Any society that would give up a little liberty to gain a little security will deserve neither, and lose both.
-- Benjamin Franklin

What do budget deficits mean?

An interesting factoid I recently discovered, particularly relevent as we go into our third year of record national deficits:

In Fiscal Year 2003 the U. S. Government spent $318 Billion on interest payments to the holders of the National Debt.

In contrast, the government spent $15 Billion on Nasa, $56 Billion on the Department of Transportation, and $61 Billion on Education. And the much maligned National Endowment for the Arts? .115 Billion (115 million, less than 1/8th of a Billion)

The administration is not cutting taxes, despite what they would tell you. They are simply postponing them until the next generation of taxpayers. Essentially they are buying votes, spending the welfare of the children of those from whom they are buying the votes.

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