Debt Man Walking
If the United States government raises the debt ceiling it will face problems down the road. If it does not raise the debt ceiling it will have to face some problems right now. Is there really a point in having a debt ceiling at all? Almost every administration in the past has raised the debt ceiling before. The question should be asked, is the United States at its breaking point where the country cannot absorb any more debt? The truth is that none of us really know for sure what the breaking point will be for the United States when it comes to debt. At some point the country will break because it has too much debt, however, we do not know if that number is $14.5 trillion, $16.5 trillion, or $50 trillion. These numbers are so large that it is impossible for the ordinary working man to understand the complexity of this situation.
The United States has long been recognized as the richest nation in the world. How can this be if this is the greatest debtor nation in the world? If you have ever been in debt on a personal level it is one of the worst feelings in the world. People have gone into deep depressions over unpaid bills and obligations. Debt and financial problems are the number one cause for divorce in the United States. Why does the government love to be in debt all of the time? The last time the United States was not in debt was when Andrew Jackson was the president, that was in 1835. Even at that time the United States had a financial panic just two years later in 1837 and then face a depression. So is debt good to have as long as it is manageable?
The major stock market indexes have been trading lower throughout the entire week including today. This country has kicked the can down the road when it comes to debt since it began. History suggests that the U.S. government will do it again. Either way the United States is a debt man walking.