What Is This Deficit and Debt Stuff?

There's a lot of nonsense, hype and hyperbole being bandied about concerning the annual federal deficit and the national debt.

One of the problems for members of the public trying to cut through the hype is, what do the words mean? The Washington Post has provided a public service by explaining in pretty clear terms what the basic concepts are describing. The article is worth reading.

The Post could have done a better job, though, of explaining why managing the federal budget isn't like managing a household budget. I'll give that a try tomorrow.