“If you know how to spend less than you get, you have the philosopher’s stone.”-Ben Franklin
The news is reporting that upon leaving office in a few months, President Bush will leave his successor with a budget deficit of well over US$400 billion. 4 with 11 zeros behind it. That is how much more money the government is spending than what it is getting in revenue.
The founders of our great nation would be incredulous if they knew we were running that deeply in the red. I think Franklin in particular would be concerned to know that we had a deficit at all. “Better to go to bed hungry than wake up in debt,” he used to say.
Debt is nothing new. There were lenders in Franklin’s day; money was loaned and repaid with interest even back in biblical times. But, the easier it is to get your hands on credit, the more important it is to remember not to spend more than you get. Such a simple concept, it deserves some thought.