In Words of One Syllable or Less
Today is Tuesday, 1 January 2013.
Personally, I find it nearly impossible to
believe that a majority of House Republicans believe the garbage they push
concerning the national debt.
In case I’m wrong, I’ll use words of one
syllable or less to explain it to them; perhaps their mommies can interpret.
Imagine family with one child, and an average
middle-middle class income. Imagine that
junior owes a friend $10, which is all he owes anyone at the moment. So, his equivalent of the national debt is
$10. Junior’s parents owe (mortgage, car
payments, credit cards, etc.) $150,000.
Therefore, the debt of junior’s parents exceeds his by a factor of
15,000 times.
The parental debt exceeds the child’s debt
by an enormous order of magnitude. What makes
this debt sustainable for the parents is access to future resources with which
to pay it off, which the child doesn’t have.
The current US national debt is just short
of $1.5 trillion. A truly humongous
order of magnitude greater than that of our imaginary family.
The crucial difference is that national
governments have resources available beyond anything available to a family, no
matter how rich it is. For one thing,
nation-states such as the US can fund deficit spending though the sales of
government bonds. For another, nation-states
print money. This can be abused, but…
when foreign nations and nationals are willing to buy US bonds with a negative
interest rate? (When was the last time
someone PAID YOU, to grant them the privilege of loaning you money?)
The Markets Have Spoken, and you House
Repubs always claim that markets are the final arbiter. Listen!
Why do you hate the American people so
much, to throw them off the financial cliff?
(The latter would probably not be as bad as these Repubs claim, but,
were it so, they’d want to be throwing anyway.)
Let the House Republicans be cursed. May the plagues descend upon them.