Thursday, October 30, 2008

Debt and it Consequences

For this week I decided to read an article about debt and how it's perceived in culture. It talked about how debt is an intrinsic part of who we are as a people, and that it is somehting we must come to terms with. For example, "in Aramaic, the language that Jesus himself spoke, the word for “debt” and the word for “sin” are the same"(2).
I thought this article was very interesting, seeing as how our country is ten trillion dollars in debt, and that we're still in a deficit. I find this despicable, as does everyone I know, yet we still continue to go deeper in debt. People just can't face the fact that we will have to raise taxes, or severely lower the budget to get out of it.
I also thought it was interesting because of how debt is shown as such a horrible thing in most of historical literature. For example, "hell, in Dante’s “Divine Comedy,” is the place where absolutely everything is remembered by those in torment" (3). This really shows how those that are unfamiliar with capitalism can be scared of taking someones money using just your word to say you'll pay it back later. Debt is also an important part of a capitalistic society, but it is important to remember their misgivings, in that you should only go into debt for what you can for sure pay back later.

1 comment:

Carolynnn said...

Debt is a funny thing, I agree. I've also heard that young adults in this generation have more debt than in the past. I don't know why but everyone loves to spend money, even when they don't have funds to back it up. It makes no sense to me, but debt is a part of society and finance. It's something we'll deal with.