yes... it's pretty sad... and astounding...

The U.S. is adding to their debt at a time when they're maxed out..

That's not going to play well in the near and long term future.

http://www.brillig.com/debt_clock/

Wow, and I thought that I needed a bailout!! The national debt is headed for 11 Trillion as of Jan 30, 2009. Ouch!!

Do We Need More Debt in 2009?

I am furious today to see the headline article on money.cnn.com:
A $2 trillion bet on powering America

I mean, how dumb can you be? It seems that the U.S. federal government is really gasping for air right now.

Blog Post here:
http://www.canadian-money-advisor.ca/archives/2009/01/do+we+need+more+debt+in+2009.html

The U.S. government is borrowing like crazy to stimulate the economy. That sends a direct message to the consumer that it's good to borrow, and that it's necessary to borrow.

In this video I give three personal finance scenarios about why people shouldn't borrow right now.

It is my strong opinion that the government should not be encouraging people to borrow... that's why the economy is in the position it's in. borrowing more means putting people under more pressure.

Please do drop by youtube and rate my video, and comment on it.

VIDEO NOTES:
The U.S. government is taking on trillions of dollars in debt
They're encouraging consumers to take on debt

Why is this wrong?

3 scenarios that people generally face with the personal finances.


1. Let's say you've got $250,000 in cash and no debt
   or even $10,000 in cash...
   Would you use credit ever?
   How would you feel?
   
   
2. You've got $10,000 in cash and $30,000 in debt
   This is alright, as long as you don't lose your job
   and use up your reserves
   
   
3. You've got $0 in cash and $30,000 in debt
   
   Now you're worried because you may have problems if you lose your job etc

BIG QUESTION
In any of these scenarios should you be taking on more debt?