DEFICITS DON'T MATTER? WRONG, Obama.
Obama says it, Dick Cheney said it before him... but they're wrong.
Ask the credit card companies. You charge something on your credit card and don't pay, then you end up with a giant company like Citigroup / Citibank doing horribly because you have a LOT of individual people and businesses who ALSO have been thinking that.
Ask your banks. They've been lending money to commercial businesses who believed that deficits don't matter, to people with mortgages who say, "Let my house go into foreclosure - the Federal Government will take care of me".
Ask the family member that has a couple more dollars than most of the family, and the rest of the family is always hitting him/her up for money.
A Deficit is DEBT. DEBT DOESN'T MATTER? Debt certainly DOES matter.
Aunt Irma or Uncle Bernard might be able to bail you out, or you and your kids can move into your mother's family home when you can no longer afford the mortgage.
The Banks and the automobile industry might be able to ask the Federal Government for cash.
Next, it'll be the newspapers asking for a bailout.
But where does the federal government get money?
The feds don't have an Aunt Irma to get money from, or do they?
Well, here are two places:
1) THE IRS Small businesses will get CHOKED by the IRS to help them be able to pay back these big loans.
2) Other countries! The USA routinely borrows money from other countries. Even ones we're at war with. They lend money to us, so we can pay the car industry money to be able to pay their workers and keep building cars. (and pay their executives, ugh).
Each man/woman/child in the USA "owes" the fed govt $35,000 for all of these bailouts. By next year, it'll be $40,000 EACH. And believe me, if not today, but at some point, this money WILL come from us or from foreign investors.
But what happens when all of the countries run out of money? Where does the buck stop?
Do we borrow money from other planets?
I think to any extra terrestrial would find the Planet Earth to be a horrible credit risk.
Deficit doesn't matter? Try spending? So crazy it just might work?
No. You party today, lose a house tomorrow. Party today, and the country goes bankrupt tomorrow.