Today the US government seemingly averted disaster by “compromising” on a way to raise the debt limit. Full disclosure: I know nothing about economics, politics, or any other relevant topic. Bearing that in mind:
Yesterday, I read a statistic showing the average American’s share of the debt (I think it was around $32,000). Would it be fair to just charge each of us $32,000, clear the books, and move on with our lives? Absolutely not. Why should my son pay $32,000? He’s only seven years old – the debt is certainly not his fault. The notion that the pain of paying the debt back should fall equally on all Americans is ridiculous. In fact, here’s a suggestion: let’s add up each person’s wealth and calculate each person’s percentage of the total. Then, add up the total debt, and we’ll each pay our percentage of it.
Many (most) of my friends are musicians (read: impoverished). Should they be shouldering the burden of this debt? They certainly haven’t been reaping the rich rewards that all this borrowing has bestowed on the country. Yes, they have been driving on the roads, and taking safe medicines, and eating safe foods, and having police and fire protection, and sending their kids to school, and riding subways and buses, so I guess they should pay a share.
It would seem to me that the biggest benefit of all our borrowing, however, has gone to the wealthy class, with whom personally I am sadly unacquainted. A handful of people have, indeed, done extremely well in the past ten years. Pardon me for the radical suggestion (listen closely, Mr. President), but mightn’t these guys chip in a little to help keep us out of trouble? Maybe not the whole amount (but maybe Yes the whole amount), but why should the laid-off assembly line worker be the one taking the hit?