How Democrats Need you to Misunderstand 'Deficit' and 'Debt' - National Review Online
Excerpt:
"Apparently the Democrats’ new dodge on the runaway national debt is to claim that the deficit is going down. This argument relies on the public not knowing the difference between the deficit and the debt.
"The deficit is a one-year figure– how much money we spent in
the past year, after we had spent every last cent that came in through
taxes, fees, fines, and other payments to the government. Last year it
was $1.1 trillion; this year we’re supposed to be breaking out the party
hats because it might be “only” $900 billion or so.
"The debt is the total amount we owe, based on all of the
annual deficits adding up, year after year. That figure is $16.7
trillion – $16,708,225,460,175.14, if you want the precise figure.
Recommended reading (my post):
Nancy Pelosi: I'm All For Balancing The Budget - in a Few Decades!
