"Maybe we have more to spend." - mariabush
Not enough. Look at the increasing deficit.
"It hasn't changed your life one iota." - mariabush
Deficits affect the private and public sectors, current and future.
You spend your money then. It may not have changed my life directly but my children will be paying off Bush's spending spree their whole lives.
That's what a "deficit" is - we're spending money we don't have. Kind of like using a credit card when you don't have any savings - in this case, the main creditor is Communist China, from whom we are borrowing over $1 billion a day.
And yes it has changed my life, since I pay a mortage. Bernake will likely have to jack up interest rates in order to placate the foreign investors who are keeping us afloat, thus jacking up my monthly mortage payments.