“Federal Deficit 101″ for Anxious Parents
The constant drumbeat in the news about the federal deficit and its potentially dire consequences for our country has parents like me nervous. The last thing I want is to leave my two precious children with a crippling debt that will limit their future security and prosperity.
I don’t have much time for new research projects (this is an understatement!) but I reached the point at which staying ignorant about our deficit – both what caused it and what we can do to get out of it – didn’t feel like an option any more. After putting aside the heated rhetoric from both sides of the aisle, I uncovered some useful, fact-based resources that are helping me get my head around this complicated situation.
For you fellow anxious, no-time-to-spare parents, I share the beginnings of my research.
Question #1 — Are we broke?
This question requires a two-part answer. First, there is no doubt that every level of government – local, state and federal – has been cutting spending in response to a decrease in sales and income tax revenue during the economic downturn. According to the Center on Budget and Policy Priorities, the recent recession brought
