As of today, your share of the national debt is $29,477.93. That's for every man, woman and child in the country. Check out the National Debt Clock. (I started a new thread, instead of hijacking the Fred Smith thread, wasn't that good? I'm bad about hijacking threads, ask Clif! :mrgreen: )
True. Deficit is the amount by which the current year's revenue falls short of the current year's expenditures. Debt is the result of accumulated deficits. Glad you brought it up, I thought about the potential for confusion after I posted that, got busy and didn't come back to add an explanation. Year after year record deficits result in a record level of national debt. During the infamous Clinton administration, there was a bi-partisan agreement called "pay as you go" or "pay-go" for short. Every piece of legislation had to be "revenue-neutral;" in other words, each piece of legislation proposing new spending had to show how that spending was to be paid for, and each tax cut proposal likewise had to show how it would be paid for. Interestingly enough, the party of big spenders is trying to bring back pay as you go. Both parties are indeed responsible for the national debt. I'm afraid I must admit Democrats earned their reputation for "tax and spend," but the Republicans are equally earning a reputation for "borrow and squander." It's time for both parties to take responsibility and work together to get the budget under control.
Is there a difference between the parties? Abolish them all and cut spending drastically to pay off the debt and then give the money back to the people that earn it.
