[Go Gordon]

Let me get this straight, and I'll use household budgets, income and expenses. I earn $20,000 per year, but my expenses are $30,000 per year. I have maxed out me credit union, bank line of credit, credit cards and have leveraged the crap out of the equity in my house. Over the next ten years, I am therefore projecting a deficit of $100,000

I go to the bank and ask for them to loan me some money, because I am spending $10,000 per year more than I bring in. They say: "Are you kidding me, we'll never get paid back. You are in a permanent state of deficit spending."

So, I cut a deal with them. I tell them if they lend me two years worth of deficit spending ($20,000), I promise them that I will reduce my ten year projected deficit by the same $20,000. In other words, lend me $20,000 today, and I promise to only run up $80,000 more debt over the next ten years.

Our national media needs to be shot for not explaining the idiocy of this debate. Our politians, if they pass this, should also be eliminated.

[tdscpa]

Great post! As good an explanation of the problem to our idiot liberal family members, friends, and neighbors as any I have seen.

[EternalVigilance]

Amen. Very well said.

[BigSkyFreeper]

Your analogy is flawed because with the banking regulations set forth in this country, the bank can say you’re crazy for asking for a loan you won’t be able to pay back. Even though they know you might be a credit risk because they’re able to look at your credit history. They can’t turn you down because the federal government and it’s asinine banking laws says so.