Josh Elledge - Chief Executive Angel
Editor's note: PLEASE do not take this article as any sort of partisan push. All Americans need to confront this problem – regardless of politicalideology.
As Americans, we work very hard to earn an income, save or invest when we can, and pay our debts. As citizens, do we demand as much from our elected representatives? It's a very real issue that each of us has a relative share of more than a $51,500 debt load based on politicians who find it hard to balance the budget in Washington D.C. The upcoming fiscal cliff, our inability to reach a balanced budget, and a looming national debt are issues that will affect our lives. It will affect the lives of our children and generations to come. This is very much a personal finance and consumer issue which I am passionate about.
With Halloween around the corner, we may indulge in scary movies, haunted houses, and the like. If you want to see something really scary, visit usdebtclock.org. If you'll spend some time learning about possible outcomes to a continued, out-of-control debt and budget, you'll see that the things that we work very hard for – like retirement and a better future for our own kids can be painfully impacted. This fiscal disaster is not a Republican nor Democrat issue. It is a moral, ethical, and national security issue that each of the two major political parties have succeeded with at times, and also have failed at.
Studying the issues, platform, and record of each candidate is as critical as completing your ballot come next Tuesday. This goes for national, local candidates, and other ballot measures. Each can have an effect on our families' long term budget and well-being. Continued poor management of fiscal matters can mean extreme austerity measures, skyrocketing taxes, and loss of government services. The more debt we take on, the more interest we pay to foreign countries. It's as bad a cycle as getting too far into credit card debt.
If you look at 2012's budget in Washington D.C., it contained $2.469 trillion in receipts and $3.796 trillion in outlays, for a deficit of $1.327 trillion. For illustration purposes only, if your family makes $60,000 in 2012, this would be like spending $92,247. Imagine spending $32,247 beyond what you made. In fiscal year 2012, you and I lost $359,796,008,919 in interest payment to our overseas creditors. I don't know about you, but I'd be pretty upset about having to pay $4830.56 in interest out of my $60,000 income each year. Just like with too much credit card debt, it feels harder and harder to swim back to shore. Debt is modern-day bondage – and sadly, our country has badly indentured itself.
Just like getting yourself out of debt, there are two solutions: the government needs to spend less, or it needs to raise taxes. Of, course, there is always some hybrid of the two. Many economists will tell you that simply raising taxes on a subset of the population will either not raise a meaningful amount of income – or can punish drivers of the economy: job creators – something we need more of, quite frankly.
Regardless of the election outcome next week, as someone who cares about your family's finances, it's important to make sure you are making wise spending choices that will eliminate debt, allow you to save for the future, and make sure that your family is safe from large, unexpected expenses by having good insurances.
It's great to have short-term safety nets for those in need. With a goal of relying less upon the government for your well-being, however, the more self-sufficient your family will be. When you are more self-sufficient, you have more freedom. While it may only be an ideal for some, freedom from creditors or government means you can make more choices with your own money. A citizenry dependent on their government is a citizenry subordinate to their government. A self-sufficient citizenry is one who can more clearly dictate their government's decisions – and urge them to act responsibly with their precious tax dollars.
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