Rush’s Morning Update: The Bills
August 28, 2009
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Last Sunday, the Washington Post ran a Q & A in their “Money and Ethics” section. A woman,describing her family as being “of modest means”,asked if was “fair” that she and her husband ask their teenage kids to contribute some of their earnings toward the family budget.
Knight Kiplinger, editor of Kiplinger’s Personal Finance, responded: “Yes.” Not only is it fair; it’s always been expected, historically. He said kids spending all their earnings on themselves is a new phenomenon, born of affluence. But spending only on oneself is “not often enjoyed by their moms and dads.” Kiplinger suggested parents help train their kids for their future obligationsby coming up with a “reasonable” contribution, taking savings and discretionary spending into account.
For eons, this approach to finances has worked for families and businesses,but somehow, it doesn’t work for government. The Obama administration is racking up trillions of dollarsin debtwith no spending limits. The notion that “everybody” should “contribute” is never even discussed. The bottom third of income tax filers pay no taxes at all, yet Obama vilifies those who pay the bulk of taxes as “greedy”,while demanding even more from them — and now he wants to place the financial burden of socialized medicine on their backs. There’s no plan to meet our “future obligations”; we can’t even fund our present obligations!
Now, look, folks: this isn’t rocket science. Our country is on the road to financial ruinbecause the teenagers are running the country…while demanding grownups pay all the bills.
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