Congratulations! You Are Now $58,000 in Debt.

images5PXO90TGPeople often buy life insurance to cover debt. They take out a mortgage to get on the road to home ownership. But, they don’t want their spouse to be saddled with the debt if they unfortunately die prematurely. They take out life insurance so their surviving family can be debt-free.

Men and women starting businesses take out life insurance to get a bank loan. Lenders typically want a policy to be in force before they will release the funds. They don’t want to have to chase the surviving family if the lendee dies before the loan has been repaid.

Students will take out life insurance to cover their college loans. They sometimes have to borrow hundreds of thousands of dollars to get a higher education. If their family should tragically lose them, they don’t want to run the risk that the lenders will come after their parents.

Life insurance is even used to cover private loans. Sometimes one family member will lend money to another in times of hardship. The loan is really just a stopgap measure until the ailing family member can get back on his or her feet. The honorable thing to do is to make sure the generous family member is made whole in case the borrower dies before the money has been paid back. A short-term life insurance policy does that.

Just a temporary fix.

In all these cases, the borrower understands that the debt is intended to be a stopgap measure only. Temporary. Simply a cash infusion to get to the next stage of life. Debt is never supposed to be a way of life in and of itself. If you and I knew someone who made it so, we would think that he is being irresponsible. Taking advantage of others. A bad risk. How could he ever pay back the loan if it grows larger and larger and larger?

What, then, do we make of the federal government? The news of the day is that the US national debt just hit a new record. I quote here from economist Romina Boccia:

On Monday the U.S. national debt hit a new record: $19,012,827,698,418. This is the first time the national debt has ever exceeded $19 trillion. That’s more than $58,000 for each person who lives in the U.S. today (including children).

Is this any way to run a country?

How did we get into this mess?

The main culprit behind the rising deficits and debt is growing federal spending—especially among Social Security, Medicare, Medicaid, and Obamacare.

Tell me something: why on earth would the government take on more obligations when it can’t meet the ones it currently has?

Please feel free to comment, or to contact me directly with a specific question.

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