Disclaimer: I like the Heritage Foundation. I give them a few scheckels each year. They do good research on constitutional and economic issues. They are not always right, but I trust them to be going in the right direction.
A new report they just issued is the 2011 Budget Chart Book, which shows their latest analysis of where our budgets and deficits and resulting debt and is going in the next 50 years. It is worth a read to see how bad things can/will be for the next generation.
Deficit: The difference between revenue and spending for a fiscal year. For 2011, it is $1.7 Trillion.
Debt: The sum total of all deficits not paid off from past years. The US debt is now exceeds $14.3 Trillion.
The bottom line? Spending must decrease, a lot.
This chart says a lot about the mismatch between reality and the "dream" of Federal spending.
BTW: In case you think Heritage is making stuff up: "The charts in this book are based primarily on data available as of March 2011 from the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO).
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