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Closet Economics

June 2, 2011 - Joselyn King
Now I don 't profess to be a financial genius, but I do know I can't buy a $200 purse when I only have $50 to spend. It's time to go to the discount store to buy the same purse for $30, and apply the excess funds to paying off past debt.

I don't instead ask the store to increase my credit limit -- though I'm sure they'd be all too willing to do that.

Such is why many Americans -- and most notably the U.S. government itself -- are finding themselves overextended and in debt. Collectively the nation has written post-dated checks that now are coming due.

Something has to give.

We do have to keep the electric paid up and the heat on in the winter -- that's a necessity. The water has to be paid, as well.

Maybe it's time to cut back to basic cable? Drive less? Buy the Acme brand mustard instead of that from the French?

And what about that $4 bag of chips. O.K. It still goes in the cart.

We make decisions each day about where we should best spend our dollars. Shouldn't the U.S. government have to exercise the same responsibility on a larger scale?

Right now the federal deficit is over $14 trillion and is ever increasing. And lawmakers this week rejected a proposal -- which seems wise -- to raise the federal debt ceiling , the nation's "credit card limit," to nearly $17 trillion.

The new car is just going to have to wait a year or two. There's nothing wrong with the current one -- just add some new tires, and a wash and wax wouldn't hurt.

Maybe in time there will be enough funds to buy not just a new dress and purse for the class reunion, but maybe a new necklace and shoes, as well.


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