Debt is Making Us Poor

Every year, the U.S. government runs a deficit which it adds to the accumulated national debt. The effect is that people don’t realize how much the government is actually spending. But what if the government had to tell you just what that short fall was every year?

As a certified public accountant and former member of Congress, I believe that every citizen has the right to know the real cost of government. So I've converted the annual budget of the United States into a credit card statement.

Note there is a regrettably large previous balance due on your account. This is your share of past spending. When your real credit card company notices that you have reached your limit, it cuts you off. Not so with Congress.

Maybe that would change if we had understandable financial statements mailed to all taxpayers. Then we could talk about moving Election Day to April 15.

This Article was Originally Published in The Washington Post


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