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We must stop spending money that we just don't have. Historic debt leads to historic tax increases, which stifle job growth.
I'm for eliminating deductions and taking some of the money to buy down rates and put it on the debt. That's not raising taxes. That's solving a problem.
Debt is not just a money thing. It's about owing and being owed. Money is just one thing you can exchange. You can exchange good deeds, you can exchange revenge, you can exchange murders.
The French debt will remain massive. Savings should be made with cuts to the generous social system, which grants illegal immigrants the same protections as it does our citizens.
We need economic growth in Europe and we need to find a solution for the excessive interest rates that are making it difficult for many countries to get their own debt under control.
The party in power almost always unapologetically engages in deficit spending, while the other party argues passionately against the evils of debt and deficits.
When I went to law school, which I put myself through for $100,000 dollars of debt, I didn't expect anybody to pay for my health insurance, which I had none of. No health insurance.
And then the man reminded Max, with a serious but suave and practiced air, that freedom was a debt that could be repaid only by purchasing the freedom of others.
The problem is indeed that one party's debt finds its counterpart in some other party's savings. Not paying debts therefore involves annulling some other party's financial claims on the debtor.
Normally, if someone goes bankrupt, you wipe out the debt and get a fresh start. But that's not permitted with student loans. So the effect is to impoverish many graduates with very high debts.
As you have to pay more interest and amortization on what you owe, you're left with less and less money to buy goods and services - unless you borrow even more and go further into debt.
Basically, unless you're willing to write down debts and save the economy, you're going to have deflation and a steady drain in purchasing power - that is, shrinking markets.
Never do anything for another with the expectation of gratitude. The expectation itself turns the gift into an exchange and suggests a debt is owed you.
Nobody had a credit card when I was a kid. No one had credit card debt. But these big companies and banks wanted to know how to get more money out of people - get them charging things.
I use my financial values to set my limitations. I have three children I want to put through college debt free. So that means I can't spend wildly or with disregard.
The schools can't cover all the values that go along with how you handle your money. For example, a financial literacy class might not teach me to hate debt the way my grandmother, Big Mama did.
It doesn't worry me a bit that China and Japan hold so much US debt. In a way, it seems foolish for them to do it because they get lower returns than they might elsewhere. But that is their business.
If we get into the habit of thinking of ourselves as always owing a debt of love to our spouses, we will be less inclined to take offense when they say or do something that we do not like.
We have to honor our commitments to today's beneficiaries, but we can't solve the growing deficit and debt problems unless we are smart, courageous, and sensible in planning for future.