Yes, the headline of this column is missing a word.

If you think the warning title should read “Beware of the Balanced Budget,” you are correct; but not completely. Here’s why:

The Washington soap opera now unfolding is leading the audience toward a cliff. But the real political cliff that all Americans may be driven over, at the soap opera’s surprise ending, is the tax-trap called the Balanced Budget Amendment.

In other words, the warning is “Beware of the Balanced Budget Amendment.”

Why do I blow the whistle here? Before addressing that, a short “truth-shot” analogy using reality for individuals:

Responsible individuals understand the financial basics of income or borrowing versus saving or spending. They also understand that in every instance in which any person receives income (wages, earned interest, gifting, welfare, etc.) that person has choices to make: to save or spend.

The truth is very clear. No matter the level of income, responsible individuals wisely choose how to spend their income, when to do so, and how best to limit costs.

Of course other individuals who are less responsible typically make poor, even terrible choices every day among the mix of their basic decisions.

The reasons for the poor choices include fractured families, failed education systems and political manipulation, among other things. The same factors are also among the continuing excuses, and political obfuscations blocking real change.

Regrettably, those individuals who are less responsible typically vote for incumbents and candidates committed to continuing the progressive gravy-train that fattens spending levels at every level of government. It’s also regrettable that incumbents in Washington continue the political con … oops, conversation … under the guise of raising the debt ceiling to avoid default.

The “truth-shot” regarding default is avoiding “the fault.”

Here’s another “truth-shot:” Paraphrasing Bill Clinton’s 1992 campaign slogan, “It’s the spending, stupid.”

More specifically, spending, whether by an individual, family, or government, cannot go beyond the level of income received for long. Spending, by individuals, families, and government at every level, has increased beyond all reasonable limits.

Inevitably, individuals and families must adjust to the reality that is the result of their choices or face foreclosure, eviction, hunger, garnishment, etc.

But government can and does pass the costs of their bad choices onto the backs of citizens via increased taxes, fees, etc.

In the case of the federal government, incumbents have the Department of the Treasury create money, as authorized by the Federal Reserve, in order to fund the excessive spending. Of course, the Fed “lends” the money in return for interest payments and can sell the debt.

The only “book limit” on yet more federal spending is the current debt ceiling.

That’s the reality supposedly being discussed, but not dealt with, in the summer soap opera plot staged and acted out by President Obama and the supporting cast in Congress. Every plan so far fails to reduce current and three- to five-year spending below the current base line.

Thus, the warning about a Balanced Budget Amendment. It would lock in and sync automatic tax increases in line with all current and future federal spending.

Given historical government spending habits, that would be the real train wreck, with all taxpayers required to be on board.

A final “truth-shot:” Little or no political will is a serious symptom indicating no personal will or backbone.

If the American people want to stop the spending and avoid that catastrophic train wreck, they will have to call out from their seats in the audience to demand that incumbent actors on stage revise the script of the current fiscal farce into a serious reckoning that shrinks government spending immediately and persistently reduces taxes as well as the size and scope of federal government.

Richard Olivastro is president of Olivastro Communications and founder of Citizens for Change. A professional member of the National Speakers Association, he is available pro bono for charitable fundraisers and public forums and can be reached via email at  RichOlivastro@gmail.com or by phone at 1-877-RichSpeaks.