Did you know that, when corporate-style accounting standards are used, the federal government recorded a $1.3 trillion loss last year? I recommend that everyone read this analysis from Dennis Cauchon of USA Today. Thank you Dennis for your permission to link to your article.  [See Taxpayers' bill leaps by trillions for the annual update to this article.]

In the spirit of igniting a national dialogue on this issue, I am most grateful to Steve Conover - The Skeptical Optimist - for his permission to publish his counterpoint to Mr. Cauchon's analysis. Make sure you allow Steve's page to fully load and check out his Best Debt Clock in the USA on the right side of the page. Thanks Steve!

I personally believe all government entities should be forbidden from deficit spending because deficit spending and associated debt create obligations for future generations that might not have the fiscal capability to retire them. Fiscal responsibility to me means that one should set financial priorities and then budget accordingly to satisfy those priorities. What do you believe? Click on the "Frank's Five for the Folks" tab, read onward and share your thoughts with me.