The United States budget is broken, and broken far beyond fixing. We could cut out all the pork, slash entitlements by 30% and still not have enough money to pay the bills.

There are people who say such dire talk over the budget deficit is just scare tactics. Once the economy turns around, tax revenue will pick up in kind. True, but our profligate spending has long outstripped even the revenue generated in a strong economy. Based on the pre-recession trillion in tax income, we would still be $800 billion in the hole.

Here are the cold numbers: This year we will spend about $3.5 trillion, and take in nearly $2.2 trillion. Read 

If you could ask one question to the top economic officials of the Obama administration – about personal finance, the economy or the stock market – what would it be?

I’ve been given the privilege of an invitation to participate in the White House’s first Personal Finance Online Summit next week on Wednesday, June 8. And while the schedule isn’t set yet, I’ve been told that some top Obama administration officials will be on hand to explain policies targeting deficit reduction, the debt ceiling, gas prices and other key economic issues.

And while I don’t pretend to believe it will be a round table discussion, I am hopeful that there will be an opportunity to raise my hand and offer up a question or two. Read