local and federal, as well as the average citizen is an understanding of a simple income statement?
My observation is there is never a consideration of status of spending to revenues. All they know is pass that which they favor and then let it fall into what ever column it will on the income statement/balance sheet.....with absolutely no accountability or responsibility.

The simple rule most all of us live with/by is if an expenditure is not within our means (check book, savings, current debt capability, etc) we don't do it.

Elected office holders proceed anyway. I would bet 25% or less would be able to adequately describe a simple income statement. And for those that could, they would not be able to connect how it affects surpluses or deficits.

IMHO....for sure their behavior would suggest my opinion to be accurate.

Until elected officials are accountable for funds like we are for our home budgets there will be no improvements. I suppose the fact that too many more than 50% are independently wealthy and don't have to worry about what they spend has an effect on the elected office performance as well.

btk