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The “Debt Commission” Will Save Us All

17 February 2010 2 Comments

What a circus.  Obama is setting up a debt commission, actually formally named the National Commission on Fiscal Responsibility and Reform.  Sounds fancy.  The commission will bring in a few former politicians from both sides of the aisle to solve the countries fiscal woes.  Do these guys get paid to be on this commission?  Are we going into further debt in order to pay people to figure out how to get out of debt?  How confident are you in that this debt commission will result in anything?  Is this silly to you or just me?

Gotta love this… the commission will basically have no power.  It won’t be able to force Congress to make any tough decisions.  So, the result will likely be a shiny new report on how to get out of debt that will go sit on a shelf somewhere.

Here’s the answer.  Stop spending more money than you take in.  Every average Joe understands this.  You don’t need to bring in two professional taxpayer dollar spenders to sit in a room for a year and brainstorm how to get out of debt.  Just stop spending money!  If you can’t agree where to stop spending money, then how about a 20% cut across the board?  No, that would be too simple and it would make Americans think that we don’t need these genius politicians anymore.

If it weren’t so sad, it would be very funny.

2 Comments »

  • jmb27 said:

    Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

    Here is an example of what I am talking about:
    Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

    Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
    "Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM."

    The Center for Responsible Lending says YSP "steals equity from struggling families."
    1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

    http://merkley.senate.gov/newsroom/press/release/

  • mark said:

    This is truly unbelieveable. Someone needs to tackle the debt problem, but it is very doubtful the debt commission will have any power to do anything. Sad.