Raising the Debt Limit: A Reasonable Compromise

Friday, June 17, 2011

I don’t want our government to increase the debt ceiling. I want us, as a nation, to start living within the limits of our income. Even better, I want to start paying down the debt we already owe before we choke on the interest on that debt. Everybody knows we’re way over-leveraged and that it’s killing us.

That having been said, I don’t think our Congress will or can cut enough in the next few weeks before we hit the current ceiling to make an increase in that ceiling unnecessary. So what do I propose?

(Notice how we bloggers write this stuff as if anybody is really listening? It makes us feel better and, who knows, every once and a while someone with a microphone or elected office reads something and says, “You know, that’s not a bad idea.”)

I propose we increase the debt ceiling — presumably to give Congress time to effect huge cuts in spending that are long, long overdue – but only on the condition that all new debt we incur be to individual Americans.

Why Americans? Because I don’t want to borrow more from other countries – China, for example – our indebtedness to which can affect how we behave internationally.

Why individuals? Because I don’t want corporations to own any more of America, not even and especially not commercial and investment banks even though their resources may be largely derived from individual investors. These are entities that already have too much influence on government policy.

Why Americans? Because who better to earn the interest we pay?

So, am I good at this or what?

Oh, one other thing… I want these new American investors – from kids to working class and professionals, to retirees, the ordinary you and me out there who can invest one to a million dollars, whatever we can afford – to agree to defer our interest until the economy is back on its feet and we’re showing a significant budget surplus. Who else but American’s would be willing to do this for our country? What better way – other than by voting – to involve Americans in resolution of our fiscal crisis?

-wf

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