What is a balanced budget, and why is it so much easier to balance state budgets than the federal budget?
A balanced budget simply means that the government spends no more than it takes in. Pure and simple! Some states have mandatory balanced budget laws. This forces the state legislature to balance the budget. There is no such requirement in the Federal budget. The last time we had a balanced budget was during the Clinton administration. He actually left office with a SURPLUS, meaning that the govermnent spent LESS than it took in. The last time prior to Clinton was during the Johnson administration — 1964 or 1965 if memory serves properly. The current administration has run the budget squarely into the toilet. In a little over 5 years, they squandered the surplus left to them and ran the deficit to a level higher than the combined deficits of EVERY prior administration in the history of the nation COMBINED. Even if 9/11, Iraq and Katrina are factored out, it would STILL be the largest deficit in history. Kinda makes you wonder, doesn’t it?? $7 TRILLION down the drain and still flushing!
