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On July 25th, President Obama addressed the nation on the debt ceiling crisis. He said several sensible things. One of the things he said was not really that great:
Now, every family knows that a little credit card debt is manageable. But if we stay on the current path, our growing debt could cost us jobs and do serious damage to the economy.
Is it? Is a little bit of credit card debt manageable? And if it is, then is going deeper into credit card debt the best way to manage it? Yeah, I remember writing about that in my first book, Ways to go broke and hate your life.
Please understand that I would be much less critical of the debt ceiling debate had President Obama left the credit card analogy out of his speech. What’s next, a physical fitness pep-talk? “Everybody knows that a little obesity is manageable.”
So, I’ll give the personal finance advice, you run the country.
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.
Agreed. Never understood why no one has argued Obama’s position as being similar to the position of a sad faced 20-something sitting in a load of debt across from Dave Ramsay’s desk. What would he recommend that person do to like their life again?
Mr. President – is government any different? Why?
Pete, once you get more famous, I’ll wear a wristband with “WWPTPD” (What would Pete the Planner Do?)
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That fleeting comment made me want to climb the walls.
Love the obesity comparison.
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