Wednesday, March 6, 2013

How big is the problem of skyrocketing US debt?

The crisis of the skyrocketing US debt reminds me of a story I heard about a sailing ship captain and a seaman.

Back in the day, the seaman was charged with stowing the ship's heavy cargo of ammunitions, but he neglected his duty and when a storm came up, the cargo broke loose. If the ammunition rolling about impacted the hold, not only could it damage the ship's side but it could explode in a skyrocketing blast.
sailing ship in storm
credit: wall321.com
Because of the loose load in the hold, the entire ship was endangered, but the seaman leaped to their rescue and at great risk to his own safety managed to corral the cargo. After the storm subsided, the captain called all hands on deck. He bestowed an award on the seaman, and then he unsheathed his flintlock pistol and shot the seaman saying, "Heroics are rewarded but neglect of duty can be fatal."

We've got a bigger problem. Our economic ship is actually sinking under the debt we have let loose. But those who first created the situation are no longer facing us to shoulder the blame, and no one today is willing to step to the rescue.

In fact, no one is willing to take any action for fear they, as the messenger of ill-fortune, will mistakenly be shot. Still, someone had better step up and offer a solution, or the USS Economy will sink. Tomorrow I'll offer some realistic possibilities.
 
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