A Quote by Said Musa
Despite all the hoopla - despite all the umpa - after 5 years of UDP mismanagement, corruption, and incompetence, we have sunk deeper into debt of $2.4 billion: some $200 million deeper in debt.
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This debt crisis coming to our country. The wall and tidal wave of debt that is befalling our nation. Medicare and Social Security go bankrupt within ten years, we have a debt that is looming so high that in the last year of President Obama's budget just the interest payments on our debt is $916 billion dollars.
There is nothing left now for us but to get ever deeper and deeper into debt to the banking system in order to provide the increasing amounts of money the nation requires for its expansion and growth.
If the prodigal quits life in debt to others, the miser quits it still deeper in debt to himself.
Thousands of Ohio families are going deeper and deeper in debt just trying to pay their heating bills, fill prescriptions, and buy groceries. The current minimum wage is simply not enough.
No economy can continue to function when the vast middle class and everybody else don't have enough purchasing power to buy what the economy is capable of producing without going deeper and deeper into debt.
The only frontier now left to exploit is not a frontier in space but a frontier in time. We steal the future from our children by plunging massively deeper and deeper into debt.
Education must enable young people to effect what they have recognized to be right, despite hardships, despite dangers, despite inner skepticism, despite boredom, and despite mockery from the world. . . .
The biggest change we have to tackle that's out there is that we're digging the hole deeper and deeper and spending is totally out of control. And that's something that, quite frankly, is affecting future generations. You're giving a lot of debt to them and you can't keep doing it. It's not helping anybody.
The Republican argument that raising the debt ceiling encourages additional future spending is logically irresponsible. The debt ceiling has to be raised to authorize spending already approved by Congress. Despite that fallacy, the GOP has been able to score political points with its argument.
Ten years of character development affords you a lot. You get a chance to dig deeper and deeper and deeper into a person.
When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.
If you put Canada into $1.5 trillion in debt and interest rates go up just 200 basis points, you cannot provide the services to 36 million people that were guaranteed to them in the social contract they have with Canada. That's a very, very scary prospect. You can't burden this economy with that much debt. The risk you take on is insurmountable. You have to assume for the next 50 years that rates don't go up? That's insane. That's irresponsible. That's stupid.
I hope that the United States would cooperate with the partners to reduce its debt. The debt is a problem. The debt is with you, but unfortunately, the debt is not only with you but with us and with the rest of the world because we all, one way or another, are dependent on the dollar.
There's an argument that private debt, in some way, is creating indentured servants in our country. But public debt does not do that. In fact, public debt does the exact opposite - it relieves private debt.
An example of good debt is the debt on the apartment houses I own. That debt is good only as long as there are tenants to pay my mortgages. If tenants stop paying their rent, my good debt turns into bad debt.
Goals work. Pick one debt, and then put every dime into paying down that one debt. Once that debt is paid off, start paying down the next debt. Pretty soon it's time to move from paying debt to building savings.
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