The average American family found out, not too long ago, that taking out a new credit card when they'd maxed out all of the old ones to keep up with their spending was a bad idea. Then, they'd declare bankruptcy, wipe the slate clean, and start again with the same behavior. So many did it that the federal government passed new bankruptcy laws to force people to pay at least a portion of that back, by selling assets, if need be.
Apparently, that somehow doesn't apply to the federal government. The 2013 budget is $22 billion larger than last year's budget--which we didn't have the money to cover. So, this next year's projected budget* is $120 billion over the income.
I don't think it'll be long before our applications for a new credit card start being declined.
Best start stocking up on necessities now. This cannot keep going forever.
As for me and my family, we're going to start looking for a place with some acreage outside of town, so that we can start growing some of our own food. And I'm going to look into learning how to can more than cake.
*This worries me. Government projects never stay within a projected budget. How do we expect their spending to stay within budget?
30 minutes ago