Editorial: Credit Economy

Our country's debt was nearly six trillion dollars when President Bush took office.

It is nearly 10 trillion dollars now as he leaves.

World debt is now 185 trillion dollars.

Alabama borrowed 437 million from its Rainy Day Fund to pay bills this year and must pay that back over the next six years - and start saving again to replenish that fund.

It will be tough to do with cuts of nearly 400 million from the education budget this year and double that next year coming first.

But it has to be done.  As individuals, states, and countries, we must save more and spend less.

A credit economy is not a stable economy.

Alabama is actually much better off than our neighboring states.

Most of our economic metrics are better than the nation overall and we are positioned to propel upward quickly when the recession recedes.

But we won't stay that way if we borrow our way to prosperity.