JayGatsby
Member
- Joined
- Jul 13, 2013
- Messages
- 62
- Reaction score
- 32
- Location
- Pennsylvania
- Gender
- Male
- Political Leaning
- Progressive
Picture this....
You have a decent paying job and a nice family with 2 kids and a wife. You just bought a new house which was $500,000 and a car for $30,000. You also can afford to use a credit card to buy things like groceries and clothes for your kids, and your wife is able to also. You are never late on your payments, and the bank lets you borrow money at low rates; you have great credit. So one day one of your coworkers is talking about finances with you and all of the sudden he says "Wow! You are 600,000 dollars in debt!!!! That's ridiculous!". You try to explain that you pay interest payments on time, and you have good credit, yet your friend is so stubborn he starts to tell everyone you work with that you are $600,000 in debt. Everyone starts to call you irresponsible and a huge spender, and it is getting out of control. So your wife gets worried and cuts you off from your bank account somehow and says we can't be so far in debt lets just stop spending all together. So now you are late on your payments and your rates start to go up and your credit is shot because every one claimed you were "too far in "debt"" and they refused to let you borrow more when things like your car breaks down, or your kid gets hurt, or you need to repair your dishwasher.
Why should we not be allowed to borrow more if we need to in rough times, the world uses us as their bank, the US is trusted and we have very good credit?
Note: I know this analogy isn't perfect, but my point is who here actually supports not raising the debt limit?
You have a decent paying job and a nice family with 2 kids and a wife. You just bought a new house which was $500,000 and a car for $30,000. You also can afford to use a credit card to buy things like groceries and clothes for your kids, and your wife is able to also. You are never late on your payments, and the bank lets you borrow money at low rates; you have great credit. So one day one of your coworkers is talking about finances with you and all of the sudden he says "Wow! You are 600,000 dollars in debt!!!! That's ridiculous!". You try to explain that you pay interest payments on time, and you have good credit, yet your friend is so stubborn he starts to tell everyone you work with that you are $600,000 in debt. Everyone starts to call you irresponsible and a huge spender, and it is getting out of control. So your wife gets worried and cuts you off from your bank account somehow and says we can't be so far in debt lets just stop spending all together. So now you are late on your payments and your rates start to go up and your credit is shot because every one claimed you were "too far in "debt"" and they refused to let you borrow more when things like your car breaks down, or your kid gets hurt, or you need to repair your dishwasher.
Why should we not be allowed to borrow more if we need to in rough times, the world uses us as their bank, the US is trusted and we have very good credit?
Note: I know this analogy isn't perfect, but my point is who here actually supports not raising the debt limit?