It amazes me when I see people and pundits arguing over the deficit and the debt. Most people can't distinguish the two, so let's clear that up.
The deficit is the amount of money you spend over and above what you make. If you make $25,000 but spend $35,000 then your deficit is $10,000. You'll be bankrupt if you do that for a couple of years. The debt is simply how much money you owe other people.
If our government was a person, he would be spending $38,000 but only making $25,000. Of the $38,000 spent, 40 percent goes to Social Security, Medicare and Medicaid; 25 percent goes to the military; 20 percent to programs like food stamps, unemployment compensation, tax credits & student loans; 7 percent goes to interest payments and only 12 percent is used to run all other government services.
Some say we can run government like a business and raise our prices (taxes). Doing that will bring in more money and the rich can pay their fair share. Consider this fact: If you divide the money we spend, $3.8 trillion, by the number of taxpayers, 141 million, then your fair share is $27,000.
Before you we ask someone else to pay their fair share, ask if you are paying yours. And if you can't pay more, then it's time to cut spending.
-- David Cross,