Personal Budgets and Government Budgets

I’ve long believed that personal financial management and government fiscal policy are closely related. In other words, it is no coincidence that American families owe $14 trillion in debt and that the US government is $9.4 trillion (not to mention $40 trillion in un-funded government liabilities).
This overlap is also apparent among specific politicians. Take Bill Richardson for example. His Presidential campaign was unsuccessful, but because he spent more money than his campaign actually raised, he is now sending out desperate fundraising messages to his supporters asking him to pay off his $380,000 debt. At the same time, he’s only contributed $2,300 to his own bid for the White House. I didn’t give Bill any of my money, but even if I had done so, I’d be taken aback at his plea for more when he’s already dropped out. Does this tendency to stick others with the bill sound familiar, like perhaps New Mexico’s economy after Richardson leaves office and the Rail Runner starts sucking up tax dollars?
Winding up in debt and desperate for help does not bode well for Richardson’s political future or New Mexico’s economic outlook.
-Hat tip, Harry Messenheimer

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