” All across America, families are balancing their budgets and even paying off debt. Since the financial panic of 2008, personal debt has fallen as Americans tighten their belts and pay back loans. Some, unfortunately, had to declare bankruptcy because their debts got too big. Washington cannot declare bankruptcy; it must instead follow the example of millions of Americans and cut spending to live within its means.
Most state governments, likewise, have managed to balance their budgets, even during these hard times. A few states, notably California and Illinois, continue to follow the federal government’s profligate example. A few raised taxes to get their fiscal houses in order, but most simply reduced spending. Several very large states with financial challenges, like Texas and Florida, balanced their budgets without any income tax at all by reducing spending. They are showing the way.”
Illustration By Gary Varvel
Editors Note : The Deficit Is Now Over $16 ,000,000,000,000 And Not The 14 Trillion Shown . How’s That For Hope & Change ?
- Call the President’s Bluff: No Debt Ceiling Increase Without Balanced Budget (breitbart.com)
- Even The Koch Brothers Are Turning Against The Republican Debt-Ceiling Crazies (businessinsider.com)
- Will The Fiscal Cliff Deal Help Average Americans Pay Off The Balance Of Their Debt? Analysis By Attorney David Chang (prweb.com)
- President Obama:The Greek Politicians Won Elections As Well! (econmatters.com)
- Obama digs in heels, refuses to negotiate debt ceiling (news.yahoo.com)
- Obama refuses to negotiate debt ceiling raise – Reuters (reuters.com)
- The Caucus: In Debt Game, an Early Move From Obama (thecaucus.blogs.nytimes.com)