Americans can’t stop abusing their “gold-plated government credit card”; U.S. yearly deficit projected at $693 billion
According to the Congressional Budget Office, the federal government alone will run a $693 billion deficit this year because Americans and the federal government lack self-control from borrowing outrageous amounts of money that Americans once paid for the old fashioned way.
According to the Congressional Budget Office, the federal government will run a $693 billion deficit this year, an upward revision from $534 billion in March. Acting as if we have a gold-plated government credit card, we Americans buy more government services than we pay for. As my 2nd grade teacher might have put it, this shows a lack of self-control.
Of course, we are not talking about an occasional blast of red ink. Based on projected spending and revenue estimates, the U.S. government will run an annual deficit each year for the next 30 years. By 2027, just 10 years from now, the projected deficit will equal 91 percent of GDP, up from 31.7 percent in 1981. This year it will be 77 percent, the highest since World War II.
But these days we aren’t borrowing to win a war or save the world. We are borrowing to support activities we once paid for the old fashioned way, with our own earnings. There was a time when families paid the corner grocer, the landlord, their doctor bills and college loans with their own money. It wasn’t always easy, and some declared bankruptcy.
The national debt continues to spiral out of control! It is only fair and right to pay the debt we have incurred so our children and grandchildren are not stuck with our bills and can pursue the “old fashioned American dream”. Click here to help us balance the budget by 2019 and implement the Penny Plan!