November 18th, 2018
Household debt hit a record high of $13.5 trillion last quarter.
Total household debt is now $837 billion higher than its previous peak, which was in 2008 before the recession.
Well, here we go again....sounding the warning signal about spiraling debt. Early in the 20th century a Columbia, SC banker told a young man who had applied for a loan that "It's easy to run into debt. But if you get out you do so as a walk."
Good advice in any age.
We don't hold a diploma from Economists School, but we've spent a long life juggling a modest stream of income and have bought plenty of things on credit. We never liked being in debt. In case of an economic slowdown it can lead to personal disaster.
This comment by Daviel Akaka makes sense:
"It is imperative that we make consumers more aware of the long-term effects of their financial decisions, particularly in managing their credit card debt, so that they can avoid financial pitfalls that may lead to bankruptcy."
Pat Buchanan remarked in a recent column, "Freedom of the press does not mean guaranteed immunity of the press from the same kind of abuse the press directs at the president." (The Soul of America)
We watched with interest a video clip in which a TV network tried to "prove" that the White House has doctored the altercation between CNN's Jim Acosta and a girl from the White House staff who was trying to retrieve a microphone he would not give up. She claimed Acosta had brushed against her bare arm in an uncomfortable way and the news purveyors tried to prove that he did not.
The verbal altercation between Acosta and President Trump is classic, rude, New York style street fighting. It's the style that sometimes leads to fisticuffs. High decibel tough talk seldom leads to any useful conclusion. It does little more than add fuel to the divisivness that has split America into two angry political camps.
Now that the Midterm Elections are over look for the animosity between left and right to increase to even higher levels of foolishness and rudeness.
Republic vs. Democracy
A trip through U.S. history will reveal that divisiveness within the general population is nothing new. Reduced to its basics it's usually the 'have-nots' versus the 'rich.' Politics is mostly a perpetual contest trying to control the distrubution of wealth. The party that proposes ways for the a large segment of the population to live out of the pockets of other people is the one that's victorious on election day.
L. Reichard White has come up with a lengthy discussion of the popular approach to democracy as opposed to the political framework the Founders built in the late 18th century....a republic. To this day we still pledge allegiance the the flag of the REPUBLIC for which it stands. We are also reminded of Ben Franklin's quip when asked what sort of government the 1787 convention created. "A REPUBLIC...if you can keep it," said he.
Does it matter the United States has morphed from a republic to a democracy? REPUBLIC vs.DEMOCRACY