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01/05/2004: "Government Deficits – Why Not?"

In reading the transcripts of the latest Democratic debate in Iowa, I noticed that the same talking points keep getting harped on without challenge. To mix it up a little I wish the commentators would ask a simple question of these candidates, why not? Case in point, while talking about the federal deficit, Mr. Gephardt makes a point of saying with great pride that under his insistence the Clinton Administration balanced the budget and built up a reserve of funds as if this was a good thing.

Here’s my take on it. I, like most Americans, run a personal deficit. I’m not talking about irresponsible shopaholics that can’t control their spending. (This group is currently in Washington with a tight grip on our wallets.) I am talking about average, hardworking, responsible Americans. I started my personal deficit spending the day I signed my mortgage. The fulfillment of the American dream, owning your own little piece of ground is this world, can only occur for most of us if we are willing to utilize deficit spending. With cars costing as much as the first house I bought, I further added to my deficit spending when I signed for a car loan. We Americans consider a house and a car a necessity not a luxury. They provide a way to get to work and somewhere to go after work, since we have to work to pay back our loans. I own my furniture, clothes, household goods, groceries, and have no credit card debt that isn’t paid in full each time the bill comes in. All of those items are on the pay as you go system and yet I have personal deficit spending. If that’s a bad thing, then I can’t have a house or car.

So my question is, “If deficit spending is okay for me to utilize to reach my goals, why isn’t okay for the government?” Am I to go to work each day so that the government can pay as they go and have a rainy day fund, leaving me with less to apply to my own deficit? The excess funding Mr. Gephardt speaks so fondly of really burns my bottom. The government should never take and hold onto excess dollars. The government should not be a profitable organization. The reason is simple; it’s my money. So please don’t remind me that when you took an excess amount of my money, you had the gall to hold onto it. I wouldn’t tolerate that from any of my vendors. I expect and demand a refund when I have over paid.

The rest of the debate, or lack of, was spent talking about the additional entitlement programs they would develop if they had unfettered access to my checking account. Very scary. We already work six months of every year to pay our taxes, I personally am unwilling to extend it a single day more.