Credit scam

For those that may not have heard, there is a new credit scam running rampant in the country. This scam targets those who are already in debt - average $37,799 debt per person in family - an amount so high it will take the rest of their working lives to repay, if ever.

The scam offers these people additional credit. Part of the offer is they will not be held responsible to pay back the debt. Instead, they must assign the debt to their children, (born or unborn), or their grandchildren. If they have no children, repayment of the debt may be assigned to other people's children or grandchildren.

The scammers then use this new credit to purchase goods and services. Sometimes the purchases are provided to the person issued the credit, while other times the the goods or services are given to others or even kept by the scammers.

The enticement is that new credit is necessary in order to keep failing business solvent, or to pay for new programs. After all, the businesses will be saved for your kids and grandkids, and the new programs will be around to provide them with the same value they will for you. You shouldn't worry about it. Just trust them to do the right thing.

Who could fall for such a scam? You and I.

Surprisingly, the scammers are United States Senators, Representatives, cabinet officials, and even the President of the United States. They are offering US citizens, already in debt by nearly 12 trillion dollars, ($12,000,000,000,000), government provided healthcare, cash for clunkers, billion$ to failed businesses, and many other programs. The increasing debt for these programs will be assigned to future taxpayers - our children and grandchildren.

Many otherwise rational people are supporting these debt generating programs and not holding our representatives responsible for paying for them. Would you agree to max out a credit card in your children's name? How about take out a loan to buy a new car and promising that your grandchildren will make the payments? Responsible people would never agree to these terms, but are allowing Congress to do it on their behalf.

Every American should consider future debt before supporting any new program, regardless of the sponsor. We have already saddled future generations with enormous debt. This must stop now.