Debt Man Walking

August 1, 2011 11:58:08 AM PDT
Let the euphoria over the debt limit debacle wear off, and that should take a few minutes, and the bigger worry is that we're left with just that, a debt man walking.

It reminds me of the guy out of work and behind on his bills who suddenly is given some money from a friend. Oh sure there's some joy in those first few minutes, disaster averted for the momentarily, the feel of crisp green in your hand, the ability to go buy food but it doesn't last very long. Talking about the joy and the green. How could it?

If you've ever gotten a line of credit, there's that moment when you realize you have access to this huge chunk of money. And in that moment not much thought is given to having to pay it back. Cooler heads then realize it's not really your money that's available you're borrowing it, and that debt cuts down on everything else; from paying the interest to your total net worth.

So those who are talking about a big victory, one way or the other seem to be missing the bigger issue. We are spending as a national government more than we are taking in and if this were happening in your household, you would either cut spending, bring in more income, or both.

The tea partiers aren't happy, they did not want the debt ceiling extended, and liberals aren't happy because Mr. Obama gave up (rather quickly, they say) any talk of tax hikes. Some of them are calling the expected votes in the House and Senate tonight like having to eat a "sugar-coated Satan sandwich."

The real issue is creating jobs, and until that is solved, the economy will continue to run on fumes.

I'm just sayin'.

We'll have the latest on the debt debate/debacle, tonight at 11.

We'll also have any breaking news of the night, plus Meteorologist Lee Goldberg with his AccuWeather forecast, and Rob Powers with the night's sports. I hope you can join us tonight at 11.


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