What would happen to you if you constantly spent much, much more than your income?
Don’t think about it! The bad results would be too horrible.
But why is it that some in government – and some of the rest of us, too – think our federal government can constantly spend much, much more than even high taxes produce, without suffering terrible consequences?
“We” already owe about $13.2 trillion in federal debt. We have to pay billions of dollars in interest on it. But a majority of our officials are making it worse.
Look at this: President Barack Obama’s current budget calls for spending well over $3 trillion! But the expected taxes won’t come close to covering that amount.