New Legislative Body - Super Congress

[thranx]

HappySqurriel said:

Rath said:

HappySqurriel said:

 

How many Americans have debt that is almost 7 times their household income and are spending 50% more than they earn every month?

Yes the American deficit is well and truly out of control at the moment (and yes trillions of dollars do need to be made up in savings and/or revenue), that doesn't mean that having a constitutional inability to spend more than is earnt in any given period won't be crippling. In developed countries even the healthiest economies sometimes have deficit years.

With proper budgeting practices deficits are entirely unnecessary ...

If you collect 5% or 10% more money that you spend and save it to ensure that spending levels can be maintained in the case of a economic shock, or increased in the case of war, and if you expend this fund you cut discretionary spending and increase taxes to cover the shortfall.

You mean keep a sensible budget and only buy/spend what you can afford and save the rest for a rainy day? Sounds right to me, and pretty basic too. You would think the government of the United States would realise this. Its amazing how bad spending has spun out of control.