Approved; Unlimited Credit Line for the Most Debt-Infested Country
From Profit Confidential
January 28, 2013 - 12:13pm
Would you lend money to a person who is unemployed, whose assets are declining, and who is heavily in debt? Even a person with minimal knowledge of finance would say, “No, thanks.”
But, the opposite of this happened in the U.S. economy on January 23, 2013, when Congress passed a bill “temporarily” suspending the limit of how much the government can borrow.
This bill gives the U.S. government the right to borrow without limits until May of this year. It’s like giving an unlimited line of credit to a person who doesn’t have the means to pay it back.
The original idea behind a government “debt limit” in the U.S. economy was to put a limit on how much the federal government could borrow so our national debt didn’t get out of control. So much for that idea!
If you thought $16.4 trillion was a lot of debt, the U.S. government just got approved for an unlimited line of credit ...Continue reading this article »