Household debt is 78% of the country’s GDP and experts worry that if it hits 80%, consumer spending will stop altogether. After two quarters of recession and with all the price hikes these days—highway tolls, electricity and gas—these same experts say that this dark day is already upon us.
We’re disappointed. Why do economists think so little of us? Sure, we have 10 credit cards (or so), plus the two cars on credit, plus the mortgage on that swanky condo. But do they really think we plan on stopping there? Credit has been good to us so far, and there’s really no reason for us to stop. In fact, if our credit cards crap out on us, we’ve still got pawn shops and loan sharks. We Thais are a resourceful bunch when it comes to amassing vast debts.
Anyway, we’re nowhere near our debt ceiling. Thais are currently spending about 34 percent of their monthly income paying back loans. 34 percent! That leaves plenty of room for improvement. BK’s financial experts, most of whom were not presently in the country for immediate comment, usually advise that credit card repayments should never exceed 110% of your monthly salary, at which point you should consider exile, politics or both.
Of course, the government can still help. As we write this, according to nationaldebtsclock.org, it is B4,046,755,462,099 o’clock. Can you read that number? Neither can we! But we doubt the couple of trillion Yingluck plans to spend on infrastructure, or the B350 billion in waterway management, will even register. In fact, even the Dems are saying the government should spend that money faster to avoid a recession, making debt the only non-partisan issue in the house.
We’d love to stay here and discuss the finer points of our economic stimulus plan, but it’s already B4,046,801,332,209 o’clock and we hear the Grand Pattaya Sale is on. Sounds like a good opportunity to jump in that new car and hit the malls. Maybe put a deposit on a condo down there, you know, just to pick up the free iPad. If you too would like to contribute to saving the economy, we hope this issue of BK will give you plenty of ideas to go out and spend like a true patriot. Remember, together we can!
