As Christmas approaches, we as individuals may tend to ignore our financial limitations and splurge a little in our spending. We want to buy wonderful presents for our children and other members of the family, and perhaps help some people who are not so fortunate as we are.
Oh, well, we rationalize, we’ll face the bills after the holidays are over.
That is not good financial planning. But, after all, Christmas comes just once a year.
But on the national level – affecting all of us as taxpayers – our irresponsible spending doesn’t come just at Christmas, but is running wild all year around. The result: terrible financial results that eventually must be faced.
We as a nation already have piled up debt of $13.9 trillion! And we’re adding to it – about $4 billion a day! Of course, we have to pay interest on it!