August 2011 budget deadline -part 3-update

August 2011 budget deadline update-part 3- 1:40 pm

fiction
edward w pritchard

When I worked in the collection department at the bank I had a conversation with a delinquent payer and decided the likelihood of the bank being paid back all of the money we had lent out. Often a point was reached when the collector, me, realized the borrower couldn't or wouldn't pay us in full.

I heard one of our Senators today talking about a balanced budget agreement to the current budget crisis. Like the New York bankers back in the 2008 sub-prime meltdown before him, the Senator used the word tranche to describe the current plan to balance the budget eventually.

At that instant I had the feeling I used to get as a bank collector when I realized for the first time that the borrower wouldn't pay the debt back in full. Today I realized that Uncle Sam wouldn't be able to pay all the Social Security obligations , Medical subsidies and through the States the pensions he owes out someday.

What happened?