As of Friday, May 31, 2013
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Gwinnett Daily Post
In Eugene Robinson's column ("Too juvenile to govern now," May 31, 6A) he presented a problem in reasoning as well as economics when he noted that the annual deficit run by our national government dropped from $1,284 billion in fiscal 2011 to just $642 billion in 2012. Therefore he concluded that if the size of the annual deficit continues to decline, "... the long-term debt problem begins to look more manageable."
How's that again? Let's reduce it to something easier to understand. If you charged $1,284 on your credit card in 2011 and paid nothing, you'd owe $1,284 plus interest and penalties. Then you charge another $642 on your credit card in 2012 and again pay nothing, so you'd then owe $1,926 plus interest and penalties. Did that make your debt more manageable?
Mr. Robinson concluded that Republicans, failing to see how the debt was more manageable, were too juvenile to govern. It might be more reasonable to conclude that Democrats should never be trusted with the nation's credit card.
-- Richard McBane