Ep. 108 – America's Budget Deficit 101

The deficit.  The debt.  What are they and aren't they the same thing?  To be concise, the debt is the total of the yearly deficit our country runs yearly between tax revenue and debt and no, they are not the same thing.  Did you know the President is supposed to submit a budget to congress to approve?  Instead, Congress tends to pass short-term spending bills that more often than not are politically motivated.  And what is the result of that?  Over the last 62 years, we have had a national deficit for 58 of those years and a surplus, when tax revenue is higher than spending, only 4 of those years?  We have so much debt right now that we currently spend 7% of our annual spending just to pay the interest on the the total debt our country holds.  Join our panel and special guest, Dr. Ivan Pongracic from Hillsdale College and we further examine the effects of continued deficit spending.