Kids Learn Money Management from their Parents

I answer questions at a website about living on budgets.  People write to me and ask my opinion and perspective regarding interest, mortgages, cost of living, and making major purchases or life changes.  The first advice I give straight across the board is:  Never, Never budget to spend more than comes in.  The income must meet or excede the "outgo," or it is called a deficit.  I really wish the President and Congress would have just e-mailed one of the many budgeting experts and accountants in this country.  They didn't really have to specifically ask me, but clearly there are a number of experts in the country that understand basic math and budgeting.  As a matter of fact, it doesn't take an economics degree or even an interest in math for the majority of this nation's citizens to realize and know the "Piper has to be paid." "Robbing from Peter to pay Paul" only works for a limited amount of time.  Can you imagine 
dealing with the IRS and County Auditor the way the officials deal with us?  We have to back our
budget choices with payments . . .  I read today that our President has submitted a 3 trillion dollar budge proposal to Congress.  Three trillion is monumental.  Back in 2002, when he submitted a 2 trillion dollar budget, that was astronomical, and never before heard of.  He was the first President to submit such a vast budget, and now just 6 years later, it's increased by 50%.  That's pretty outrageous inflation, if you ask me.  And in the wake of promises of tax cuts . . . There can't possibly be any American that think this adds up.  Even with all the griping the conservatives do about inflation in the Jimmy Carter years, he didn't propose this sort of budget and he didn't leave this sort of debt.  As a matter of fact, the Jimmy Carter years left Reagan much less debt than Reagan's leadership left in 1988.  Jimmy Carter entered office with a national debit of about 3/4 trillion and left office with the national debt still under 1 trillion, although barely.  Reagan left a debt between 2 and 3 trillion, and it's been climbing steadily since.  When Clinton came into office, the national debt was slightly over 4 trillion and when he left office it just under 6.  So, in the four years between Reagan and Clinton, Bush 41 raised the national debt by 1.5 trillion.  Now, it's over 9 trillion with the newest biggest budget every proposed, again.  How can our elected leaders be so far from economic reality? And are you ready for this?   Our national debt doesn't give any indication that it is, the GOP that believes in smaller 
government.  Along with this "magic bean" budget of his, a balanced budget is projected by 2012.  His absence for 4 years will probably help, but the debt is just too massive to be resolved in 4 years or even 40.  So, President Bush gets to skate out of the White House blaming Congress for the glitches and leaving a monolithic IOU on the desk in the oval office. 
For riches are not for ever: and doth the crown endure to every generation?  a Proverb of Holy Scripture