In financial-speak, a deficit is when more money is spent than is taken in. If this situation occurs for a whole year, it’s called an annual deficit. The federal government has had an annual deficit every year since 1958.
The national debt is the accumulation of debt from all the years there was an annual deficit since 1790. The exact dollar amount of any year’s deficit (or surplus) from 1790 until now, and the resulting cumulative national debt, are provided free by the U.S. Department of the Treasury in its monthly financial reports, which are available online.
The reality is that, since 1958, Treasury Department documents show that every Congress and every presidential administration has spent more than it took in. Thus, since 1958, there has been no partisan politics regarding federal spending: Democrats and Republicans believe in, support and vote for annual deficits and a limitless national debt.
Any rational person knows that can’t continue indefinitely without eventually creating horrendous inflation and financial collapse of the country. History provides numerous examples in which that outcome occurred in several countries. The United States does not have some special immunity to ward off such a financial disaster, and shall suffer the same fate as others if annual deficits continue indefinitely.
It’s not too complicated, really. We elect leaders who want to be re-elected, so they spend, spend, spend and spend to win our favor – and we do re-elect them. That’s reality.
So is the reality of the unavoidable results of endless annual deficits – unless you believe history never happened. In that case, you have nothing to worry about. Keep voting for the same people.
Steve R. Smith