Debt

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" height=110 BGCOLOR="#FFFFFF" TEXT="#080000"> <div> <A HREF="index.htm" TARGET="_top" TITLE="Commonwealth Commentary Newsletter"><U><B><IMG SRC="18672320.jpg" border=0 width="114" height="50" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></B></U></A><FONT SIZE="5" COLOR="#0066FF" FACE="Arial" ><B>Commonwealth Commentary Newsletter</B></FONT><B>          </B><A HREF="index.htm" TARGET="_top" TITLE="Commonwealth Commentary Newsletter"><U><B> home</B></U></A></div> <div> <A HREF="ccn_writer___j__dori_callahan.htm" TARGET="_top" TITLE="J. Dori Callahan"><U><B>J. Dori Callahan</B></U></A><B>   ·   </B><A HREF="biography_of__william_e__nowers.htm" TARGET="_top" TITLE="William E. Nowers"><U><B>William E. Nowers</B></U></A><B>   ·   </B><A HREF="biography_of_j__michael_sharman.htm" TARGET="_top" TITLE="J. Michael Sharman"><U><B>J. Michael Sharman</B></U></A><B>   ·   </B><A HREF="biography_of_michael_h__smith.htm" TARGET="_top" TITLE="Michael H. Smith"><U><B>Michael H. Smith</B></U></A><B>   ·   </B><A HREF="biography_of_carolyn_wray.htm" TARGET="_top" TITLE="Carolyn Wray"><U><B>Carolyn Wray</B></U></A><B>     </B></div> </td> </tr><tr> <td valign="top" height=370 BGCOLOR="#FFFFFF" TEXT="#080000"> <div> <A HREF="biography_of_j__michael_sharman.htm" TARGET="_top" TITLE="J. Michael Sharman"><U><IMG SRC="191647b0.jpg" border=0 width="100" height="123" ALT="J. Michael Sharman" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></U></A>   <A HREF="biography_of_j__michael_sharman.htm" TARGET="_top" TITLE="J. Michael Sharman"><U><B>J. Michael Sharman</B></U></A><B>     </B><IMG SRC="19558550.gif" border=0 width="88" height="85" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></div> <div> Debt<FONT SIZE="3" COLOR="#000000" FACE="Verdana" >                         </FONT></div> <div> D<FONT SIZE="3" COLOR="#000000" FACE="Verdana" >ebt should not be an operating norm for a household, a business or a government entity. </FONT></div> <div> Families may use the credit card too much, and businesses may get too deep into their credit lines, but at least in those cases <I>someone</I> is accountable for the debt. </div> <div> Not so with government debt. The leadership positions in government are completely fluid and constantly changing and no single person or agency is responsible for the debt. </div> <div> The only way to have accountability and any sense of reality in government finances is to have legal barriers in place so that the current outgo can be no more than the current income.     </div> <bR> <div> <A HREF="biography_of_j__michael_sharman.htm" TARGET="_top" TITLE="J. Michael Sharman"><U><I>J. Michael Sharman</I></U></A></div> <bR> <div> <A HREF="id23.htm" TARGET="_top" TITLE="More from J. Michael Sharman"><U>More from J. Michael Sharman</U></A></div> <bR> <div> <A HREF="id106.htm" TARGET="_top" TITLE="July Issue"><U><B>July Issue</B></U></A><B>   ·   </B><A HREF="ccn_back_issues.htm" TARGET="_top" TITLE="Archives"><U><B>Archives</B></U></A><B>   ·   </B><A HREF="ccn_writers.htm" TARGET="_top" TITLE="Our Writers"><U><B>Our Writers</B></U></A><B>   ·   </B><A HREF="ccn_subscription_page.htm" TARGET="_top" TITLE="Subscriptions"><U><B>Subscriptions</B></U></A><B>   ·   </B><A HREF="ccn_site_map.htm" TARGET="_top" TITLE="Site Map"><U><B>Site Map</B></U></A><B>   ·   </B><A HREF="ccn_contact_information.htm" TARGET="_top" TITLE="Contact Us"><U><B>Contact Us</B></U></A><B>   ·   </B><A HREF="ccn_links_page.htm" TARGET="_top" TITLE="Links"><U><B>Links</B></U></A></div> <bR> <bR> <bR> </td> </tr></table></body>