Debt Wish: The Stages of Addiction

| January 16 2013

Debt Wish: The Stages of Addiction

There is a dangerous addiction rampant in Washington: the addiction to spending. The cycle of spending more than what is being taken in continues as leaders refuse to make the cuts needed. Of course, the first step towards breaking the addiction is admitting you have a problem. It shouldn’t take four straight trillion dollar deficits and the threat of a credit downgrade for Washington to realize we have a spending problem. While the president publicly goes through each stage, let’s hope he prevails over Washington’s spending addiction in time to save our economy.

STAGE ONE: DENIAL

‘We don’t have a spending problem.'”- President Obama (Stephen Moore, “The Education of John Boehner,” The Wall Street Journal, 1/6/12)

STAGE TWO: ANGER

“They order me to spend,” …”They tell me: ‘You need to fund our Defense Department at such-and-such a level. You need to send Social Security checks. You need to make sure that you are paying to care for our veterans.’ They lay all this out for me, and–because they have the spending power–and so I am required by law to go ahead and pay these bills.”- President Obama (“White House News Conference,” Washington Post, 1/13/13)

STAGE THREE: ACCEPTANCE

“You don’t go out to dinner and then, you know, eat all you want and then leave without paying the check. And if you do, you’re breaking the law. And Congress is — should think about it the same way that the American people do. You don’t — now, if Congress wants to have a debate about maybe we shouldn’t go out to dinner next time, maybe we should go to a more modest restaurant …”- President Obama (“White House News Conference, Washington Post, 1/13/13)

BankruptingAmerica.org is an educational project of Public Notice, an independent, nonpartisan, non-profit, 501(c)(4) organization dedicated to providing facts and insight on the effects public policy has on Americans’ financial well-being.

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