So Poligaf....
I presume youre all familiar with the way people love to associate national debt with household debt and credit cards etc etc.
And how theyre always dead wrong, for hundreds of reasons, like households not living 500 years or printing money etc
But does the following analogy make sense, re debt limit?
Imagine your wife asked you to buy things. Lots of things. $25,000 worth, and demanded you buy them even. So you go out shopping, and put it all on the credit card. Makes sense, why pay cash when you can get a 25 day interest free loan AND rack up airline miles? Would be stupid not to.
So your credit card bill is coming due, and you are ready to pay it (you have, after all, $1m in the bank). But hold up. The wife says you've reached your bank account withdraw debt limit She says you can only take out $200.....unless you do what she says. She wants you to eliminate dozens of things you like, but she doesn't. No more golf. No more cable. No more beer. And you have to vacuum the house every day, and twice on Saturdays. All of it must be cut if you want her to lift the debt ceiling so you can pay off your card. And if you don't do it, you default, and ruin your credit for life.
THAT is the household debt limit analogy.
Yes or no gaf?