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Just to help those that truely don't understand.

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Post by Parker on Fri Aug 26, 2011 6:27 pm

The following simplifies how our government spends money in relation to how one household spends money.

Why S&P Downgraded the US - Simplified

U.S. Tax revenue: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $ 1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $ 38,500,000,000

Let's 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

Do you understand now? Very Happy

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Post by ferret on Fri Aug 26, 2011 10:13 pm

And they should be really grateful that the interest rate on that national debt is not what the credit card companies charge.
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Post by bobnliz on Fri Sep 09, 2011 4:48 pm

Boy, ain't that the truth Lizzy
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