“Fiscal Cliff” put in a much better perspective (Source Unknown)

“Fiscal Cliff” put in a much better perspective

Lesson # 1:

  • 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 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 so far: $385

Got it?…. OK now…

Lesson # 2

Here’s another way of looking at the Debt Ceiling:

Let’s say 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 ceiling or remove the s—?

 

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