What would happen to you personally if you spent all that you earn this year — and then spent 11 percent more?
It wouldn’t take long for that kind of irresponsible spending to get you into serious trouble, would it?
But did you know that our federal government, despite collecting too-high taxes on us, is spending 11.2 percent more than it is taking in?
Government can put off some bad economic consequences for a while in ways that individuals can’t. But there are some negative consequences right away.
Our national debt is already $12.7 trillion. (Written a different way that conveys the harsh truth a little more clearly, that’s debt of $12,700,000,000,000.)
But this year, the Obama administration plans to spend about $1.5 trillion more than tax collections will cover, adding tremendously to the national debt and the interest we have to pay.
Do you think that reflects “good government”? Do you think it is “good economics”? Or do you think that will produce seriously adverse consequences for our economy and all of us?
Do you believe President Barack Obama and the Democrat majority in Congress are serving us responsibly and well — or are sentencing us to bad economic consequences both now and in our future?
Hadn’t we better insist on responsible economic leadership to head off financial disaster?