You are forgetting one big debt here my young padajaun.
You are talking personal debt, what about that HUGE government debt?
Who do you think is going to pay that one off? Most people that I know, have attempted to stay out of personal debt their whole lives. My area and the
people I hang with (so to speak) know the problem with debt.
It is always better to save and create assets from your capital.
Problem is, where is the capital and opportunities going to come from. Historically the US has been a country with a low 4-5% unemployment rate.
Europe and other countries have always had the higher unemployment rates. The baby boomers are entering retirement age, hate to shock you, but who do
you think is going to pay for their SS, Medicare, Medicaid?
Those systems are ponzei schemes. Those retired and getting the benefit are paid by those in the system yet. Just as one example, the SS system last
year started paying out more than it took in. Last I heard, the SS system had about $2 trillion in IOU assets. Those assets were stolen over the years
by every administration. There is NO SS trust fund. The lie about it not going broke for 30 years is exactly that, a lie.
When you have more money going out of a system than coming in, the savings have been stolen, what do you think is going to happen?
Expect tax increases for EVERYONE in the near future. This government has NEVER seen a dollar they did not want to spend. Heck, they never saw $14
trillion in credit they did not want to spend.
Now, since I mentioned the Three largest debt we have, now to bring up another.
Federal and state employee pensions, benefit packages and other sundries.
Ooooh, big problem coming there. You have heard that this recession/depression has pretty much wiped out most of the private people's IRA's and
What do you think happened to the government employee pensions?
Problem is, they have you and I to pay for that. Look into the government debt and tell me you actually think you are not going to get stuck with
I won't, I no longer consent to their governance. Done with their idiocy.
Sorry if I bummed you out.