Wise, or Foolish, or, political hypocrisy?
The Chicago Tribune article titled, Magical thinking for all! Democrats and Republicans rally around fiscal fantasy, concludes this statement about all the political promises being made in the news.
“No need to focus how it would be paid for. Because it won’t be.”
The Purpose of this Post
To question giving accolades to political fantasy proposals to cap credit card debt at 15 percent at the same time propose Medicare for All programs that will increase the present 22 trillion-dollar National Debt.
The rich rule over the poor, and the borrower is slave to the lender. (Proverb 22:7)
if you lack the means to pay, your very bed will be snatched from under you. (Proverb 22:27)
What’s My Point?
Three thousand years ago, the rich ruled over the poor, same as today. However, a debtor literally became a slave to a lender and was required to work as a slave until the debt was repaid.
The Bible records the history of ruthless lenders was sinful, and it was wise for a person to be cautious about borrowing to avoid becoming a slave or losing your bed.
Today in the USA, while there are bankruptcy laws to forgive loans instead of literally enslaving them, there are upward to one million homeless people in the USA. Since lenders cannot enslave people, yet have to profit from lending, they charge high interest to people with poor credit ratings to offset the risks of profit losses.
When the law enacts usury laws to limit the amount of interest, one result will be the poor will not be able to obtain loans anymore. Yet, when the poor have to pay excessive interest, they wind up become slaves to lenders by having to work just to pay interest portion of their loans.
While at the same time President Trump has complained about the Federal Reserve raising interest rates because do so places additional burdens on the USA economic growth.
While in ancient times, Christians and Muslims believe it is sinful to practices usury, which is to charge interest on debt.
There is an element of hypocrisy for politicians to keep making promises to the poor in order to obtain their votes. For example, the USA pays upward a trillion dollars in interest every year to lenders of the National Debt. Taxpayers now have to pay higher taxes because of the debt.
As the interest payments continue to rise on the National Debt, the only recourse if all taxpayers become slaves to work as slaves just to pay the interest to the lenders.
My point is history has proven that Socialism has failed in the past. Capitalism will fail in the future when the National Debt results in super inflation of the dollar occurs.
All because of the folly of excessive debt promoted by foolish government leaders who will promise voters political magical fantasies without any capable means “how it would be paid?
In My Opinion,
There is wise use of debt, for example buying a home, there is also foolish debt, for example no essential luxuries purchased for lifestyle and pleasure instead of basic needs such as food, clothing, rent, etc. to survive in life.
My accolades to any political party that will cap the sinful interest rates on the poor to reduce their enslavement time for either borrowing for foolish or desperate reasons.
My accolades also to any political party that will wise up to the folly of excessive debt consequences which is certain to occur in the future when the interest on the National Debt results in super-inflation for both the rich and the poor in the USA.
My accolades to any political party who can convince all health care providers to become religious and volunteer their time to heal the poor because there are not enough USA assets to borrow enough to pay for Medicare for All even if the rich are taxed 99 percent.
Read the articles in the Source Links below and a previous post suggestion to explain in detail how to control and pay down the National Debt.
Excessive interest and/or excessive debt, while at the same time making promises to add more debt, is it hypocrisy or folly for the future of the USA?
Will we voters and politicians ever wise up to the fact there are no magical thinking to pay for all the consequences of excessive debt in our personal and Nation lifetimes.
Regards and good will blogging.