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Fletcher: Financial cliff closer than we want

August 7, 2012
Stephen Fletcher , The Alpena News

Dear Mom and Dad,

I've gotten into some terrible trouble and I need some help. You always have been there for me and I just know that you will be there now because I just love you soooo much.

We have talked about how my actions have been a disappointment to you but still, you have been so supportive of me. I know you are concerned I have been at the University for four years and am still taking four credit hours each semester. I know that I am still at a freshman level. I promise I will do better.

I know, I know, that I have promised some things in the past and that I couldn't keep the promises because of events beyond my control like just having to support the Occupy Movement and a bunch of other social stuff.

My immediate concern is that, in spite of your generous financial support, I have run up credit card debt, which , according to the peek which I got of your tax return when I was going through your financial records while you were out of town last summer, is more than your annual income.

I really need your help to pay off my past due balance or they will just cut me off!

Your ever grateful, Molly

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Dear Molly,

As you know, we always hoped that you would get educated and acquire enough skills to come back home to help us run our cutting edge computer store so that it would be easier to compete in the world marketplace.

Additionally, we hoped to turn over the reins to you someday so that we could retire and the growth of the business, under your leadership, would help us financially in retirement and provide for you and any future grandchildren.

If we send you the money, our livelihood from the store will be lessened due to the increased debt load which you have incurred. We will have worked our whole lives building up our family business to see you spend all of our savings. If you are not ready to take the responsibility for your actions, we will mortgage the store, we will not have any money for retirement, and our grandchildren will bear the brunt of you actions.

How are your actions any different than those of the President and the Congress of the United States of America?

Love,

Mom and Dad

P.S. No check is enclosed.

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Of course, Molly IS our federal government and Mom and Dad are U.S. taxpayers.

Poor Molly!Poor Mom and Dad!

The big three of Medicare, Medicaid, and Social Security now take every dime of taxes paid to the feds.All Molly did was to pay for all other items in the government on her credit card - which we guaranteed payment.

We now are saddled with twice the debt we had four years ago. The amount of our debt is approximating the level of the value of all goods and services sold by the U.S. for a year (GDP). This is the same level that is experienced by the other PIIGS (Portugal, Ireland, Italy, Greece, Spain) that all are in recession.

We must understand that from a financial standpoint we are in no better shape than the PIIGS, so it really is PIIGS r US. They have had their debt downgraded by the credit rating agencies; we have had our debt ratings lowered. They have entered recession; we have slowed economically and are approaching recession. Their policies embracing a socialistic society are not working; our policies are very much like theirs.

This "financial cliff" we are approaching is sounding the alarm sirens. This isn't a passing thunderstorm; this time the sirens are warning us of a financial tsunami.

 
 

 

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