Your credit card balance is $20,000. You struggle, but you do pay the interest while at the same time to maintain your desired lifestyle you add to the balance each month and so your payments, including interest also increase.
Oh my, you realize your credit card limit is $25,000. What to do, what to do. You could cut back on new credit card spending, you could make extra monthly payments
or,
You could pretend you are a Washington politician and simply apply to have your credit limit raised and merrily move along.
QUINNSCOMMENTARY 
So sorry…
“It would be nice to move the bottom of the US distribution up since it’s a bit of an outlier for countries with average income in the vicinity of ours. But that might require raising taxes on the wealthy and redistributing income, or at least using the money to try and improve the conditions that lead to this outcome. That would then cause the people at the upper end of the distribution to quit working hard and taking risks, people would stop innovating, and our entire society would devolve into socialism ending our way of life as we know it.”
So, sorry, nothing we can do.
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Raise the taxes. It’s gonna happen.
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So true: Biden’s approach to handling the Debt Ceiling.
Perhaps the failing banks learnt this from these current ‘elected’ leaders that everyone must borrow money to boost their bottom line!
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It’s amazing. The politicians are spending us to the poor house. And, we keep re-electing them!
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