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Scary stuff. Don’t show this to your children.
No doubt deficit spending is a problem when it is excessive. But, that example is a real dumbing down of the situation.
The “family” debt to income ratio is too high, but may not be too far from the situation od many underwater homeowners. And most of those homeowners feel they should somehow keep their country, uh I mean home, right?
Also, how would that household debt go if the family could sell new debt to pay off the interest on the 142K, as needed with an online auction, so far with no problems
My view: A more on point example is a family that responds to every credit card come-on and immediately hits the mall or the Internet the moment the new credit card arrives. What kind of family is that?
The point is not the amount of the debt, but the mind set of the credit addict.
Like I said, “food for thought”
Be careful, Chess, or you’ll have that “austerity” clown coming around and lecturing you on how if they’d only run the printing press 24-7, we’d have no problems at all.
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You mean Paul Krugman, aka Politihack?
No, the crazy dude who is all about New Money Moneterism or some schinola.
He was ranting drunkenly on Fly’s blog last night. His answer is always “to the presses, m’boy!”
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