Notebook: Unbalanced Budget
Yesterday, President Bush unveiled next year's budget. While it's more a wish list than a plan—because Congress still has to approve every penny--something was missing from the Administration's press conferences.
Despite the promise that we're just five years from a balanced budget, the truth is--when the real costs of Iraq and entitlements and tax cuts are taken into account--we're about as far from that goal as ever.
Why does the government's debt matter to your family? Two reasons.
First, for your security. Big deficits mean we depend on loans from countries like China...so how can we get tough on our banker for supporting North Korea and Sudan?
Second, for your legacy. Do we, the baby boomers, really want to be the first generation to leave more debt, rather than more opportunity, for the next? That debt--unless we do something about it--will cost our children about $30,000 each.
That's a page from my notebook.