Borrowing, spending can’t continue this way

An interesting article appeared in The Gazette on July 14, “Responsible spending is key, not raising taxes.” In the article, the federal government deficit for 2011 was reported as $13,842 per household. In other words, the federal government collects in taxes $18,295 per household but spends $32,137 per household, creating a deficit, i.e. $13,842 per household.

Since the federal government deficit is “the debt” of American households (taxpayers), in reality for 2011, then a household is borrowing $13,842 and the federal government is spending it. How long can households in America continue to borrow $13,000-plus per year without going broke?

We are allowing our politicians to borrow money every year and we have no idea where to money is going? If you borrow money and your neighbor spends it, would that be a good idea considering that you are liable for the loan? Get a grasp on reality folks, this is a bad idea cooked up by the politicians in Washington, D.C., and we (households/taxpayers) are going broke.

If you are going broke, do you spend more money or do you tighten your belt? Think about it folks, it doesn't take a rocket scientist to figure it out.

Floyd Williams

Cedar Rapids