Buy First, Figure Finances Later

For some time now, many of us have suspected that our political class views financial matters from a different perspective than than the traditional approach rooted in frugality.  Most of us have been taught long ago that it is not wise to make a purchase unless we are assured that we can pay for it.  This is basic budgeting 101.  Now we have it right from the horses mouth.  Our political leaders do not view financial matters this way.  In a Fox 44 News article covering the passage to the rush to a single payer healthcare system, the concern that we are pushing through a bill that we have yet to identify what it will cost, was posed to some of the bill’s supporters.  Here is a rather revealing response to that concern:

“I think that’s the wrong question to ask quite frankly,” said State House Speaker Shap Smith.

But when he was asked whether it was normal to buy something without knowing the price tag, he offered this answer, “Well, you know, all I know is that when I go and look for, say, to buy a new car or if you were going to build a house, you actually try to design it and cost it then try to figure out how you’re going to finance it,” said Smith.

So, the normal thing to do is go out and buy something and figure out later how you are going to pay for it.  This is precisely what too many Americans have been doing lately as witnessed by the numerous mortgage foreclosures.   If this attitude is as mainstream as Mr. Smith seems to think it should be, perhaps it would account for some of the debt problems this country has.  Maybe it is time we got some adults running the ship of state.