Sugar always brings them back
Payday loans are a useful tool for emergency funds, but they should not be used as a crutch upon which a person relies in order to make ends meet. To suggest otherwise would be irresponsible; they are a short-term tool, not a long-term safety net for your budget.
This kind of “bail me out, world” mentality is distressing on the consumer level, but it is even more troubling when an entire country looks to its government to provide an escape hatch from strife when the best solution is to accept responsibility for mistakes and enact change. A sense of entitlement and the idea that government will always be there to bail us out of difficult situations is quite common today in America. Yet the “addictive dependency” that develops in society as a result of what Scott Olin Schmidt of Spot-On calls the “Sugardaddy state” is an inevitable result.
Who’s your sugar daddy and what does he do?
Schmidt sees President Obama as America’s sugar daddy. His government has disposable income (or pretends it does) and is ready to pull everyone up by the bootstraps. It places Obama in a position of dangerous power, Schmidt believes. Whatever help is given, there are strings attached.
Recent examples abound in the auto and banking industries. Obama has agreed to give money to the automakers, but new regulations were required. Unfortunately, the industries can’t afford to make the most important changes – but they can even less afford not to comply, as Washington would surely turn off the money faucet. In the banking industry, government is positioning itself to take over. No private enterprise, no choices given to taxpayers who are footing the bill. Banks won’t have to learn how to fix their own problems. It’s a giant no fax payday loan, without all the trappings and provisions that go with the “loan” part of the deal.
State governments love the sugar, too
Schmidt gives the example of California, which is on the precipice of financial collapse. President Obama and his sugar daddy state will be their connection, too. Government money flows and deep down, the sugar daddy and the recipient are feeling good. It’s nice not to have to be responsible for problems in the short run – but in the long run, this is a path that could lead to ruin. The author tells us the score:
With money comes power, and there seems to be only one source of money these days: the Department of the Treasury’s printing presses. And President Obama seems eager to consolidate the federal government’s power as he writes convenience checks against future generations’ credit limits.
Go on a diet, America
Consumers who take out payday loans are required to repay their debts. They are required to be responsible. Cash Advance Mojo and Scott Olin Schmidt hope that eventually, car-makers, banks and everyone else who habitually shirks responsibility for their lots in life will cleanse their palettes of that taste of sugar and bite on reality’s nail.
Related articles
- Steve Parker: Republicans to auto industry: “Drop dead.” (huffingtonpost.com)
- Which ex-president is Obama most like? (slate.com)
- Chavez doubts U.S. can shake oil needs (cnn.com)
A Sugar Daddy State? I love it. Yeah, this bailout is going to put our nation in further debt that we are never going to be able to pay off. However, that said, if the benefits out weigh the risks than we have to do it. We can ill-afford another depression.