What the budget crisis looks like if the federal government were a household
Got this from a friend of mine today. It’s self-explanatory, simple, insightful … and sobering:
Subject: Re: The S&P Downgrade of the US this year…
Why the U.S. was downgraded…
• U.S. Tax revenue: $2,170,000,000,000
• Fed budget: $3,820,000,000,000
• New debt: $ 1,650,000,000,000
• National debt: $14,271,000,000,000
• Recent budget cuts: $ 38,500,000,000
Let’s now remove eight zeros and pretend it’s a household budget…
• Annual family income: $21,700
• Money the family spent: $38,200
• New debt on the credit card: $16,500
• Outstanding balance on the credit card: $142,710
• Total budget cuts: $385
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