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A bad economy changes things. Around the country, classic summertime rituals – such as beach vacations and teenagers’ first “real” jobs – are being squeezed out of still-tightening family and business budgets.
Yet while responsible Americans make another round of sacrifices to square with smaller budgets, their federal government can’t even write a budget – let alone stick to one.
According to a May 2009 poll, one-third of Americans had to cancel a trip because of financial worries. A recent Gallup poll (PLS add link under “Gallup Poll”) suggests this summer may be even worse: 27 percent of Americans say they plan to travel less this year than last.
For some families, forgoing a treasured summer getaway simply isn’t an option – but neither is simply piling it on the credit card.
A poll by Travelocity.com found that two-thirds of travelers are willing to cut back on entertainment and eating out in order to pay for their vacations.
But Americans who are prudently trying to reduce their personal consumption – and pay down debt – are growing increasingly angry as their federal government continues to do the exact opposite.
If fall, winter and spring are any indication (Congress’ failure to pass a budget this year might be considered another bad sign), the federal government is likely this summer to keep spending, and racking up debt, at a breakneck pace.
Today, each American family’s share of the more than $13 trillion national debt is a staggering $115,000. And that’s expected to increase to nearly $200,000 per family in just 10 years.
Clearly, the economic downturn has affected more than Americans’ summertime leisure activities. Typically, when school is out, teenagers spend the summer months working at retails stores and constructions jobs to earn money, gain important work experience, and meet new friends and mentors.
Yet today, the unemployment rate among 16-17 year olds is more than 29 percent. And as many economists note, this number excludes teens who’ve simply given up trying to find work.
Politicians who supported the trillion-dollar “economic stimulus” claimed it was critical to create jobs and jump-start the economy. But even the most supportive Americans have grown doubtful about its affect on growth.
What is not in doubt, however, is the affect of Washington’s explosive government on the debt.
Every week in Washington, someone comes up with a new “must-pass,” “critical,” or even “emergency” spending bill he or she claims is critical to avoid some form of “crises.”
Every week in Europe, however, we’re seeing that avoiding a far greater economic and fiscal crisis requires spending less – not more.
Americans get it. They know the real, painful consequences of the government’s unrestrained, unsustainable spending and debt accumulation will eventually fall on them – the taxpayers.
So perhaps it’s time to start a new summer tradition in Washington: Get control of spending, and stop bankrupting America.
Gretchen Hamel is the executive director of Public Notice, an independent, bipartisan, nonprofit organization dedicated to providing facts and insights on the effect public policy has on Americans' financial well-being.
Editorials
Summertime blues
While families cut budgets, government spending at breakneck pace
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