How do you define spending beyond your means?
Most people would agree that spending beyond one’s means would entail spending more money than they make. But not President Barack Obama, who had this to say in an address to the American people on Saturday concerning his unbalanced budget proposal:
It’s a budget that doesn’t spend beyond our means, and it’s a budget that doesn’t make harsh and unnecessary cuts that only serve to slow our economy. We’ll keep our promise to an aging generation by shoring up Medicare, and we’ll keep our promise to the next generation by investing in the fundamentals that always made America strong–manufacturing, innovation, energy and education.
White House Senior Adviser Dan Pfeiffer acknowledged last Wednesday that the Obama budget proposal would not balance now or at any point in the future. But Pfeiffer says it will put the United States on a path to deficit reduction.
Deficit spending is beyond-our-means spending.