chronicleofbias.com

â € œneither Neither a Borrower Lender Be.â €

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In Shakespearean € ™ Â s play, Hamlet, Polonius advises his exalted son, Laertes: â € œNeither a debit or a lender, loan often loses itself and friend, and weakens loans € husbandry.â the edge of a (In this context, â € € œhusbandryâ means care or thrifty management; frugality, or second hand.)

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Itâ € ™ s interesting to note that â € CERN days when Hamlet was first performed (in around 1600) loans are epidemic among the gentry, who sometimes neglected husbandry to the point where they were to sell their property, piece by piece to maintain a style of ostentatious life London. € (Shakespeare Budgets enotes.com).

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So, here we are, more than 400 years later, treated with the same issue here in America, ie borrowing. too when it comes to farming, itâ € ™ s quite obvious that little has been changed. We have a wasteful and profligate government of a society with a growing number of individuals, companies and government agencies goes a broke.Â

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Several recent articles illustrate the situation:

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A Wall Street Journal on the state of New Jersey stated, â € CERN 1990 the state was $ 3 billion in loans debt. has since grown into a compound annual rate of about 13%, and now the state is $ 32 billion in The ed. Throw in unfunded pensions and retiree medical benefits, and that number increases to 113 billion U.S. dollars, or $ 3,400 for every man, woman and child in the state. Thata € ™ s three times per capita above the national average, making New Jersey the Nationa € ™ s the fourth most indebted € state.â (Wall Street Journal, 23 February 2008, page A8)

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In California, during a debate on the Senate floor the day that the budget was sent to the governor (27 August 2007), state Sen. Tom McClintock, said, â € œToday we set in motion events that require much more difficult and painful decisions starting just five months from now in what is likely to be a economy. much worse, I fear that this vote, for the second time in a decade, this state is being driven to another Gray Davis, the size of the fiscal crisis that this vote makes inevitable for exactly the same reasons: lack of restraint in good times along with the lack of discipline in bad times.â € (NOTE: californiae € ™ s proposed budget for the year 2008-09 fiscal was recently reported that 16 billion U.S. dollars in the red.)

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Locally, the City of Vallejo, California, is on the brink of bankruptcy filing, the first city in the stateaid ™ € s history to make so. The city of San Diego has approximately $ 1.9 billion in unfunded liability to its pension plan for workers; Santa Barbara County has an estimated $ 200 million unfunded obligation for the retirement program employees, and the cities of Santa Barbara and Solvang have been reported both to use reserves to pay current operating costs.

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Commenting on the federal debt, Terrence Jeffrey noted, â € œThanks the negligence consists of four successive generations of politicians in Washington, DC, however, every family in America is now on the hook of $ 455,000 above what they owe on their own mortgage, or student loans or cards credit or may pay the taxes under the current tax System. € (â € œYour generous loan of $ 455,000 to Uncle Sam, â € Conservative Chronicle, February 7, 2008).

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The proposed 2008-09 federal budget of about 3 trillion U.S. dollars equivalent to about ten thousand dollars for every man, woman and child in America, 300 million strong. addition to the annual budgets, presumably, are funded with money from the federal government extracts from taxpayers, there is the nationalism, s ™ € little acknowledged the obligation of about $ 9 billion dollars that our esteemed political leaders have incurred without the consent of voters € ™.

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David M. Walker, Comptroller General of the United States, has been speaking around the country for over two years, delivering the message that the U.S. are moving rapidly bankrupt. He believes that only have about 10 years before happens. But even with nationalism, s chief accountant ™ € open warning to all listening, nobody is paying attention.Â

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Mr. Walker is not a â € € œChicken Littleâ crying, â € œThe sky is falling, â € hea € ™ s really offer perhaps the most qualified person in America, saying things such as â € is.a Nationa œThe € ™ s official accountability principal and head of government accountability in the U.S. Office (GAO), â € his mission is to help â € œâ € | improve performance and ensure accountability of federal government to benefit the American people.â € (Wikipedia)

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Everywhere we look throughout the country, we see people, businesses and government entities that are upside down financially, apparently hopeless than bankruptcy. But, so far, that doesn € ™ t seem to be slowing anyone down, people and politicians, in his career to the poorhouse.

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What happens when we get there, you may wonder? Â

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It is Wona t ™ € pretty.Â

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 © 2008 Sherline R. Harris, All Rights Reserved

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NOTE: Read more of Harris Sherlineâ € ™ s comments on his blog at œopinionfest.com.â € â €

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About the Author

Harris Sherline is a retired Certified Public Accountant and executive. His diverse business background includes experience as a partner in a public accounting firm, as a principal in a number of business ventures and as CEO of a hospital. His conservative commentaries appear weekly in two Santa Barbara newspapers. In addition, his op-ed articles currently appear regularly on three widely read web sites and his own weblog,
Opinionfest.com.

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