The long, lost days of financial prudence

During WWII and to stimulate the economy during the Great Depression, our country ran up huge public deficits.  President Eisenhower lamented the need to run a negligible federal deficit in the 1950's.  Also in the 1950's there was an Iowa Congressman, H.R. Gross, who would ask "who is going to pay for this" when new legislation was introduced in the House.  Borrowing money was not taken lightly.

Many economists believe that unless we change our spending habits, and soon, we could be the next Greece and face sovereign default.  How long will China continue to buy our U.S. Treasury notes?  Should we be so indebted to a Communist nation?  How could this happen to the nation that helped win WWII, put the first man on the moon, and brought about the end of the Cold War?

Somewhere in the past, we lost our way on the road of personal financial responsibility, too.  Credit cards flourished.  Home equity lines became far to easy to obtain and access.  Many used their homes' equity like ATMs.  Today, many owe more on their home than it is worth.  How could this happen to the citizens of the world's wealthiest nation?

The more important question is, can we turn this around?  The answer is yes and there is enough time, if we start right now.