To the editor:
Do you need a budget in your home or business?
Many families and businesses have realized the danger of just putting whatever they want on a credit card, and then doing without the things they really need to pay off their enormous debt.
These families and businesses have realized they must set a budget and stick to it or suffer financial devastation.
It doesn’t take a genius to know if you don’t budget you may well soon be in dire financial straits.
It works the same for a country as it does with a household or business.
To really understand the debt and economic trouble we are in as a nation, here is a simple example:
Now, assume a family of four is buying a home and going about their lives. The total earned income is $100,000 per year.
Using the same income-to-expense ratio (similar to the government’s income and spending ratio), this means the family is spending more than $162,000 per year, running up credit cards and taking out loans to cover the extra $62,0000 per year to maintain their lifestyle.
Plus, they already owe $700,000 in debt for their home, all current loans, and credit card bills.
The interest alone on their existing loans and credit cards, etc., is more than $19,000 per year.
One parent wants to get another credit card to keep paying for their kids to go to private school, help pay some of their regular monthly expenses, and still be able to spend on whatever else they may want.
The other parent says, “No way. We need to get our spending under control and stop living outside our means, even if it means doing without certain things. Sell the cars. Move to a smaller home. We can’t keep living like this.”
Which parent is the responsible one?
To fix the problem, it would mean a change in lifestyle. The kids wouldn’t get the newest and best as soon as it comes out: no new cars for graduation, budgeting and planning meals, only eating out for special occasions, and there will probably need to be other necessary sacrifices.
But, if that household continues as is, then in the not-so-distant future bankruptcy awaits.
It has been more than 1,000 days since the U.S. Senate has set a budget for the country. That is almost three full years.
Our debt to China alone is staggering, and China will own us someday if we don’t hold our elected officials’ feet to the fire.
Ask our city and county officials what Craig and Moffat County would be like if they did not set annual budgets.
Please understand what our Democrat-controlled U.S. Senate is doing by not passing a responsible, realistic budget for this great nation: they are driving us toward inevitable economic and social disaster.
Bears Ears Patriots
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