There are many economic and political terms used in confusing ways by the media. Fiscal responsibility is one of these. CNN demonstrates the term fiscal responsibility as if it is something solely conservative or a highly conservative agenda conservative politicians are insisting Capitol Hill, Washington D.C. become in compliance. Fox News relates positively regarding the term fiscal responsibility as if it is something that ought to be done by everyone including the government. Even CBS, NBC and ABC’s nightly news broadcasts have a different perspective about this term. The news channels utilize this term differently. The one thing noticed regarding this economic term was the news media’s (Liberal, Independent and Conservative) agreement in their coverage that fiscal responsibility is conservative by nature.
What does fiscal responsibility really mean? The term fiscal responsibility is an economic term that since the advent of monetary systems has been practiced. The news media is correct about this term being characteristically conservative even though the actual term is relatively modern. According to The Free Dictionary by Farlex, in the financial dictionary section, fiscal responsibility is defined as “A balanced budget. A budget in which the expenditures incurred during a given period are matched by revenues.” This means the revenue (income) taken in equals the expenditures (expenses). Fiscal responsibility further includes having a budget where the revenue is greater than the expenditures.
Having fiscal responsibility is achievable. Most US citizens privately practice fiscal responsibility. There is nothing magical about a balanced budget. Employing sound economic and budgetary practices with one’s money achieves fiscal responsibility. Liberals, Independents and Conservatives voluntarily in their individual personal checkbooks practice fiscal responsibility. Most, regardless of where they stand politically, expertly balance their checkbooks, have a budget they live within, and do not overspend. No one enjoys paying the fees banks incur for an overdraft; most do everything possible to avoid having a negative balance in a checkbook. All are aware of the horrific consequences of abusing a checking account. There are people who have ended up in jail because of writing bad checks; it is against the law and in some states a felony.
Many US citizens have been denied the purchase of a property or vehicle because of the credit ratings received from being late with payments to creditors or their creditor closing the account due to no payments. Most Liberals, Independents and Conservatives pay their bills on time to reap the benefits of a good credit report. The majority of US citizens, regardless of political leaning, choose to have a balanced budget with their income exceeding or matching their expenditures. A balanced budget is the preference of American voters.
A balanced budget lessens monetary stress and anxiety. There is no trillion dollars plus deficit in a balanced budget. If a government has a balanced budget, there is no national debt for all governmental debts accrued are paid in full when due. The US government, if it practiced fiscal responsibility, would have the revenue to pay all expenditures for it would never exceed its revenue by debts accrued. The Federal government’s revenue received from taxation and tariffs would equal or exceed its expenditures. There would be zero overspending if the US government had a true balanced budget. There would be absolutely no need for the US government to borrow money from another country in order to adjust the national budget if it correctly practiced fiscal responsibility.
Fiscal responsibility is a wise and sound economic money-handling practice. There are websites that teach how to create a balanced budget like the Better Budgeting Class and Consumer Credit Counseling Service. I have befriended accountants (people with a CPA) from diverse backgrounds. They concur about the necessity of implementing fiscal responsibility. On the political spectrum, these accountants were not all Conservatives; some were Liberals and others Independent Thinkers. The amazing thing is they all agreed that applying fiscal responsibility is best for individuals and governments. There are zero fiscal emergencies with one’s budget when it is a balanced budget.
Alicia Rose, personal experience, 1978 – present
Alicia Rose, personal studies, Economics and Political Science, 1978 – present
Alicia Rose, personal viewing of CNN, news broadcasts 2005 – present
Alicia Rose, personal viewing of Fox News Channel, news broadcasts 2005 – present
Alicia Rose, personal viewing of The O’Reilly Factor, Fox News Channel, January 31 – March 11, 2011
Alicia Rose, personal viewing of John King, USA, CNN, March, 2010 – March 11, 2011
Alicia Rose, personal viewing of NBC Nightly News broadcasts, 1978 – present
Alicia Rose, personal viewing of ABC Nightly News broadcasts, 1980 – present
Alicia Rose, personal viewing of CBS Nightly News broadcasts, 1980 – present
Budget Counseling, Consumer Credit Counseling Service website: http://www.cccs.net/
Successful Budget Planning…for those who hate to budget, a 5 week course, Better Budgeting Class website: http://www.betterbudgeting.com/budgetingclass.htm
Federal Bad Check Laws, article by Eliana Kalsky, eHow contributor, eHow.com website: http://www.ehow.com/about_5313337_federal-bad-check-laws.html
Fiscal Responsibility, definition, financial dictionary section, The Free Dictionary by Farlex website: http://financial-dictionary.thefreedictionary.com/Fiscal+responsibility
Balanced budget, Wikipedia website: http://en.wikipedia.org/wiki/Fiscal_responsibility
Examples of usage for term Fiscal Responsibility, Wordnik website: http://www.wordnik.com/words/fiscal%20responsibility
Fiscal, definition, Webster’s Dictionary, edited by John Gage Allee, Ph.D, Ottenheimer Publishers Inc., 1977, page 145
Responsibility, Responsible, definition, Webster’s Dictionary, edited by John Gage Allee, Ph.D, Ottenheimer Publishers Inc., 1977, page 315
