When Barack Obama takes office later this month, the continuing financial crisis will be among his most challenging issues. The incoming administration would be well served to recognize the causes of our present crisis. They are a reckless and irresponsible governmental fiscal policy that encouraged spending beyond one’s means, with the government leading the way; the failure to effectively control greed in the market; and the failure to structure our economy so that it allocates its benefits efficaciously.

In 43 of the last 48 years the federal government spent more than it collected. Even this terrible performance has been accomplished only by using dubious accounting practices. Over the past eight years the federal government’s budgeted expenditures have exceeded its revenue by an aggregate of $2 trillion, which represents about 20 percent of our current national debt.

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