states and nations, who long ago gave up on fiscal responsibility, have Payday coming.
The good thing about all this inflation is that today’s kids are learning to count in such higher numbers (trillions) than when I was a kid. I remember, back in the old days, that a million (1.000.000) dollars was a lot of money. They even had a tv show about some eccentric rich guy giving away money. It was called, “The Millionaire.”Then, with reckless spending, the big number became billion (1,000,000,000), and I thought that was a heck of a lot of money, but today, we talk about trillions (1,000,000,000,000) of dollars as if they were nothing to be alarmed about.I wonder if we’ll hit quardillion (1,000,000,000,000,000) in my lifetime. That would be sad.
This will continue to be a problem until we can reign in governments that are quite happy to spend the future earnings of our children and grandchildren to curry favor with todays voters who want to live well but don’t want to have to pay for it.
Governments around the world need to be restrained back to spending the money that is available and not the money that they can get on credit. That means: Smaller Military’s, Smaller Social Welfare nets, Less laws and regulations, etc. etc.
I guess most people would never be able to afford a home either. It is much easier to espouse glittering generalities to reinforce one’s opinion than to actually become informed.
$100 trillion world debt is meaningless without context, which is too complex for this forum. But consider – there is good debt and there is bad debt. Good debt – debt for long term purposes for such stuff as to develop the nation’s infrastructure (roads, bridges, ports, etc.), develop the nation’s productive capacity (research, education, etc.), and to develop the nation’s resources (wind power, solar energy, nuclear power, etc.). Example – President Eisenhower’s Interstate highway system, Hoover Dam, and a number of other such major projects. Bad debt – debt to pay for current consumption – stuff that is mostly consumed within the year, but the debt to purchase the stuff carries on indefinitely. Examples are ill conceived wars, social programs, and various industry subsidies. If you can’t pay for these items from current income you shouldn’t incur the expense. If you have to have the item, raise the revenue through taxation or whatever..Governments are making two mistakes. Firstly, they have borrowed far too much to pay for current consumption and have been far too reluctant to pay for current consumption such as wars and social programs from current revenue. They have treated long term debt as if it is revenue, which it isn’t and which doing so leads to financial difficulties as illustrated by the 2008 financial meltdown. Secondly, they have been too reluctant to borrow for long term productive purposes, which will enrich the nation, increase GDP, increase tax revenue, and thus manage the debt responsibly. It is a mistake in the current environment of historically low interest rates and high unemployment not to be borrowing for productive purposes to get the nation back to work and to develop the nation’s productive capacity..Unfortunately both these errors in administration are too wrapped up in politics. Governments continue to pay for current consumption with long term debt to curry favor with the voters by giving the appearance of prosperity. And, as is currently happening in congress, an opposition House will not approve capital expenditures for productive purposes which will get the economy moving, but which will also make the current president and administration look good. The contradiction is that they (mainly the tea-party types) refuse capital borrowing in the guise of financial responsibility, which it is not. It is pure politics.
@Genome – The difference is – When I buy a car, or a home or something on a credit card ; it is with the assumption that I will eventually have to pay for it. That means I am very careful to only use credit when the value of what I am buying will last a long time.
Contrast that to Governments borrowing money today to give to the needy and the wanting who spend the money immeidately on whatever: food, medicine, housing, clothes, etc. The money is gone and we don’t have a lasting asset to show for that borrowing. But not to worry because the people who made the decision to borrow the money, and the people who spent the money don’t have to pay for it. The just push it on to the backs of children and grandchildren. Making it even harder for them to run a responsible government in the future.
We, the US, don’t have a good credit rating anymore because we have demonstrated ourselves to be fiscally irresponsible. So our interest rate is NOT zero. It’s close, mnd you, because many other creditors are even worse but it isn’t zero. Someone will have to pay. But those with their hands out continue to demand more and more.
Credit is a good thing when used responsibly. I have no probelm with a Government borrowing money to improve or install necessary infrastructure. I do have a problem with a government that borrows money so that it can hand it out as vote buying largess to the rabble that keep them in office.
@Trusted – Now who is using generalities. You assume that because we espouse fiscal discipline and self reliance that somehow we were born with more advantages then others.
And you are absolutely wrong about there being only one winner. There can be many winners and there are. Lots of people who are doing well in this economy but they all seem to have the same things in common: Self reliance, Self discipline, an ability to live within their means and a willingness to work hard.
Hi! Sorry that I couldn’t get back to you sooner. I was at work.I find Thomas Jefferson’s Bible is a great concise moral guide. All versions of the Bible that I have read quote Jesus himself on the matter of “the eye of the needle”, and there doesn’t seem much room for misinterpretation. Perhaps you can enlighten me with reference to specific passages of a given version? My King James version is handy.
CCNJ say the sky is falling said, in regards to a discussion about “the eye of a needle” reference in the Bible, " So you don’t know it, either. Ok."Incorrect. I teach reading, so when I read the following, I have a good idea what it means.
From the King James version: “And again I say unto you, It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.” That’s Matthew 19:24, and attributed to Jesus, who is speaking to his disciples.
There is little room for misinterpretation there. Good luck trying.
russ5419 said, 1 day ago @disgustedamerican “Please keep you’re religious beliefs out of this.”-@russ5419=Are you trying to discriminate against Bible-believing posters?Do you think the First Amendment of the US Constitution isn’t applicable to Christians? Are you a member of the Last Days persecution of God’s People?
The Jefferson “Bible” was incomplete because Ol’ Tom took scissors and cut out everything he didn’t like, thereby putting himself under the curse at the end of Revelation about punishment to any human adding to or subtracting from God’s inspired Word.
-The “eye of the camel” was a very low city gate that a camel had to get down and crawl through, but a determined camel driver could get his camel through with the goods to sell that he had packed onto the camel’s back.-As to salvation, “educated” and “rich” people tend to think themselves above the need for repenting of their sins and asking God the Creator for forgiveness and for the free offer of eternal life with God. That is the Biblical difficulty that rich people tend to have. And God’s Word says (I paraphrase) so what if you gain the (riches) of the whole world, and thereby lose your soul and your opportunity to be granted to have your name inscribed in the Lamb’s Book of Life. The Lamb being Jesus, the Son of God who died to pay for our sins.-(P.S. that is what the Judaic Seder, or Passover, is all about, but most Jewish people have been blinded to the true meaning of God’s Exodus Seder meal. Egypt is the symbol for a Life of Sin. Sin is rejecting God’s scriptures and making up a “human religion” instead of God’s commanded worship that Jesus completed on the Cross and continued after Jesus’ resurrection in the Acts Jerusalem Jewish “Church” that awaits the next phase of God’s Plan…found in the Bible.)
Dtroutma about 10 years ago
The military industrial complex, IS a world organization, thus debt.
Anters55 about 10 years ago
Keep doing what you’re doing Lisa – your editorials are straight on.
kline0800 about 10 years ago
Abuse of Credit….and unpayable DEBT….is one of the reasons for a Heavenly Judgment that is nearer than ever before…..Revelation chapter 18. -Thank you, Lisa! Leaders of states and nations, who long ago gave up on fiscal responsibility, have Payday coming.
alan.gurka about 10 years ago
Pumping up the economy?
The good thing about all this inflation is that today’s kids are learning to count in such higher numbers (trillions) than when I was a kid. I remember, back in the old days, that a million (1.000.000) dollars was a lot of money. They even had a tv show about some eccentric rich guy giving away money. It was called, “The Millionaire.”Then, with reckless spending, the big number became billion (1,000,000,000), and I thought that was a heck of a lot of money, but today, we talk about trillions (1,000,000,000,000) of dollars as if they were nothing to be alarmed about.I wonder if we’ll hit quardillion (1,000,000,000,000,000) in my lifetime. That would be sad.Mephistopheles about 10 years ago
This will continue to be a problem until we can reign in governments that are quite happy to spend the future earnings of our children and grandchildren to curry favor with todays voters who want to live well but don’t want to have to pay for it.
Governments around the world need to be restrained back to spending the money that is available and not the money that they can get on credit. That means: Smaller Military’s, Smaller Social Welfare nets, Less laws and regulations, etc. etc.
Theodore E. Lind Premium Member about 10 years ago
I guess most people would never be able to afford a home either. It is much easier to espouse glittering generalities to reinforce one’s opinion than to actually become informed.
Gypsy8 about 10 years ago
$100 trillion world debt is meaningless without context, which is too complex for this forum. But consider – there is good debt and there is bad debt. Good debt – debt for long term purposes for such stuff as to develop the nation’s infrastructure (roads, bridges, ports, etc.), develop the nation’s productive capacity (research, education, etc.), and to develop the nation’s resources (wind power, solar energy, nuclear power, etc.). Example – President Eisenhower’s Interstate highway system, Hoover Dam, and a number of other such major projects. Bad debt – debt to pay for current consumption – stuff that is mostly consumed within the year, but the debt to purchase the stuff carries on indefinitely. Examples are ill conceived wars, social programs, and various industry subsidies. If you can’t pay for these items from current income you shouldn’t incur the expense. If you have to have the item, raise the revenue through taxation or whatever..Governments are making two mistakes. Firstly, they have borrowed far too much to pay for current consumption and have been far too reluctant to pay for current consumption such as wars and social programs from current revenue. They have treated long term debt as if it is revenue, which it isn’t and which doing so leads to financial difficulties as illustrated by the 2008 financial meltdown. Secondly, they have been too reluctant to borrow for long term productive purposes, which will enrich the nation, increase GDP, increase tax revenue, and thus manage the debt responsibly. It is a mistake in the current environment of historically low interest rates and high unemployment not to be borrowing for productive purposes to get the nation back to work and to develop the nation’s productive capacity..Unfortunately both these errors in administration are too wrapped up in politics. Governments continue to pay for current consumption with long term debt to curry favor with the voters by giving the appearance of prosperity. And, as is currently happening in congress, an opposition House will not approve capital expenditures for productive purposes which will get the economy moving, but which will also make the current president and administration look good. The contradiction is that they (mainly the tea-party types) refuse capital borrowing in the guise of financial responsibility, which it is not. It is pure politics.
Mephistopheles about 10 years ago
@Genome – The difference is – When I buy a car, or a home or something on a credit card ; it is with the assumption that I will eventually have to pay for it. That means I am very careful to only use credit when the value of what I am buying will last a long time.
Contrast that to Governments borrowing money today to give to the needy and the wanting who spend the money immeidately on whatever: food, medicine, housing, clothes, etc. The money is gone and we don’t have a lasting asset to show for that borrowing. But not to worry because the people who made the decision to borrow the money, and the people who spent the money don’t have to pay for it. The just push it on to the backs of children and grandchildren. Making it even harder for them to run a responsible government in the future.
We, the US, don’t have a good credit rating anymore because we have demonstrated ourselves to be fiscally irresponsible. So our interest rate is NOT zero. It’s close, mnd you, because many other creditors are even worse but it isn’t zero. Someone will have to pay. But those with their hands out continue to demand more and more.
Credit is a good thing when used responsibly. I have no probelm with a Government borrowing money to improve or install necessary infrastructure. I do have a problem with a government that borrows money so that it can hand it out as vote buying largess to the rabble that keep them in office.
Mephistopheles about 10 years ago
@Trusted – Now who is using generalities. You assume that because we espouse fiscal discipline and self reliance that somehow we were born with more advantages then others.
And you are absolutely wrong about there being only one winner. There can be many winners and there are. Lots of people who are doing well in this economy but they all seem to have the same things in common: Self reliance, Self discipline, an ability to live within their means and a willingness to work hard.
TCulberson about 10 years ago
Why should Disgusted American keep their beliefs out of this?
dzw3030 about 10 years ago
Full discloser please! Terry Pratchett is a damn good writer of fantasy novels, not an economist! I have that book, it is funny and a fantasy.
piobaire about 10 years ago
Hi! Sorry that I couldn’t get back to you sooner. I was at work.I find Thomas Jefferson’s Bible is a great concise moral guide. All versions of the Bible that I have read quote Jesus himself on the matter of “the eye of the needle”, and there doesn’t seem much room for misinterpretation. Perhaps you can enlighten me with reference to specific passages of a given version? My King James version is handy.
piobaire about 10 years ago
Do continue, please.
piobaire about 10 years ago
CCNJ say the sky is falling said, in regards to a discussion about “the eye of a needle” reference in the Bible, " So you don’t know it, either. Ok."Incorrect. I teach reading, so when I read the following, I have a good idea what it means.
From the King James version: “And again I say unto you, It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.” That’s Matthew 19:24, and attributed to Jesus, who is speaking to his disciples.
There is little room for misinterpretation there. Good luck trying.
Mephistopheles about 10 years ago
@piobaire – And yet we also hear from John 3:16 Who so ever believeth in me shall not die but have everlasting life.
We can throw scriptures at each other all day but that doesn’t make it right to steal wealth from the productive to hand to the indolent
kline0800 about 10 years ago
russ5419 said, 1 day ago @disgustedamerican “Please keep you’re religious beliefs out of this.”-@russ5419=Are you trying to discriminate against Bible-believing posters?Do you think the First Amendment of the US Constitution isn’t applicable to Christians? Are you a member of the Last Days persecution of God’s People?
kline0800 about 10 years ago
-The “eye of the camel” was a very low city gate that a camel had to get down and crawl through, but a determined camel driver could get his camel through with the goods to sell that he had packed onto the camel’s back.-As to salvation, “educated” and “rich” people tend to think themselves above the need for repenting of their sins and asking God the Creator for forgiveness and for the free offer of eternal life with God. That is the Biblical difficulty that rich people tend to have. And God’s Word says (I paraphrase) so what if you gain the (riches) of the whole world, and thereby lose your soul and your opportunity to be granted to have your name inscribed in the Lamb’s Book of Life. The Lamb being Jesus, the Son of God who died to pay for our sins.-(P.S. that is what the Judaic Seder, or Passover, is all about, but most Jewish people have been blinded to the true meaning of God’s Exodus Seder meal. Egypt is the symbol for a Life of Sin. Sin is rejecting God’s scriptures and making up a “human religion” instead of God’s commanded worship that Jesus completed on the Cross and continued after Jesus’ resurrection in the Acts Jerusalem Jewish “Church” that awaits the next phase of God’s Plan…found in the Bible.)