Olemike's Blog

Stop the Spending Binge

Posted by olemike on 01/07/2011

“Never let a crises go to waste”.  So said Rahm Emanuel said early on in Barack Obama’s administration.  The current Republican congress should take heed to that statement.   They need to secure specific spending cuts, a balanced budget bill, etc. before agreeing to raise the debt limit.  We (the country) cannot continue to spend like drunked sailors without one day having to pay the piper.  It’s time we canceled our credit cards and started living within our means  That is as true for the country as it is for each of us as individuals.  Much of the housing crises we have is because too many people bought houses they could not afford or took out equity loans to purchase high priced toys.  They were counting on the “greater fool” theory.  They planned to sell to a “greater fool” than themselves.  We all thought that real estate values could only go up.  Oops!  If over the next couple of years, we do not figure out how to cut our excess spending, this country is in real trouble.  Do we really want to get where Greece and Ireland already are?  I think not.

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One Response to “Stop the Spending Binge”

  1. I don’t think that they should raise the debt ceiling, I have always felt it is better to get the bad stuff out quickly and the working to improve the patient.

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