Comment Re:Could Someone Help Me Out With This? (Score 1) 844
As an engineer that uses math on a daily basis, the more I read about the rising debt the more confused I am.
First mistake is to compare personal finance with budgets. Governments can easily print extra money to pay off debts and balance budgets. This would lead to inflation and problems related to it but it could be done.
The main reason given for deficit spending is that it will stimulate private sector investments and thus lead to a surplus budget in the future. If your plan of cutting spending and raising taxes are instituted during a recession, it could lead to a dangerous downward spiral where less spending reduces the private spending which in turn reduces taxes and budget and so on.
But, indefinite deficit spending is not sustainable and has to balanced by surpluses in the past or future. However, the timespans for governments and countries is generations and the expectation and burden of such a surplus might be left to a generation that is not even born yet.