A Parable for Our Times
Forum category
The Kingdom of Washington D.C. is like a wealthy husband and wife, who have a budget problem.
They have been living beyond their means for decades. But having many non-liquid assets, and a good family name, they have always been able to mortgage this or leverage that to get more cash. They live, far, far, beyond even their considerable means.
They will be unable to pay their bills for the next month unless they secure yet another loan. This is readily doable, by mortgaging the house itself a 2nd time. A bank is ready to do the loan, though the loan officer noted it was nearly impossible to get past the bank’s committee, unlike previous loans. The loan papers sit on the desk in the study, ready for the signature of husband and wife. And she is refusing to sign.
And the man, the big spender, said unto his wife: “Dear, we can’t pay our bills. Disaster will strike if we do not get this loan. The lights will go off on the 10th, and the Cable on the 15th, not that we’ll need it once the lights are out. The auto insurance on all the fine cars in our garage will cancel on the 8th. Quite frankly, if we don’t sign these loan papers by next Tuesday, we’re history.”
And she said: “No. I will not sign. Every year or two this happens. We get another big long-term loan to pay bills and pay down immediate crisis debt. And then, it happens. Hot-Air Balooning over Paris. A vacation on the French Riviera for a month (though I do adore Villefranche-sur-Mer!). Yet another redecorating of yet another wing of this house! And we gain no ground! I say no! I will sign no loan papers until we have a budget that lives within our means!”
And he said: “But dear, you’re being unreasonable! It will take weeks, months even, for us to work out a budget that limited – our views on what’s important being so different. We don’t have time to do such a budget. You must sign the loan papers now! We will really, really, really, work on living more responsibly in the years ahead. This time, for real. I promise.”
She said: “No. I don’t believe you anymore. Even though I’m the more conservative of us, I have enjoyed our wild days as much as you. But we have a fundamental difference, you and I. I want security. I want stability. You want…everything, at once. I believe I must force your hand to save us. I admit you are right about the bills that cannot be paid next month. So, I will sign for a much more limited loan, enough to last for a few months, during which we can cobble together some kind of budget that works.”
He cries out: “But dear, that will bring us into my busy season at work, when I can’t possibly be burdened with our family budget negotiations! I think we need to borrow enough for a year, at least.”
She replies, coldly: “Nevertheless, that is my final offer.”
And the man, getting a sneaky look in his eyes, says “Dear, I have already warned our friends that our summer parties are likely going to be cancelled because you will not allow us to spend the money. Think of it! No more glittering gowns and dapper tuxedos in the garden, no party lanterns ablaze with light, no live music and no dancing through the night! All because you had to stand on principle!”
And she shuddered. “But then, I would not be the favorite of all in the county! I would be the monster who killed a tradition that goes back generations! I cannot take the loss of acclaim. Here. Hand me the pen. I will sign!”
And what will be the end of this couple? He will jump to his death from the ledge of his Wall-Street Office in 2 years. His wife will be committed to a mental hospital. And they shall lose it all anyway.
So shall any nation be that pours out lavishly from the public coffers without regard to balanced budgets!
They have been living beyond their means for decades. But having many non-liquid assets, and a good family name, they have always been able to mortgage this or leverage that to get more cash. They live, far, far, beyond even their considerable means.
They will be unable to pay their bills for the next month unless they secure yet another loan. This is readily doable, by mortgaging the house itself a 2nd time. A bank is ready to do the loan, though the loan officer noted it was nearly impossible to get past the bank’s committee, unlike previous loans. The loan papers sit on the desk in the study, ready for the signature of husband and wife. And she is refusing to sign.
And the man, the big spender, said unto his wife: “Dear, we can’t pay our bills. Disaster will strike if we do not get this loan. The lights will go off on the 10th, and the Cable on the 15th, not that we’ll need it once the lights are out. The auto insurance on all the fine cars in our garage will cancel on the 8th. Quite frankly, if we don’t sign these loan papers by next Tuesday, we’re history.”
And she said: “No. I will not sign. Every year or two this happens. We get another big long-term loan to pay bills and pay down immediate crisis debt. And then, it happens. Hot-Air Balooning over Paris. A vacation on the French Riviera for a month (though I do adore Villefranche-sur-Mer!). Yet another redecorating of yet another wing of this house! And we gain no ground! I say no! I will sign no loan papers until we have a budget that lives within our means!”
And he said: “But dear, you’re being unreasonable! It will take weeks, months even, for us to work out a budget that limited – our views on what’s important being so different. We don’t have time to do such a budget. You must sign the loan papers now! We will really, really, really, work on living more responsibly in the years ahead. This time, for real. I promise.”
She said: “No. I don’t believe you anymore. Even though I’m the more conservative of us, I have enjoyed our wild days as much as you. But we have a fundamental difference, you and I. I want security. I want stability. You want…everything, at once. I believe I must force your hand to save us. I admit you are right about the bills that cannot be paid next month. So, I will sign for a much more limited loan, enough to last for a few months, during which we can cobble together some kind of budget that works.”
He cries out: “But dear, that will bring us into my busy season at work, when I can’t possibly be burdened with our family budget negotiations! I think we need to borrow enough for a year, at least.”
She replies, coldly: “Nevertheless, that is my final offer.”
And the man, getting a sneaky look in his eyes, says “Dear, I have already warned our friends that our summer parties are likely going to be cancelled because you will not allow us to spend the money. Think of it! No more glittering gowns and dapper tuxedos in the garden, no party lanterns ablaze with light, no live music and no dancing through the night! All because you had to stand on principle!”
And she shuddered. “But then, I would not be the favorite of all in the county! I would be the monster who killed a tradition that goes back generations! I cannot take the loss of acclaim. Here. Hand me the pen. I will sign!”
And what will be the end of this couple? He will jump to his death from the ledge of his Wall-Street Office in 2 years. His wife will be committed to a mental hospital. And they shall lose it all anyway.
So shall any nation be that pours out lavishly from the public coffers without regard to balanced budgets!
Discussion