Short Lesson on Spending

[Curmudgeoness]

1. I have seen this several times.

I have a few answers, and will watch for others.

First, there is not an outstanding balance on credit cards. Much of the debt is money that the household owes itself....kind of like the husband has "lent" money to the wife, so it shows up as a debt. But since that debt is really just an accounting issue and not money that has to leave the household if and when it is paid back, does it really matter?

Another thing that is not listed in the family income is the ability to make a lot more money if they want to (which would be an increase in tax rates to a more sustainable amount, like when Bush took office). This household is like one where the family income is coming from a part time job, but there is no reason that they cannot get a full time job except that they don't want to.

This country is very wealthy, and this family has very rich relatives who could get them out of debt by 1) giving them a good job and 2) paying the family back what they owe them (notice that there is no place for the debt owed to this family from people trying to cheat them out of their money).

I would like to hear more debunking ideas.