Federal Spending, Family-Styleby Don on Sep. 27, 2012, under Uncategorized
It can be really, really hard to figure out how the federal government spends our money. Fortunately, the folks at The Heritage Foundation, a conservative think tank, produce a series of graphics, titled “The Federal Budget In Pictures.”
Here’s one of those graphics. It depicts how federal spending would look, if you laid it out in the manner of a family budget:
Yes, you read that right. If an average American family spent like the federal government, that family would spend thirty-percent MORE than it takes in.
Things that can’t go on forever, won’t. To paraphrase Margaret Thatcher, at some point we will run out of other people’s money. Those “other people,” BTW, are our children and grandchildren. Just who do you think will pay all the debt we’re running up?
The rest of the world is starting to notice.. This article was published two weeks ago.
(Reuters) – German Finance Minister Wolfgang Schaeuble questioned on Tuesday how the United States could deal with its high levels of government debt after November’s presidential election.
In a speech to the Bundestag lower house of parliament to open a debate on the 2013 German budget, Schaeuble said worries about U.S. debt were a burden for the global economy, hitting back at Washington which has criticized Europe for failing to get a grip on its own debt crisis.
In private, German officials often express concern about U.S. debt levels and the inability of politicians there to reach a consensus on how to reduce it, but Schaeuble’s public remarks underscore the extent of the worries in Germany.
“Ahead of the election in the United States there is great uncertainty about the course American politics will take in dealing with the U.S. government’s debts, which are much too high,” Schaeuble said.
“We need to remind ourselves of that sometimes and the global economy knows that and is burdened by it.”
A weak economy and political gridlock in Washington have prevented meaningful debt reduction in the United States, which has run budget deficits topping $1 trillion for three straight years.
(Emphasis added). Germany is one of the most fiscally-responsible nations in the world. Generally, when Germans talk finance, people with common sense listen and heed their warnings.
Now, my fellow citizen, ask yourself these two questions:
(1) Which party is more likely to pay attention to the fiscal lessons that all rational American families understand, and start forcing ourselves to live within our means?
(2) Is it really the duty of our children and grandchildren to pay the bills that we incur? BTW, have you asked them what THEY think about it?