I'm on vacation..but I sat there and watched a 5-minute clip with the President at some press conference yesterday, and he was jumping all over congress for failing to fix up the $14 trillion debt ceiling. Naturally, this deadline of five weeks is not that far off and he's probably getting worried. But he sat there and wanted to compare the way that his daughters do their homework to the way that congress fails to do their homework.
I sat and paused over this for a minute or two. In some ways, you'd agree that kids might do a better job with debt than most folks. If you only have three dollars in your hand.....you can only spend three dollars. Most ten-year old kids would readily tell you that.
But then you mix in this unknown variable where the kid has a cash credit account and has $44k dollars to spend as they please. If a kid knew he could print money, and spend it....without significant consequences....then everything would be screwed up.
So this idea of kids and congressmen doesn't really work that well. What happens around early August if they don't agree? I'm thinking the semi-recession we keep sliding towards.....will simply deepen and and any repairs that the boys did in 2009....just disappears. If I were the President.....I'd stop the weekend golf games and get pretty serious. I wouldn't campaign or show up up any fancy dinners. I'd just get as serious as possible to fix up this problem....here and now.