What would happen to you if year after year you spent much more money than your income?
We all know the answer: We’d go broke! It wouldn’t take long for us to suffer harsh consequences. So we try to avoid that kind of personal economic catastrophe.
But unfortunately, many in Congress don’t seem to understand that at the national level.
They have found it is possible for them to try to buy votes by spending too much year after year – passing the bad consequences on to future generations.
So members of Congress and our presidents have built up a staggering national debt of $13.4 trillion!
Current taxpayers have to pay hundreds of billions of dollars in taxes just to cover the interest on the debt – while we increase the obligation passed on to our children and grandchildren. Is that something we want to do to them?
Well, this year, the Obama administration is on its way to imposing upon us and our future the second-highest national deficit in history!
With the current federal fiscal year ending Sept. 30, we already had a $1.26 trillion deficit at the end of August. It is expected the deficit will be $1.3 trillion by Sept. 30. That’s just slightly less than the record-high $1.4 trillion deficit last year.
The Obama administration defends high spending as necessary to stabilize the economy, and part of the deficit is a result of reduced tax collections because of the recession. But two-thirds of the deficit has resulted from higher government spending that so far has failed to hold down unemployment as it was supposed to do.
Are you convinced the president and the Democrat majority in Congress are doing a good job for our economy?