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Originally Posted by dksuddeth
rif people in local and state governments would use the same philosophy fiscally as they do for their household, then debt would be easy to deal with.
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Oh really?
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# Total consumer credit: $1.7 trillion.
# Credit card debt carried by the average American: $8,562.
# Total finance charges Americans paid in 2001: $50 billion.
# Percent of U.S. households deemed credit worthy by the lending industry: 78%.
# Number of credit card holders who declared bankruptcy last year: 1.3 million.
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The problem is people in local and state governments act JUST like they do at home, (as a rule) the problem is that its a bit worse since its not 'their' money they are spending.