Is someone getting “debt” and “deficit” mixed up?
Probably not a FReeper, most know the difference.
You ask the avg person though, and they’ll have no clue.
“Is someone getting ‘debt’ and ‘deficit’ mixed up?”
I don’t think so. I know the difference, if I know anything.
What I was getting at is that if obligations eminating from the current crisis extend into federal budgets in the McCain administration (as they almost certainly will), tax cuts won’t be off the table, because our government does not much care if its revenue does not meet its obligations.
Oh, now I get the point. The word “debt” was actually used in the post to which I responded. I didn’t take that to refer to the famous “National Debt.” I figured it was a generic use of the word “debt.”
I am not wrong in assuming that Congress will appropriate more money to bail out banks and pay off mortgages in future years, am I? We have taken it upon ourselves to be indebted to failures in the housing market, just as we are indebted to our children’s future, as someone might say.