The reason for the government is to provide security. They do a lot of other stuff like schools and roads but the main thing is too maintain order. Chaos isn’t good for babies. Law and order is much better. So the government is providing these services and that cost money. So we provide ourselves with a level of services that maintains civil order and we collect taxes to pay for it. Sort of. Nobody wants to pay taxes. We got the uberpatriots waving flags. Love it or leave it and all that. The American People …. blah, blah , blah But these American people don’t want to pay taxes. The tax bill comes in and we say “let the other guys pay” but all the other guys don’t want to pay either. Everyone wants the services but no one wants to pay for it. A GREAT IDEA comes along……….Let future generations pay for it. They’re just kids, maybe not even born yet. They don’t know shit. by the time they figure it out we’ll be dead and gone. That kid over there on the tricycle just borrowed a few hundred grand. By the time he gets old enough to understand compound interest, it won’t matter. To us. We’ll be dead ……….or nodding out in a nursing home …….paid for by medi-care. What happened? Isn’t there a responsible parent in the whole government? Are there no responsible parents among the citizenry? Who the hell came up with the idea that we would enjoy the benefits of all these services and some one else would pay for the whole thing later, with interest. We got these Nobel winning economists that don’t seem to understand income. Someone has got to make something out of sunshine and rocks and water or we won’t have anything. Sunshine, rocks and water is all there is. We’ve got some atomic power and some hydrocarbon power and some gravity power but life is sunshine energizing rock and water. The sunshine is income and the rock and water are capitol goods. Information Economy …. HA! Like we’re going to print out some food off the internet for lunch? How about we send the electric company some virtual dollars to pay the light bill? In the budget process you have expenses (spending) and you have income (taxes). If your expenses exceed your income then you have debt. In working out the budget you can adjust the spending and taxes to balance. Or you can spend more than you collect in taxes and you have a deficit.
The national debt is government spending that exceeded the taxes collected. We can’t unspend the money. The national debt is uncollected taxes.
We’ve got this big debate on why does anyone need a twenty round magazine. Isn’t five rounds enough?
The better question is why does anyone need a billion dollars. Isn’t five hundred million enough?
The national debt is uncollected taxes.