Nearly everyday after the U.S. presidential election we have heard about the U.S. fiscal cliff.
The only way anything productive ever gets done by politicians is when there is a crisis of some sort. Currently, fifty percent of the country does not pay taxes. There are wars that the United States is involved in all over the world. People on welfare, or government assistance in the U.S. is now around 47.0 million. Please keep in mind, there is roughly 300 million people living in the United States. Social Security is broke, and the national debt is over 16.2 trillion dollars and growing. In my humble opinion, I can’t believe we are even discussing a fiscal cliff.
Can a household run on unlimited debt? The answer to this question is no. If an individual does not pay his/her bills they will go bust and have to file for bankruptcy. A family cannot simply live off of their credit cards forever. At some point, the credit issuing bank will simply cut the family off and no longer lend them any money, however, in government it is different. The government can continue to borrow and borrow more money from a host of different places. The best solution for us all might be to simply go over the so called fiscal cliff.