Depends on who we are talking about! If its personal - we should be extremely worried, SUGGESTs INDIVIDUAL haS no discipline when it comes to PERSONAL spending habits. If we are talking national treasury, well... WE should ALL be concerned - depreciating currency - inflation - lost credibility - HIGH COSTs OF DOING BUSINESS. We should be "EXTREMELY WORRIED!" As long as its not my dime attitude seems to permiate western society "No Worries" not my problem! Profit at the expense of other, whatever the loss!...
You can have a budget deficit if you are an individual or a government. Let's use an individual as an example - it applies just as easily to the government. If you owe more than you bring in, that is a deficit. So, in order to meet your obligations, you borrow money from the bank (or another country in the government's case). Now, you are able to pay your debts and all is well, until at some point the bank says, "I want my money back, plus interest." You begin to make payments to the bank but that leaves you in a shortfall situation regarding your bills. Now, the only thing you can do is get some money from another source (ask for money from your friends or in the case of the government, the taxpayer). This goes along nicely for awhile until, once again the secondary source wants his money back (your good buddy and/or the taxpayer has no money left to give) or they see that you are in such a financial deficit that they refuse your request. You have no place left to beg for money, so you must file bankruptcy; you loose everything. Same for the government. If you are a citizen of your country, if you pay taxes, you are indebted to the government for the $ that are in the deficit budget. So, yes, we should each be concerned about a huge deficit in our budget. Someone is going to pay and that someone is the taxpayer. Thomas Jefferson said, "We must not let our leaders load us with perpetual debt." We have gone beyond that - our great, great, great children will be paying the debt that we have today. We as individuals must learn to live within our budget and if our government continues to spend money like it is monopoly money, our children's children will be paying the price and our government will be forced to change so drastically that we of this generation may not recognize it.
Do not waste your time worrying about something that you have absolutely no control over. It's just not worth the trouble.
If you are a billionaire, or expect to become one within the next few years, you can talk to your financial manager about it. The rest of us have nothing to worry about.
Very worried. Our local and state budgets are already crying shortfall. In the mix are the state school districts, some of which are threatening to stop bus service because they can't afford it. The only other place to get the needed money is by raising taxes or assessing fees that are new burdens to those who already are stretched to the limits. One example is one local area has decided to pay for law enforcement by assessing a fee to residents and businesses. The fee ranges from $14.50/mo to $30,000/mo.
Why worry, the government is going to do what it wants to do. Just budget urself so u won't bankrupt when the gov't gets its' hair to do whatever it is going to do. Why worry over things which YOU do not have control over?? That is how I got MOST of my grays.
