In the next 24 hours , expect American Congress to
raise the Debt-Ceiling , once again
As it has raised it 71 times in the past 40 years
Other alternatives before the American Congress are :
Ø Raise
taxes ( to increase State income )
Ø Reduce
Expenses ( eg: ObamaCare )
Ø Print
more money ( and fuel inflation )
But these are all , very unpopular measures with the
American public . And no politician likes to be unpopular
So , the easy way out is :
Borrow more – let each American grandchild worry about repaying
to the rest of the World , a measly sum of $ 52,000 !
We will not be around when the bubble bursts !
Tomorrow will , somehow take care of itself !
With annual revenue of $ 2.4 trillion and expenses of $
3.5 trillion , how else can America make ends meet ?
No one in America seems to be asking :
·
Are we living beyond our means ?
·
How long can we sustain this high living
standard on borrowed money ?
I hope , we in India do not fall into such a Debt-Trap
Fortunately ( ! ) , rich Indians have stashed away Rs
28 – 35 lakh crores ( $ 462 – 572 billion
) in foreign banks ( as per Global Financial Integrity – GFI )
Offer them , a “ No Questions Asked “ , Voluntary
Disclosure Scheme ( VDS ) to invest in tax-free Infrastructure Bonds
Then , we will not need to borrow from IMF to raise the
standard of living of 400 million poor Indians , earning less than $ 1.2 per
day
·
hemen
parekh
( 16 Oct
2013 )