On Debt

 

It makes one wonder, at times, if people are actually stressed from the debt they are in. It seems like everyone has some, even a little. Why it was just at the beginning of this year that the DOGE team filed reports and cut federal funded programs to reduce the bloat. The Trump administration campaigned on reducing the federal deficit and cutting costs in order to balance the budget. The initiative in this country to save money and stop spending is paramount to the times; and if I also may add, complete and total irony. At this time in America, we are in more debt than ever, and it doesn’t seem to be that big a deal.

In fact, being in debt is the American way. The average person in this country is in debt somewhere around $100,000 (Experian). We certainly don’t need an economist to tell us that that is a lot of money. So, if one has less than that, in terms of what they owe, they got to be feeling pretty good about themselves. But here’s the question: how can the economy ever be in good shape if all of us are in some sort of debt? I don’t know.  Logic would tell us that it, the economy, never could be. That said, consumer spending in the first quarter of this fiscal year is down, but still high as of 2023 (Bureau of Labor Statistics). None of this helps the fact that prices of commodities continue to be more expensive than ever.

            But how do people feel about all of this? At the end of the day, just keep making those payments and everything will be fine. I mean who buys a new house with cash money? Doesn’t everybody finance or lease their vehicles? This economy has been built on debt from the very start. Credit was the greatest invention of the 1920’s and that’s no slight on the Merchant of Venice. There’s no point in going without when a person can have everything they want in life at the cost of a monthly payment. We can live like kings and queens as long as we are alright with going to work every day.  It’s like Sisyphus except the boulder is chasing us. It would seem abnormal to meet someone who is debt free; although, we’d probably just call them rich.

Perhaps, it isn’t the debt we are in that’s the most important factor. It is the interest rates that are keeping us there. This country is the richest in the world according to many. We have more money, spend more money, save more money than any other populous from any country around the globe. Yet, here we are wallowing in fiscal irresponsibility. None of us can get ahead. At least, it seems that way. Around every corner, there is another expense just waiting. Save some money one week, just to overspend the next. A person can pay off one bill, only to realize, they are a payment behind in another.

In many ways, we are only paying off what’s going to the lender. Funny thing is, many of us have the money in our bank accounts right now to pay off that credit card, but we’re afraid to spend our own. It’s comforting to know that we can make that minimum payment and sometimes even more, but only if we feel like it. Pay off your debts people! What are we all waiting for? I guess it just wouldn’t be the American way though. Maybe we can just look at the old saying, “You’re not taking it with you” in another light because the debt isn’t going to the afterworld neither.