We’ve been asked what we think about the lowering of the nation’s credit rating by Standard and Poor, or Congress’ raising of the nation’s debt ceiling.
Nothing good.
Every time we’ve “raised our debt ceiling,” we’ve just found ourselves deeper in debt.
A wise man once said, “You can’t borrow your way out of debt.” That’s good advice for the home budget, and good advice for the government.
Unfortunately, government entities seem to live in an economic bubble where the money just keeps rolling in. Like the farmer who ate his seed corn, they just keep taxing and adding “revenue enhancements” long after the seed’s gone and the well’s run dry.
We could all join in the frenzy of finger-pointing and blame-placing, or we could listen to the myriad of experts tell us what to expect.
Will the stock market revive? Maybe so.
Will we enter another recession? Lots of us believe the last one never ended.
Will fuel costs continue to rise? As likely as a bear going to the woods.
Will the global economy collapse? Buy local, put your neighbor to work.
The truth is, nobody really knows what the future holds.
But one thing’s sure: it’s not going to be pretty. Standing in mud and muck and digging your way out of a hole never is.
Our best advice?
Go buy a good pair of hip waders.
It’s gonna get deep.