In light of President Obamaâ€™s SOTU address the other night one thing was painfully clear to me… Still lots of rhetoric and we still donâ€™t understand the ramifications of not balancing our budget.
For most Americans and small business owners we understand we cannot spend more than we make or collect in revenue. Why doesnâ€™t Washington understand this?
Is balancing the budget a Democrat vs. Republican issue? I donâ€™t think so because both Democrats and Republicans have shown they canâ€™t balance a budget. In light of this, along party lines Democrats voted in favor of another 1.9 trillion dollars in deficit spending with China now owning the largest portion of US debt.
What happens if China calls us on our debt? Do we go into hyperinflation? Do they take ownership of the Whitehouse? Or do we have to start driving Chinese cars?
As Americans do we not see the disaster we are headed in if we keep allowing our government to spend out of control? There is only one way to fix the problem; we need to cut wasteful spending. This is what a family or business must do when one looses a job or a business looses customers or revenue; cutting expenses is the first course of action.
To put things in perspective, it has been reported that the 1.9 trillion in new debt is more than we borrowed our first 200 years as a democracy. Iâ€™m wondering what new jobs or industries will be created to produce the revenue required to pay this mountain of debt down.
What are your thoughts on our current rate of spending? Iâ€™d love to hear from some young folks or recent college grads on this issue.
Does America have a future if we keep spending our inheritance?