When we apply for a loan from an approved lender, we pay cash or put-up collateral. Not so when you borrow from big Vinny. He doesn’t care about collateral which, to him could be a finger or unused toe. If you can’t pay the entire amount or make the vig, there’s a signal akin to a late notice received from the lender. In Vinny’s case it’s a dead fish wrapped in newspaper. Don’t borrow from Vinny, but the country may be doing the same sort of thing with its propensity for borrowing way above its credit limit.
What would you do if you were given a credit card with no spending limit? What if there was no parental supervision? Washington has just such a card and they know how to abuse it. They treat it like they’ve just gone shopping on 5th Avenue, stepped into Tiffany’s and bought a diamond tiara for every woman in America with enough left over to build a road back to Washington paved with gold plated lobbyists. So fellow taxpayers let’s be on the lookout for an appropriate thank you card to our law makers. Mine would say…..
I’m not saying thanks as you fritter away
My hard-earned tax dollars in fiscal disarray
Just when I feel like I’m economically healing
I get mad as hell when you raise our debt ceiling.
The greeting card would show Winnie the Pooh with a paw stuck in a honey pot that looks like Fort Knox. The bees buzzing around Winnie’s head are holding promissory notes for our future signed in invisible ink by so called fiscal conservatives. You open the card and it says ”
It’s like telling your kids that not only can they spend the summer at Euro-Disney, but to go ahead and invite all their classmates and their families, and by the way, fly first class and book Versailles. Don’t worry you’ll put it on the card.
The Congressional credit card is smoking a metaphorical cigarette, because Congress, in their finite wisdom, continually raises the debt ceiling of the United States when we get thisclose to the end of the fiscal year. That ceiling, unlike the ceiling in your house is moveable. To put that in perspective that’s 345 gazillion squadrillion Yuan, or about how much we owe China this week. In a short while we’ll be reaching that magical number. Call it our national credit card cut off limit. Let’s not follow the Zimbabwean debacle with atmospheric numbers on their bank notes. To get ahead of their hyper-inflation the country issued a 100 trillion dollar note. No, it didn’t help.
This is when the proverbial split hits the plan and Democrats and Republicans see if it will work, once they attempt to Kowtow to the splinter groups and work up a compromise. Congress has become the alcoholic who promises to sober up tomorrow, if you just let him keep drinking today.
But don’t worry, you’ll never get a bill for that amount, instead, the federal government uses your hard-earned money to pay interest on this debt, and you know what happens when you owe a bundle and only do a minimum payment; the principal never goes down.
If we were to pay it off and get to a zero-debt ceiling, every man, woman and child in the United States would have to pay through the nose. Maybe we can apply for one of those payday loans with hidden fees, rollovers, and unreasonably high interest rates. It looks like that’s what the Congress is doing. Did any of them ever have a parent that said ENOUGH! Doesn’t look like it.
There’s a joke about a person who couldn’t get any more face lifts, so they got their body lowered and it gave me an idea. Instead of raising the debt ceiling we should lower the debt floor! With this concept Congress can sink to new lows every year. Sound familiar?