Are those who complain about the huge deficit debt free themselves?

Question

If you find it wrong for our nation to be in debt, do you also feel it is wrong to have personal debt? Are you debt free?

Answer 1

Well, I oppose out of control deficits.  I think that cutting spending (like McCain proposes) is the only way to reduce it, and that Obama's radical expansion of government would double to deficit...AT LEAST.

That being said, to answer your question I do not have any BAD debt.  This is debt which COSTS me money.  I have none.

I have a lot of GOOD debt (such as leveraged rental properties) which earn me money.

Answer 2

almost,but then i know my limits and never barrow what i can't pay back.unlike the new generation of i'll file bankruptcy when i'm spent out and shaft america!

Answer 3

Excellent question. I really don't think it's possible to be completely debt free.

Answer 4

I live debt free and I don't like the idea of my children and grandchildren having to pay these loan. At the rate we are going China is going to own more of this country than we do.

"I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale. "

Thomas Jefferson

Answer 5

Personal debt, as in credit cards?  No, I pay those off.

No debt, as in no mortgage on my home?  Of course not.  That's very different from the government debt, however.

Realize that, in addition to our operating debt, from year to year, there are also future liabilities in Medicare, Medicaid and Social Security that aren't covered.

Our government is more like someone who is paying their utilities and mortgage payments by advancing on their credit card.  

Also, governments are not people, and are not businesses.  The entire value of our own currency and savings are based on the financial stability and the ability of our government to make good on what that printed money represents.

Unlike individuals and business, almost all of whom need to acquire some debt to make capital acquisitions, the government doesn't need to do so in the same manner, or to the same degree.  

Besides, complaining about huge, massive, out of control debt isn't doesn't mean that someone is against ALL debt, period.  

It's just that, when you can't pay for the debt you already have, it's insane to continue to acquire more, while cutting revenue streams. The "how" also comes into play here.

Your question seems to really dumb down the issue of government liabilities, overall.

Answer 6

Debt free and happy to be so. Only buy what can afford, and once you learn to live with in your means, you are much happier. The world (especially US)  put too much value on material nonsense items.

Answer 7

YO!!

Watz up?

It's not my buisness...

Answer 8

I hate debt. I do not have any credit card debt, but I have some student loan debt.

I would argue the government has the means to cut its deficit and pay down our collective debt by eliminating hundreds of billions of dollars of wasteful and unnecessary spending.

Answer 9

a very provocative question that should make people think.  those who are in debt are those who want instant gratification and live beyond their means.  we want 'things' that we would have to save for if we didn't go in debt and we don't want to wait.  

our nation is much the same.  we have too many programs where we try to be all things to all people and that is why the debt is so large now.

i am not debt free due to medical expenses of a catastrophic disease but i do not make any purchases that are not absolutely necessary.

Answer 10

The problem is that the government is spending our tax revenues largely in ways we don't seem to have control over (ie. the wars in Iraq/Afghanistan) and they don't seem to be taking care of the needs of Americans. Americans are trying to survive on the same income while food and gas prices (along with everything else) are skyrocketing. It is harder and harder for people to stay out of debt. Sure, Americans need to learn to conserve energy, stop throwing away what can be reused, stop this material quest to have more and bigger things, stop trying to live a lifestyle they can't really afford...however, how are people who are already on the brink of poverty or the lower middle class going to keep their families afloat without going into debt? Yes, they have a right to complain about how the government is spending their money!

Answer 11

Yes, as a matter of fact, I am debt free.  And, I complain bitterly about government deficits and the ever increasing national debt.  I pay cash for everything and if I can't pay for something I don't get it, not even a car.  I can also save a little so when an emerency comes up I can cover it.  I keep only a token amount in my checking account so I have a place to cash my paycheck and have a little for debit card use.  I've lived this way for about 10 years and have never regretted it.  My life is serene and worry free.  

I don't see anything wrong with using credit responsibly, I just choose not to and I save a bundle in interest too.  

government, on the other hand, is totally irresponsible when it comes to spending and borrowing.  They are simply too incompetent to handle money or credit.  They are supposed to be accountable to the people, but they just seem to thumb their nose at us with rhetoric, lies, threats and fear mongering.  They continue to abuse their financial responsibility in waves of wasteful spending, failed government programs, corporate welfare and a failed foreign policy.  This will not end until incumbents are voted out of office and honest people are put in their place.

Answer 12

It is not wrong to have debt but it is difficult to have debt.  Those who complain about debt deficit are complaining because their capacity to produce to pay their debt is being threatened. Let say I mortgage my house for a restaurant business and then government debt becomes so high that the it cannot produced more jobs because the money is being use to fill the deficit that is suppose to be use for making factories and subsidies. My customer won't have the money then my raw materials will be costly because the governments capacity to subsidies is weakening.

Answer 13

It is wrong for the U.S. to have such a large deficit. I don't judge others for having personal debt. To each is own.

I follow the advice of financial expert Suzy Orman and don't have personal debt except for my car and home. After college it took several years to pay it off but once I did, Thank goodness I've been debt free ever since.

Answer 14

Most of the people I know that have personal debt don't like it, and they are actively trying to remedy that situation by adjusting spending habits.

I've also noticed that those with huge amounts of debt that aren't too worried about it are typically unconcerned with the national debt.

Obviously, I don't know everyone in the world though so there are probably instances where this is untrue.