With economists finally seeing the light on the dangers of our national debt (http://www.mlive.com/jobs/index.ssf/2011/02/economists_say_national_deficit_poses_bi.html), it is yet another example of decades of America’s failure to realize the importance of budgeting and saving our futures instead of living on a dwindling credit rating.
The Wall Street financial collapse, GM’s taxpayer-funded bankruptcy, picking winners and losers in the corporate world on the backs of our great-grandchildren and record numbers of foreclosures and personal bankruptcies are just a few examples of what has literally and figuratively bankrupted our nation. We shouldn’t be paying for any wars by ourselves (for the most part). We should quit giving away taxpayer money to prop up other countries when our own country is in way over our heads. And we shouldn’t be allowing our legislators at all levels to continually pad their own pockets and collect “Cadillac compensation and benefits” while we working-class citizens continue to get our wages and benefits compressed (if we are lucky enough to be gainfully employed).
My wife and I have no major debt except for the growing monthly electric and fuel costs to live in our home. We thought we are doing things the right way. Yet, when we see other citizens and businesses bailed out and able to walk away from their own debt obligations, with no ramifications, you can see why America will continue to fail.
A little accountability by government and businesses, coupled with individuals either working or living off the labors of the working-class, will go a long way into getting America back on track.