There are many theories out there about how we ended up in the economic situation that we are in. This is a very bad situation and it has affected many people and it is looking like it is going to get worse before it gets better. Now I am not an economist but I too have a theory of how we got into this mess and I can sum it up with one word, GREED!
Americans have been living beyond their means for a long time now and I will call it what it is, sinful. We need to be good stewards of the gifts that God has given us and that does not include getting into more debt then we can handle. Yes the mortgage crisis lead to part of this but no one forced your hand to sign the loan application. As I wrote yesterday we need to start taking personal responsibility for our actions and that would include getting into debt. Americans today have more personal debt than any other time in history. By the way I am including myself in this as well.
During this past election cycle here in Massachusetts there was a statewide question on the ballot to roll back the state sales tax from 6.25% to 3%. Thankfully the question did not pass. If it had it was estimated that the Town of Southbridge would loose approximately $9.5 million in state aid. Okay my question is this, why is the Town of Southbridge, or any Town for that matter, relying on aid from the state? It was reported in today’s Boston Globe that the Commonwealth of Massachusetts stands to loose money in Federal aid in the coming years as well. I ask the same question, why are we relying on Federal Aid? We are living beyond our means.
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