Our National Credit Card is Maxed Out
Most everyone has at least one credit card. We know how credit cards work and we know the results if we use them irresponsibly. So we are going to take an imaginary journey in credit card fantasy land.
Let’s imagine that for years we have charged all of our living expenses on our credit card. Each month we pay less than we have charged. Eventually our credit card balance will reach the limit set by the card company when we were issued the card. We call the credit card company and ask for an increase to our credit limit. They willingly raise our limit because we are a good customer (we owe them a bundle!). Every couple of years we have to make this phone call because our credit limit has been reached. The credit card company gladly accommodates our ongoing spending orgy.
So ok, we have maxed out our credit card again. However, we still have monthly living expenses and we are taking a cruise this winter. That will cost a bundle and our cash is low. What to do? Call the credit card company and get our credit limit raised again. So we call again and, WHAT THE HECK, the credit card people say, NO! What do you mean NO? You always increase my credit limit. Not this time they say, we see a disturbing, ongoing trend of fiscal irresponsibility. We believe you have borrowed all you can afford to repay. In fact, we may have extended you too much credit. At any rate, we will no longer loan you money. We would strongly suggest you reduce your spending, work on repaying your debt and begin to live within your means.
The imaginary scenario above is exactly what our employees in Washington, D.C. have been doing for decades. Each and every time they reach the credit limit, we gladly allow them to raise it and go on spending. We have allowed them to recklessly borrow and spend us into financial oblivion. It is time to stop the insanity!!
Below are two sets of figures. The first set shows our Debt as a percentage of our Gross National Product. The second set shows a history of our debt ceiling (credit limit) since 1993 and the amounts of the debt ceiling (credit limit) during that time. As you can see it is an ongoing record of irresponsible spending that unless curtailed will, in only a short time, exceed our GDP.
This spending has to stop and YOU have to help stop it. It is our money and our employees are spending it. Stop the insanity!!
Debt as % of GDP* (Gross National Product)
1980-33.4%
1990-56.4%
2000-57.6%
2009-84.4%
2010-93.4%
http://en.wikipedia.org/wiki/United_States_public_debt#National_debt_for_selected_years
Debt Ceiling** in Trillions of Dollars
| April 6, 1993 | $4,370,000,000,000 |
| August 10, 1993 | 4,900,000,000,000 |
| March 29, 1996 | 5,500,000,000,000 |
| August 5, 1997 | 5,950,000,000,000 |
| June 28, 2002 | 6,400,000,000,000 |
| May 27, 2003 | 7,384,000,000,000 |
| Nov. 19, 2004 | 8,184,000,000,000 |
| Mar. 20, 2006 | 8,965,000,000,000 |
| Sept. 29, 2007 | 9,815,000,000,000 |
| July 30, 2008 | 10,615,000,000,000 |
| Oct. 3, 2008 | 11,315,000,000,000 |
| Feb. 17, 2009 | 12,104,000,000,000 |
| Dec. 28, 2009 | 12,394,000,000,000 |
| Feb 12, 2010 | 4.294,000,000,000 |
http://assets.opencrs.com/rpts/RL31967_20100908.pdf page 15
*GDP = the total market value of all goods and services produced in the USA in a year.
**Debt Ceiling = the maximum amount of money the government can legally borrow (like a credit card limit).
The Congresses and Presidents, who have irresponsibly placed this enormous debt on us and our posterity,
Are Guilty of Economic Treason!
However, we, the people, bear a certain amount of culpability for we choose those, who act as our agents in government.
Tell your friends and neighbors,
There is a better option in 2012!
Constitution Party
Changing the Course of a Nation
