Hello Everybody,
As everybody knows, or should know, the Congress does not
spend money, but allocates funds for whatever projects that
suits its whimsy. Where it gets those funds is from those
who pay their taxes. Which means you and me. Imagine that.
We elect total strangers to spend our money on our behalf,
without even realizing they do not spend money at all.
Most states in the USA require their state legislatures
to have a balanced budget. But not the federal government,
which has a tendency to spend and spend and spend, even
though it has no money of its own.
But is a balanced budget necessarily a good thing? Try to
come up with your own balanced budget for 2022. Not really
that hard to do with this online calculator -
https://us.abalancingact.com/2022-federal-budget
I find that having a balanced budget can create many problems.
Imagine trying to buy a house. Kind of hard to pay for a house,
in full, before moving in. Most folks have to get a mortgage,
and pay for the house over a few decades, which enables them
to live in the house while paying off their mortgage.
Paying for a new car, in full, before driving it off the lot,
would also be a hardship for many people. Much better to finance
it over a period of a few years, while being able to use the car
to get about.
Borrowing funds against future generations seems to have been
the rule rather than the exception for Congress in the past few
decades. That is why the Congress has to keep raising the debt
ceiling. Otherwise, it would default and the USA would be broke.
The Congress funds the projects we get to use now, and foots
the bill for future generations to pay for later. What a novel
concept. Just keep kicking the can for future generations to
pay (with digital money that does not exist).
--Lee
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