Frank J. Fleming: US Budget FAQ

Everything You Always Wanted to Know About the Budget :

I still don’t understand. If we’ve been spending more than we take in for some time, doesn’t that prove that that’s a fun and good thing to do and that we can keep doing it forever and ever?
No. As we continue to spend more than we take in, we add to the national debt, and eventually there will be a reckoning for that.
Since the national debt is almost $16 trillion — so big it’s essentially a made-up number — can’t we just ignore it?
This is not a good idea, as it will not continue to ignore us. Our credit was already downgraded. At some point, the world will lose confidence in the U.S. economy, and we’ll no longer be able to borrow money. This could result in a complete economic collapse.
And what happens after that?
The apes take over. They’re debt-free.

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