May 11 2010
Time To Grow Up And Start Paying the Bills
Rich Western nations like ours can’t expect to keep their place in the world if they stop paying their bills. The Greeks may be the worst of the lot, but that’s only a relative statement. As a nation, it’s time to grow up, take ownership of our finances and stop the insanity of piling up ever-increasing debt. Unfortunately, politics gets in the way of a solution.
From my latest article in The Mark, Greece and Irresponsible Economics:
Plenty of deluded souls on this side of the Atlantic have the same weird notion that someone else ought to be taking care of the cheque. Canadian national and household debt is at record levels. South of the border, the problem is even worse, and the Americans can’t even blame their debts on a welfare state, unless you mean corporate welfare.
Where’s the shame? Where is the national sense of humiliation?…
The elected leader of every western nation ought to tell it straight to the people who elected them:
“Look, friends, we’re mortgaged to the hilt. We can’t pay our bills. We’ve been acting like first-class moochers, and it’s gotten beyond embarrassing. Pretty much the only people who can still lend to us are human-rights-stomping totalitarians and oil-rich exporters of jihad. We’re going to have to cut back… Way back. This is going to hurt. But the party is over.”
SHAMELESS MEDIA PLUG ALERT
As an added bonus for readers who liked this article, you may want to tune in to Murray Langdon‘s radio show on CFAX 1070 out of Victoria on Wednesday, May 12 at about 11:50 am, as I talk on the radio about this critical issue. Cheers.
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Greece – the birthplace of democracy, death by socialism.
How is your personal debtload? Mine consists of a mortgage, but most people I know can’t afford homes and have a lot of personal debt. Our country’s politics push people to overspend and expect the same from government.
I do have a mortgage, but my balance on my credit card right now is close to zero. Debt isn’t necessarily a bad thing. It’s all about how big it is and whether there’s a plan to pay it off.
The mantra in too many households in the west has become “more, more, more” because the “me generation” strives not to keep up with the Joneses but to outdo the Joneses with the ease of the always available credit card. I recommend a pair of sharp scissors and a course in self-control for the modern family. Restraint must start somewhere.
jnarvey:
I really couldn’t agree more.
There is not enough emphasis on personal responsibility.
Politics these days seems predicated on the notion that universal handouts, subsidies and grants are good for the body politic.
Socialists really do want to turn us into children, dependant and reliant on the state.
What Greece is experiencing is the all too predicable endgame of socialist doctrine and their leaders have no solution, except to ask for handouts from the rest of the world.
Our family has a hefty debt load, but we live within our means and are building a solid financial future.
Individualism trumps collectivism every time.
No house. No car. No hi-speed internet nor TV service (I have a few dvds though). No medical plan or pension. No money doesn’t put me in debt – I scrimp or do without.
a great man once said that when the public can vote themselves largess from the public purse then we are on the road to ruin. that was paraphrased. marget thacther said that socialism worked great until the government ran out of other peoples money.
“Plenty of deluded souls on this side of the Atlantic have the same weird notion that someone else ought to be taking care of the cheque. Canadian national and household debt is at record levels”
Well this soul managed to keep out of debt by paying my bills ON TIME all the time.This soul sees the turmoil around him ,yet manages to keep his spending under control.This soul keeps his fears in check and sticks to reality and doesnt cha ching everything to a credit card without thinking of the consequences.
Time to start paying your bills on time ,all the time Canada.My parents were right all along!So yeah i listen to them more often now.