Debt 101

Debt 101

For those who aren’t aware of our debt situation – and everyone should be by this time – comes a primer from CBS News.

The article explains the difference between the budget deficit and the national debt, and why both of them are bad.  Deficit spending isn’t a new phenomenon in American government – it’s been going on since the 1700s, but never at this level.  Next, it explains some of the historical reasons for our national debt.

Finally, it gives an overview of the presidential candidates’ positions on the debt and contrasts the two of them.  Obama’s plan to reduce the debt is by imposing high taxes on millionaires and making them pay their “fair share”.  Romney’s plan is a deep reduction in spending.  Whoever gets elected in November is going to have to put aside the rhetoric and lead – we hit the next debt limit soon.

For the full article, check out CBS News.

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