Like many Americans, I am simply sick and tired of the bickering and fighting that is going back and forth between Congress and the President. If I could wave a wand and get one compromise between the President and the new Congress it would be to simply balance the budget here in America. As a personal finance person, it’s abundantly clear that no individual, family, or business can continue to accrue debt in perpetuity. Eventually, debt chews you up, drags you down, and paralyzes you from moving forward. This is exactly what debt is doing to this country.
If you get the chance over the next week and have never gone to the website www.usdebtclock.org, I recommend that you take the opportunity to spend five or ten minutes on the site. As I drafted this article, I noticed that national debt according to the site has now crossed over $18 trillion dollars in debt. The way you build up debt is really pretty simple for most organizations or families. You spend more than you make. We are pacing to be almost $500 billion dollars behind in the federal budget this year. All we would have to do to solve this debt is have each US taxpayer stroke a check for $153,729. LOL! Happy Holidays!
Having the President and the new Congress come to a compromise on a balanced budget would be extremely beneficially for Americans. First, it sets the right example. Is there a reason why people think it is acceptable in the United States to file bankruptcy, walk away from debt, and file bankruptcy in a commonplace way? Second, it means that new Congress and the President would have to compromise on priorities. When you spend more than you make you will have to cut expenses somewhere. We can’t fix our debt problem by increasing revenue. Last, we can help preserve a better future for ourselves and our children. No family left behind with a ton of debt will ever be better off in the future.