Okay, Lost it (Humorous)
In catching up on my reading last weekend, I finally got around to the Harper’s Magazine article that was referenced in the Frank Pasquale Concurring Opinion’s article. While I agree that America carries too much debt and states like New Jersey are on the brink of financial ruin because of its indebtedness, it is kind of galling that when the average Joe runs into debt problems the first thing he does is cut spending and decrease living costs. Joe Average has to prioritize his debts, talk to creditors, basically change his spending habits to keep the cash flowing with more than his mouth above creditor infested waters.
Joe Average does not think about how he got into trouble; in reality, he doesn’t have time for reflection he is too busy trying to stay afloat. But it is at that precise moment that Joe must reflect and plan. He has to plan to feed the sharks and manage to keep himself afloat. But Joe does not want to just stay afloat. Ideally, Joe wants the water level comfortably around his ankles. To get there Joe has to plan.
So when I hear stories as I did this morning of state fiscal crises and the like, I wonder if the Govenor or the folks in the state house have any plans to get Jersey Joe into comfortable waters. We all heard about Gov. Corzine’s plan for the toll roads, and most of us don’t like the plan. Don’t imagine Joe Average likes what he has to do either. But while Joe Average will learn to live within his means, Jersey Joe will incur more debt to temporarily relieve his situation. Jersey Joe is looking to get a boat while Joe Average wants to swim to Debtfreeland. The question is once Jersey Joe is in his boat, will he be sufficiently motivated to head to Debtfreeland or will he dry himself off and head for Deeperdebtville? I am inclined think he will head out to financial ruin in Deeperdebtville.