posted on Apr, 13 2012 @ 11:14 PM
One problem I see with this, it actually punishes those who live or lived within their means. I do not have anew, or even a fancy car, I do own 2
vehicles, both older. I bought my home with money I saved, nobody else's money. I do not owe any debts save for my utility bills, month to month, and
that is it.
If everyone who has lived beyond their means, borrowing my money that I have in the bank is forgiven their loans for being irresponsible (I am trying
not to generalize), they get off scott free, I will likely lose my savings, all because I chose to live WITHIN my means, not beyond them, yeah, I
don't have ALL the toys, but I wholly own everything I have.
I do realize that not everyone that is in financial trouble is in that position because of their own mistakes or fault. But if you have mounds of bank
debt or credit card debt from vacations, electronic toys, the new quad, new car, renovations, concerts, and other "fun" activities, you have been
living beyond your means.
If you bought a house you could not afford to pay for, it may or may not be your fault, the problem is, too many people bought homes they could barely
pay for with a low interest rate, never mind when rates jumped. Yes I know, banks and big business, politicos played a big part in the financial
collapse, and much of it is not the fault of Joe Public, but lack of regulation and dishonest, but a lot of that came from the mentality common the
general public, "oh, we will just pay for it later, but for now, just charge it honey!
Yeah, I may be a Lib, but I am also fiscally conservative!