Columnist Ed Feulner: In 2014, federal spending reached $3.5 trillion, and the one-year deficit was $486 billion. These huge numbers represent a small and temporary improvement in the nation’s fiscal situation, a recent report by the Heritage Foundation notes. But as the authors point out, that doesn’t mean we’re on the right track. Far from it. A serious effort to cut spending -- not just trim a bit here and there -- is needed. ... To put the problem of overspending in perspective, consider what is perhaps the most striking chart in the Heritage report. It’s titled What if a typical family spent money like the federal government? It notes that the median family income is $52,000: If they spent money like the federal government, they’d spend $60,400 a year, which would mean they’d put $8,400 on the credit card each year, despite already being $308,800 in debt. This is unsustainable. Does the new Congress realize this? More importantly, do they care?
Posted on: Tue, 06 Jan 2015 20:48:46 +0000
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