I consider myself socially liberalish but fiscally conservativish. So I wonder why this doesn't cause more concern:
The nation's debt - the total of accumulated annual budget deficits - now stands at $11.6 trillion. In the scheme of things, that's more important than talking about the "deficit," which only looks at a one-year slice of bookkeeping and totally ignores previous indebtedness that is still outstanding.
Even so, the administration has projected that the annual deficit for the current budget year will hit $1.84 trillion, four times the size of last year's deficit of $455 billion. Private forecasters suggest that shortfall may actually top $2 trillion.
YIKES. That's $2 trillion on a $3.6 trillion budget. To put it in perspective, that's the equivalent of a household earning $100,000 a year and spending $155,556 a year--year after year. By any measure, that would be poor money management at the household level--but we're ok with that at the federal level?
Just wondering.
