Panic Time Isn’t Here Yet

by CJFosdick on April 30, 2013

Now let us bring what the Federal Government is doing with our
National Debt and Deficit to an understandable analogy for the average
person. Pretend that the government is a family. This family brings home
$60,000 a year, a fairly decent wage. Now for a number of years you and
your wife have consistently spent more like $100,000 a year, over 40%
more than your take home. Your family is now to the breaking point
financially. You have maxed out your credit cards, are paying very high
interest rates, and cannot borrow borrow any more principal on the
cards, yet you must pay the minimum each month which covers the interest
and a few dollars of the principal. You know you will be paying off
these credit cards for years to come. In addition, there is the
mortgage, car payments, insurance, the bills go on and on, and get
bigger all the time.

Long ago, you and your wife got into your retirement funds and
used them up. I mean, after all, you know you can’t consistently spend
more than you bring in and not find money somewhere. You figure come
retirement time you will either have to keep working or sponge off your
kids. Goodness knows you’ve spent enough money on them. Are you
beginning to recognize a similarity between the way your family is
spending and how the Federal Government is spending?

Okay, the next to go was the kid’s college fund. Gone. All
gone. But dang, that skiing trip to Vail, Colorado last Christmas, and
the golfing trip to Florida spring break were fun. Bet the kids remember
those fun times a lot more than they would having some money in their
college fund when it is time for them to go. They’ll just have to borrow
more money or work their way through college. Goodness knows you had to
work in college to make ends meet. Your folks didn’t give you a free
ride. So now your over spending your income has depleted your retirement
and your kid’s future. This is exactly what the government has done,
fouled up the retirement fund (Social Security) and your kid’s future
(borrowing money they will have to pay back this fund.) But you wouldn’t
have missed that family trip to Hawaii for sour beans. What a blast!

Keep in mind that for every dollar the government spends, 43%
is borrowed. You figure if the government can do this, why can’t you?
About 43% of your budget is borrowed, too. Of course you know the
government has some advantages you don’t have as a private citizen. You
can’t print money the way the government can. In fact, you know the
government has been printing $43 billion a month for months and plans to
continue doing the same for a long time in the future. If you did that,
you’d be thrown in jail for counter fitting. You have also heard that
something like 107,000 Federal workers owe back taxes to a total of 3.5
billion dollars. Maybe you ought to quit your current job and go to work
for the government. You know if you didn’t pay your taxes you’d be in
trouble with the IRS. How can government workers get away without
paying? It just isn’t fair.

It’s tax time right now and you owe about $2000 dollars which
you don’t have. Besides you have to figure out how to get enough money
together to take that family vacation to Disneyland this summer. The
kids are really excited about going and you don’t want to disappoint
them. You get an idea. You can ask for an extension on the deadline to .
pay your taxes, postponing the due date until October. That would give
you a $2000 fund to save for the Disneyland trip. Of course, you’d still
have to pay Uncle IRS $2000 in October. You’ll just have to tighten your
belt and get some money saved by October. But $2000 isn’t going to be
near enough to do the Disney trip. Well, you’ll figure something out.
Just like the Federal Government, you always do. It’s not time to panic
yet. Certainly the government isn’t panicked. Democrats swear up and
down the government can go ten more years spending the way they are now,
so why shouldn’t you be able to do this same? Of course, the government
can always raise taxes. That 2% raise in January hurt a lot when you
didn’t expect it, but you managed. Wish you could raise taxes, too. You
know at some point you’ll have to pay the piper, just as the government
will.

But panic time isn’t here yet.

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