The only way to borrow your way to prosperity is to have the good sense to die before the bill hits the mailbox.
Assiduously pursuing that policy, it now appears it is time for those of us in the baby boomer generation to have the good sense to lie down and bite the dust. And leave the bill to our heirs.
It is time to tell our children, "We have had a great time, here's the tab."
The latest numbers on the national debt show there is no other recourse. We spent, and we spent, now it's time to relent.
According to the Treasury Department, the national debt, as of May 30, was $15.7 trillion. The gross domestic product of this country is projected to be $15.59 trillion for fiscal year 2012. Simply put, that means that - as a nation - we owed a little over 100 percent of our annual income for our credit card bill. That's just slightly worse than the 96.2 percent of our income we owed last year at this time.
Of course, you have to remember that - as a nation - we also now have enough airline miles built up on our credit card to upgrade to first class on 6,212,200 flights. Or, if we have a good credit rating, we can pay a 3 percent balance transfer fee and give the entire amount owed to Citibank for 0 percent interest for 12 months.
After that, it is only 14.99 percent interest per year. At least, that's how it works according to the last piece of junk mail we threw in our garbage. It's time for the government to fish that offer out of the garbage and give it serious consideration.
We are surprised that proposal has not hit Congress. As members debate raising the debt ceiling next fall, they should call Visa or Mastercard and ask for all the latest mailings on great new Platinum cards.
After all, if someone who owes $15.7 trillion doesn't qualify for platinum treatment, who does?
Uncle Sam could fly first class for years. Goodbye, Air Force One, hello early boarding. It makes as much sense as anything else our government is doing.
(A version of this editorial has appeared previously in The Maui News)
* Editorials reflect the opinion of the publisher.
