A new way to describe debt
May 25, 2010 (Tuesday)
On the evening news yesterday I heard a British citizen say, “The Duchess of York is financially incontinent.” Deficit spending is now akin to a medical condition?
I looked it up and found that the expression was not original with the lady I just quoted. Noted authors and journalists have started using the phrase to describe the source of our current global economic mess. News items reveal that entire countries are afflicted. Greece, Spain and Portugal have been thus classified.
But what about our own country? Have you ever seen the National Debt Clock? Click here to see it. It sort of makes you dizzy to try and view the numbers, because they are changing so quickly. I suppose “financial incontinence” is an apt description of our basic economic problem.
Benjamin Franklin said, “He that goes a borrowing goes a sorrowing.”
I’m no economist, and I don’t profess to understand any economic system other than my own personal business, and sometimes I don’t even understand that. But I believe we all should pray for our dear old Uncle Sam to receive healing for his “financial incontinence.” Oh, by the way, each taxpayer’s part of our national debt is almost $118,000. Would you prefer to write a check or put it on your credit card?