Is Congress a servant of the rich or the poor borrowers of the National Debt?
In a previous post titled, King Solomon, Who Owns the National Debt, explains who owns the majority of the present 22 trillion-dollar National Debt are mainly USA citizens who purchase US Treasury Bills and Bonds in personal or 401K accounts.
The Purpose of This Post
Is to convey an ancient wisdom proverb analogy warning to unveil understanding of who will get burnt when the USA interest payments will exceed tax income.
The purpose is to hopefully warn USA voters what will happen when the USA stops paying or defaults on interst on government bills and bonds if the debt continues to rise..
Or in other words, it is time to unveil the folly of the National Debt being served to the lenders of the debt by the foolish cooks in the kitchen (Washington).
Cooks who keep raising the temperature (debt) cooking up bad ingredients (schemes) instead of turning down the temperature (debt) to prevent the meal from being burnt up and becoming useless (inflation and/or deflation recession).
The rich ruled over the poor, and the borrower is servant to the lender. (Proverb 22:7)
Explanation Gils Bible Commentary
The rich ruled over the poor, usurps a dominion over them, and exercises it in a rigorous, oppressive, and tyrannical manner; otherwise they are generally the rich that rule, and if they rule well, in a lawful, gentle, and righteous manner, it is commendable;
and the borrower is servant to the lender; being under obligation to him, he is forced to be subject to him, and comply with his humors, and do and say as he would have him; it was a happiness promised to the Israelites, that they should lend to many nations, but not borrow, Deuteronomy 15:6; compare with this Nehemiah 5:4.
What’s My Point?
President Trumps economic plan to cut taxes, balance trade, is based on the theory that when people work the pay taxes instead of drain taxes by being subsidized with unemployment, social security, rent, food stamps etc. etc.
It worked to increase business and consumer spending to fire up the economy. However, one trillion dollars in National Debt has accumulated because politicians are afraid to reduce the proposed budget by a measly 2 percent as Senator Rand Paul proposed for fear of losing the next election.
My Point is time is running out for both the rich and poor because everyone is going to be burnt if the USA defaults on paying interest on the National Debt.
For example, German Government Bonds are being sold even though they no longer pay any interest because bond investors hope that their savings will be safe from becoming totally lost from falling stock price investments or bankruptcies.
In My Opinion
A sluggard is proverbs is described in a previous post as a person who does nothing but fold their hands while their land (the USA infrastructures) is deteriorating.
The result will be the same as the proverb states which is “and poverty will come on you like a thief and scarcity like an armed man.”
Read the articles and previous posts suggestions in the Source Links below. Be sure to read why Germany is now selling their 30-year government bonds with zero percent interest.
Are we, both the rich and the poor, about to get burnt because we are fools according to this proverb?
way of fools seems right to them, but the wise listen to advice.
Regards and goodwill blogging.
Rand Paul Budget Effort Rejected
Will the Debt Ever Be Paid Off?
Americas Ticking Time Bomb
Germany 30 Year Bond
Previous Posts – National Debt
Is the US at Risk of Defaulting on its Debt?
Gils Bible Commentary