The United States Credit Card
I don’t know about you but I have had limits on my credit cards reduced over the past year. American Express allows whatever I want to run up because they get paid in 30 days so it’s almost like cash. But cards with a carry-forward balance have had their limits reduce for almost everyone.
The reason for the reduction is concern over rising debts.
So, here’s my question. Why is it that the United States government can be seriously in debt, and I am talking BIG TIME DEBT, and yet the limit on the United States Credit Card gets raised? You did know that was going on didn’t you?
The United States (on the books) debt is nearing ,000,000,000,000.00!
The LIMIT on that US credit card is .1 TRILLION. So, House Majority Leader Steny Hoyer said Friday that Congress needs to raise the limit by at least .8 trillion. In response, nearly 50 Republicans in the House have co-sponsored a bill that would make it harder for Congress to raise that ceiling. Ah, but they’ll fail.
With the fiscal 2009 deficit at .4 trillion and the current debt at .09 trillion, advocates of raising the limit say it is essential because the country will probably hit the current limit by the end of the month. “We expect Congress to raise the debt ceiling in a timely manner,” a Treasury official said.
Democrats want to hike the ceiling and face the music now rather than deal with the fallout next year, when Republicans could seize on the issue for political gain in the 2010 congressional election.
But here’s the really crazy concept if you really think about it.
The Obama administration said two days ago that we needed to do whatever it took to get us out of this mess and that we’d SPEND our way out if that was needful. Spend our way out of debt? If we keep this nonsense up, China is going to take our credit card away…and they can do that you know!
As a spiritual-futurist, I have a BA degree majoring in history. One cannot know the future without knowing the past which holds clues to what is on the horizon. The world is in such a rapid expansion of knowledge that we are close to entering a tipping point that will forever change earth as we know it.