The Government mismanagement of monetary funds over the last twenty years impacts the entire national economy, and could eventually cause dramatic effects on the economy of the country as a whole at the present rate.
The 1950s was the last time the Unit States budget was balance. Since the 1960s government cost overruns have been accepted by the general public and meet with little resistance due mostly with minor (on a government scale) changes in the national budget. This all change in the 1980s, when during the President Reagan's tenure, the cost of running the government exceed all prior periods combine. An other significant occurrence in the 1984 elections, Ross Perot brought to the public attention how badly the government mismanaged its funds in detail.
M. Gross stated (1992) "The debt is a double-barreled whammy. Not only does it keep the long bound up, but because the government is constantly borrowing new money, the annual interest carrying charges regularly rise as well. In 1993, with an expected $348 billion deficit, we will be paying $315 billion in interest just to carry the debt. The debt and deficit create a joint spiral, finally leading to fiscal oblivion." (p.96) .
And what does the American public get in exchange for this fiscal waste? More fiscal mismanaged and secrecy about it handles the funds it does receive.
M. Gross points out (1992) "The United States government spends $270 billion a year on overhead, more than the entire annual budget of France."(p.163) This is just on running the government alone. A $170 billion is spent on a mysterious other service, which the government routinely abuses to hide their irresponsibility. A lot of cost in this department alone cannot be justified.
M. Gross in another example shows government abuse with the social security system (1992) "It's been going on for some time, and Social Security fund now has government IOU's for $330 billion.
