mrstickball on 27 February 2009
halo, either kind of debt is not good, and causes major issues in the country.
Too much personal debt, especially among those that can't actually deal with it is causing the banks to collapse, as their debtors cannot pay back what they've borrowed (as they've borrowed too much).
Too much national debt causes the govt. to owe money to foreigners, build up other economies, and pass the burdens onto the consumer by raising taxes. According to Obama's budget, the tax burden on the wealthy may go back to FDR-esque levels. I don't think that's really going to help us.
Back from the dead, I'm afraid.
