“Most have no idea what interest they are paying much less any clue how to pay it off.”
...says the American who has enjoyed the fruits of federal deficit spending for the past 30 years, whether you like it or not or agreed to it or not, that is the case.
There are two fundamental economic truths in the US today.
1. We aren’t paying back our National Debt (we may inflate it away, but that’s not the same thing)
2. Many, if not most kids are not paying back their student loans
You can get all huffy about it, but it doesn’t change the fundamental truth. They aren’t paying and we aren’t paying.
So where do we go from here? I think a lot of people are going to sound like these two whiny kids in the not too distant future.
I agree.
The solution (and no one really knows what the solution is going to be) is going to be something everyone considers "impossible" today.
I see President Trump doing interesting things related to the Federal Reserve. I see the world blaming China for a lot of economic pain. I see a world of massive debt that simply isn't going to be paid.
I really think we're heading for a Jubilee. Basically all debts cancelled. Take the pain! There isn't an alternative. Start over with an economic system that makes debt much less likely.
Good points. Is our hypocrisy showing?
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We can lecture all we want about borrowing money and look at our government leadership, the ones we chose to elect.
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Spending money we don’t have......