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December 23, 2011

How much do you know about deficits?

This is the topic of  Danielle Kurttzleben December 20tharticle in US News.  The article starts with “Caring about an issue and knowing about it can be two different things.”  “Americans are relatively knowledgeable on a few key points…”
Misinformation is being disseminated, compounding the difficulty in understanding the subject.  Examples of misinformation include:
“… most individuals pay more in payroll taxes and medicare premiums than they end up receiveing from Social Security and Medicare.”
“… U.S. taxation is above-average compared to other industrialized nations…”
David Walker, former U.S. comptroller believes our leaders should be educating the public as to facts, truth and help make hard choices.  He believes that both major political parties, individuals, and special-interest groups contribute to the misperceptions. 
“The media is not very good at explaining details.
The website of David Walker’s “Comeback America Initiative” has a fiscal IQ test at http://fiscaliq.net/   
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