This arrived in e-mail yesterday, and I thought it was a wonderfully simple way of looking at the US economy. My apologies if anyone has already posted it.
- 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 8 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
Got It ?????
Anyone on a household income of $21,700 knows how completely impossible it is to erase a credit card debt of $142,710, especially when you keep adding new debt to your credit card every year. So how on Earth does this country pay off that kind of debt?
You don't erase credit card debt by buying new cars, flat screen TVs, or season tickets to a sports team. You do it by cutting out everything except the essentials -- tighten the belt and put off the urge for instant gratification -- until it's under control.
Or didn't your parents teach you that?
Here's another way to look at the Debt Ceiling:
You come home from work and find there has been a sewer backup in your neighborhood....and your home
has sewage all the way up to your ceilings.
What do you think you should do ...... Raise the ceilings, or pump out the crap?
Your choice is coming Nov. 2012.