Economics 101

CAL THOMAS COMMENTARY JUNE 17, 2022

            SOME PEOPLE GO TO COLLEGE AND MAJOR IN ECONOMICS. UNIVERSITIES OFFER ADVANCED DEGREES IN THE SUBJECT. I DIDN’T MAJOR IN ECONOMICS, BUT I KNOW THE BASICS.

            IF YOU SPEND MORE THAN YOU EARN YOU WILL BE IN DEBT. IF YOU HAVE A HIGH INTEREST CREDIT CARD YOUR DEBT WILL GROW, ESPECIALLY IF YOU MAKE THE MINIMUM MONTHLY PAYMENT. IF YOU BUY THINGS YOU CAN’T AFFORD – A HOUSE OR CAR FOR EXAMPLE – YOU WILL DEEPEN YOUR DEBT AND THE BANK MIGHT FORECLOSE ON YOUR HOUSE AND THE CARE REPOSSESSED.

            IT’S THE SAME WITH GOVERNMENT. WASHINGTON SPENDS MORE THAN THE RECORD AMOUNT IT RECEIVES IN TAXES BECAUSE IT CAN’T SAY NO TO ANYONE IN OUR ENTITLEMENT AGE. THE DEBT GROWS PAST $30 TRILLION, AS DOES THE INTEREST. THE FED PRINTS MORE MONEY WHICH CAUSES INFLATION. THEN THE FED ANNOUNCES INTEREST RATE INCREASES, BOOSTING MORTGAGE RATES TO THE HIGHEST THEY HAVE BEEN IN MANY YEARS.

            WHAT’S THE SOLUTION? CUT SPENDING. RECOVER OUR ENERGY INDEPENDENCE AND CONSIDER CHANGING THE POLITICAL LEADERSHIP, ALTHOUGH REPUBLICANS DON’T HAVE CLEAN HANDS WHEN IT COMES TO CUTTING SPENDING. BUT THERE YOU HAVE ECONOMICS 101. THERE WON’T BE A TEST. I’M CAL THOMAS.

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Cal Thomas

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