Uncle Sam guest posted on my blog today about what a compulsive debtor he is:
Dear world -
I never thought I would say this, but I have a problem I can't handle. I am the United States of America and I am a compulsive debtor!
Compulsive debtors have certain characteristics, they say. It's scary how many of these look like me:
(From the Debtors' Anonymous site)
- Poor saving habits. Not planning for taxes, retirement or other not-recurring but predictable items, and then feeling surprised when they come due; a "live for today, don't worry about tomorrow" attitude."
USA here. I spend more than I earn. I don't save.
- Compulsive shopping: Being unable to pass up a "good deal"; making impulsive purchases; leaving price tags on clothes so they can be returned; not using items you've purchased.
I borrow money to buy things I don't need; I use funny loan instruments and dubious lenders to buy houses bigger and more luxurious than I can afford. I drive enormous cars on credit which burn imported oil and corrode the atmosphere.
- Living in chaos and drama around money: Using one credit card to pay another; bouncing checks; always having a financial crisis to contend with.
- A tendency to live on the edge: Living paycheck to paycheck; taking risks with health and car insurance coverage; writing checks hoping money will appear to cover them.
I give billions in tax breaks back to the very rich while the middle class gets squeezed and the poor get poorer. And I got myself into a quagmire of a war that is costing hundreds of billions of dollars!
- Difficulty in meeting basic financial or personal obligations, and/or an inordinate sense of accomplishment when such obligations are met.
Of course, I haven't maintained the stuff I do own very well. It's so boring to spend money on roads, bridges, trainsand public schools. Yawn. I want a new golf course! A space station! An Arab country with lots of oil! Don't make me think about bridge rivets and test scores and depreciation of assets. Just give me some more credit.
National health insurance? That's socialism. I don't care if my children lack decent medical care; it doesn't matter if US infant mortality rates are worse than Cuba's; I need a new I-Phone!
- A feeling or hope that someone will take care of you if necessary, so that you won't really get into serious financial trouble, that there will always be someone you can turn to.
I don't know where the cash is going to come from to pay for all this - but I'm not worried. There's always another creditor willing to extend me some $$$. Right?
Excuse me, my mortgage company is calling. I'll let them go to voicemail while I shop online for another sofa. If I have to downsize from my McMansion to a rental apartment, at least I deserve a new sofa. The store will sell it to me on credit, no interest payments for twelve months.
Climate change, infrastructure, health care, pension crisis, outsourcing - those problems have to wait. I'll go to Debtors' Anonymous some other day. I can't handle my addiction to debting and spending but I sure as hell don't want to change. See you at the mall!