We are currently overspending our means. We have been borrowing on a credit card to pay our bills. That credit card is maxed out and we have a payment coming up. If we do not make the payment we have coming up we will default on that card. As you know or should know defaulting on 1 card will raise the interest rate of that card and many if not all of our additional loans. This will then put us further into debt.
Similarly to a family or individual, the country cannot just stop paying some of its bills without risking default. Ideally we will either get a more lucrative job to make more income (aka tax increase) or quit going out to dinner etc. (cut spending) or both. However, the payment is due tomorrow and even if you got a new job today you wouldn't see the benefit for a few weeks minimum. If you quit going out to eat you also won't see that benefit immediately. The only protection you have RIGHT NOW to pay your bill and therefore not default (which will only make the situation even worse) is to get another card and use the money from it to pay the bills until your strategies of more money and/or less spending start to bring things back in line.
Simply deciding to say screw it and not pay the bill is not really an option.
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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