Sen. Byron Dorgan explains 'Hello Kitty' debit cards

Democratic Sen. Byron Dorgan from way up dere in Nord Dakota doesn't like the idea of "Hello Kitty" debit cards for the youngest of teenagers.

As this revealing Senate video shows, he goes on about credit card companies -- he names Bank of America, specifically -- peddling plastic spending cards to young people via insidiously affectionate cartoon characters.

Now, what in the world of change-to-believe-in stimulus spending could possibly be wrong with a little old credit card company teaching youngsters how the American capitalist economy works -- that is, by almost everyone except a few aunts buying way more than they can possibly afford and postponing those desperate days when the bills come due with immense interest charges? And counting on their income somehow growing to match the increased debts?

After all, isn't that precisely what these very same grown-up congresspersons are doing with the federal budget, spending way more than the government can possibly afford and postponing those desperate days when the bills come due with immense interest charges? And counting on their income somehow growing to match the increased debts?

Maybe we should ask former State Tax Commissioner Dorgan what might be the most likely way the current federal government would seek to grow its income to cover the deficit spending bills when they arrive?

So now these days the kids -- and their parents -- can learn the same economics lessons about deficit spending simply by watching the Senate and House on C-SPAN.

-- Andrew Malcolm

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Video: C-SPAN

Comments

[The Cyberleader]

Don't forget the huge fees (in relation to an average small income holder of debt cards) when they charge something on the debit card that amounts to about 30 dollars per transaction. That is what I have problems with the debit card. The interest for me has been much greater than any interest rate!