So your uncle, let’s call him Sam, comes to you and says, “Hey!” He actually says ‘hey.’ “I got an idea. I know I owe more than I can earn. I know I borrow 40% of every dollar I spend already every year. I know I’m deep in debt. I know that I’ve not been terribly good lately at being productive, and the value of the money I do have is sketchy at best. And, yeah, I manage to do a lot of things that actually kept people from being able to start businesses or find work, or good work, and my spending habits are epic. But how about I offer to pay for your insurance for you? Not only that, I’ll pay for extra, and you won’t need to even earn the money to pay for it. I’ll front you the money to get started, and promise to pay most of it, well, forever. What do you say?
You’d have to be a complete idiot to think that your “Uncle” could keep that promise and a fool to take it.
When it failed, as it most certainly would, you’d have no one to blame for the suffering but yourself. The problem is worse than that though. You would not be the only one suffering. Thousands of people, families, who trusted you and let you put them in this position–they are the ones suffering. And odds are very good that the people who pushed them into this position, they are not suffering at all. Which is why they don’t care about the risk. They’ll just spin the disaster, blame someone else, and then extract the money–if they even can–from some other part of the state economy, causing wage erison, job loss, and a further loss of revenue (taxes) to the state from those sectors.
H/T Jeff Chidester- Facebook / Boston Glob
