Sunday, February 13, 2005

Each household borrows $3000 a year to run America

The New York Times > Week in Review > Cut Short: The Revolution That Wasn't

This is a helpful analogy.
...To most Americans, the federal budget, more than 2,000 pages of fine print, is hard to grasp; it isn't easy to summon a mental image of $2.57 trillion. One way to look at it is to consider how much the government spends per household. In the 1990's, the figure held steady at about $18,000, according to Brian M. Riedl, a budget analyst for the Heritage Foundation. But last year, it exceeded $20,000, adjusted for inflation, the highest amount since World War II. But the government only takes in $17,000 for each household. 'So right there,' Mr. Reidl said, 'we're borrowing $3,000 per household.'
We borrow from other countries, but mostly we borrow from the future. This is not necessarily irrational -- assuming the money is used wisely and that our future selves can afford the cost. Unfortunately we are borrowing more than the near future will likely repay.

I used to belong to the Concord Coalition. Then I switched to organizations fighting corruption in government. Lastly I made a very strong effort for Kerry. All of these failed.

I figure all I can do now is buckle our life jackets and wait for the ship to run aground.

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