A “balanced budget“ is a meaningless term used by politicians and governments to fool or entice people as to what the state of the economy is. “A budget is a quantitative expression of a plan for a defined period of time”. You are either under or over the proposed budget; it has nothing to do with “balance” or the state of assets compared to liabilities, but the ignorant masses believes it means one has not over-spent their income.
Few people would be driving a vehicle or owning a house without owing their life to a financial institution. Few businesses could operate without working for a bank. “I owe my soul to the company store” was a song that said all.
John A. McDonald