Imagine your family’s finances if you spent and borrowed like Washington: you’d owe $60 in credit-card loans for every $100 of income. Every month you’d pay back a little but borrow even more. In 10 years, you’d owe $87 for every $100 you made. At some point you’d hand off the debt to your kids. If they worked until 2035, they’d owe more than $180 for every $100 they earned. In 2050, your grandkids would owe more than $320. By 2080 they’d owe seven times their earnings. Of course, lenders would cut them off well before then, and your family would be ruined. But this is the path your government is on right now.In 2050 my grandchildren will be 46 and 49 years old. I imagine they will have children that they are trying to put through college. How can we possibly saddle them and their generation with that kind of debt? It is nothing less than immoral.
–Rep. Paul Ryan in Newsweek.
Monday, February 22, 2010
pjMom posting a comment at Potluck: