Friday, February 05, 2010

Chaaaarge!!!!...

It's not that I'm opposed to borrowing money. There are times when it is simply a necessity. The problem is, whoever lends it always expects to be paid back. And whenever I borrow money, I'm the one who has to make the payments, so I usually try to make sure I can come up with a way to find enough money for them. If it wasn't for that little detail, I'd probably try to borrow a lot more.

Our Representatives in Washington just increased the federal debt limit to $14.3 trillion, so that they can borrow enough money to hopefully get us through until the end of the year. I imagine it makes it a lot easier knowing they aren't the ones who will have to pay it back.

But then, we may have reached the point where the question is not "Who is going to pay the debt?", but instead, "Can the debt ever be paid?"
This article makes the case that it is mathematically impossible to pay off the debt as it now stands. There just isn't enough money in the country to cover it.

Normally, when there isn't enough money to cover the debt, some of the guys on the wrong end of the line don't get paid.

That doesn't seem to bother our representatives up in Washington. But then, I don't suspect many of them will end up on the wrong end of the line, either.

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